Profitability is a ratio of revenue over expense. Therefore, in order to be more profitable, one only needs to increase the numerator (revenue) or decrease the denominator (expense). The problem is, for the overwhelming majority of medical practices, little can be done to satisfy these criteria. Operational expenses have already been cut to the point where further cuts will affect quality of care--and regarding revenue, the payers make sure, through the introduction of intentional constraints, that we never collect all we are entitled to be paid. Since being profitable is critical to the continuation of providing quality care and, at least in the traditional method, we can’t seem to affect the ratio, what is the answer?
Simply put, it is increasing efficiency. Imagine if you could do even 5% more without increasing the consumption of resources, every penny would then go to the bottom line. In this session, Frank Cohen, MPA and Lean Six Sigma Master Black Belt, will introduce you to process improvement models based on both Lean and Six Sigma with a focus on how medical practices can apply these to improve quality, profitability, and compliance.
Understand the tools that are used in Process Improvement (PI) and Lean Six Sigma (LSS).
Learn how to use DMAIC and PDSA platforms to deploy your PI projects.
Apply LSS techniques to your organization to improve efficiency and profitability.
Frank Cohen is the Director of Analytics and Business Intelligence for Doctors Management, LLC. His areas of expertise include applied statistics, data mining, predictive analytics, and process improvement.
Cohen is the author of several books, including his newest, RVUs: Applications for Medical Practice Success. Cohen has participated in and published numerous articles and studies and trained thousands of physicians, administrators, CPAs, and other healthcare professionals in all areas of healthcare analytics. His experience includes eight years as a Physician Assistant in both the Navy and as a civilian, clinic administrator, and hospital CEO. His clients include hospitals, large and small medical practices, medical and professional associations, legal and accounting professionals, government agencies, and other healthcare professionals.