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Consultants Corner: Key Strategies for Optimizing Compensation and Benefits with Sharon Sagarra

20:48
 
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Manage episode 430139760 series 1260959
Sisällön tarjoaa MGMA. MGMA tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

In this episode of the MGMA Insights Podcast, host Daniel Williams speaks with Sharon Sagarra, MBA, FACMPE, owner of Sagarra Medical Consulting, and an MGMA Consultant. Sharon shares her extensive experience in healthcare management and provides actionable strategies for medical practice leaders to optimize compensation and benefits plans for their employees. Her insights are particularly relevant for those attending the upcoming MGMA Staffing Conference, where she will present on this very topic.

Practical Takeaways for Medical Practices

1. Develop a Comprehensive Budget

Maintaining a detailed budget is essential for managing financial challenges such as rising minimum wages and decreasing insurance reimbursements. "Make sure you're doing a budget. I was surprised the last two practices I was at did not have a budget," Sagarra emphasizes. A comprehensive budget helps practices monitor expenses, identify cost-saving opportunities, and allocate resources efficiently​

2. Streamline Operations and Utilize Group Purchasing

Streamlining operations and leveraging group purchasing organizations can significantly reduce costs. Sagarra advises, "Look at supplies that could be streamlined with maybe one or two vendors or group purchasing organizations." This strategy helps negotiate better rates and simplifies inventory management, reducing both costs and administrative burdens​.

3. Automate to Improve Efficiency

Implementing automation can help reduce payroll and overtime expenses while enhancing staff efficiency. Sagarra notes, "Automation of tasks can make things easier for your staff, reducing costs in payroll and overtime." Automating billing, appointment scheduling, and other administrative tasks frees up staff time for more impactful activities​.

Resources Mentioned

NHA
Are you facing the challenge of healthcare workforce shortages? The National Healthcareer Association (NHA) is here to help. NHA empowers individuals and organizations by offering nationally accredited certifications and innovative solutions to address critical staffing gaps. Whether you're a healthcare employer looking to upskill your team or a professional seeking advancement, NHA's comprehensive resources can provide the support you need to thrive in today’s fast-paced healthcare environment. Visit www.nhanow.com to learn how NHA can help you build a stronger, more capable workforce.

AvodahMed
Running a busy medical practice? Nsight, Powered by AvodahMed, is an ambient AI transcription solution that offers unparalleled support for SOAP and clinical notes, and symptom tracking, greatly improving chart closure rates with features such as one-click functionality to send provider notes directly into EMRs and the ability to maximize revenue potential through precise E&M time complexity. Focus on your patients, not the keyboard. Visit AvodahMed.com to schedule a demo and experience the future of clinical efficiency!"

  continue reading

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Artwork
iconJaa
 
Manage episode 430139760 series 1260959
Sisällön tarjoaa MGMA. MGMA tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.

In this episode of the MGMA Insights Podcast, host Daniel Williams speaks with Sharon Sagarra, MBA, FACMPE, owner of Sagarra Medical Consulting, and an MGMA Consultant. Sharon shares her extensive experience in healthcare management and provides actionable strategies for medical practice leaders to optimize compensation and benefits plans for their employees. Her insights are particularly relevant for those attending the upcoming MGMA Staffing Conference, where she will present on this very topic.

Practical Takeaways for Medical Practices

1. Develop a Comprehensive Budget

Maintaining a detailed budget is essential for managing financial challenges such as rising minimum wages and decreasing insurance reimbursements. "Make sure you're doing a budget. I was surprised the last two practices I was at did not have a budget," Sagarra emphasizes. A comprehensive budget helps practices monitor expenses, identify cost-saving opportunities, and allocate resources efficiently​

2. Streamline Operations and Utilize Group Purchasing

Streamlining operations and leveraging group purchasing organizations can significantly reduce costs. Sagarra advises, "Look at supplies that could be streamlined with maybe one or two vendors or group purchasing organizations." This strategy helps negotiate better rates and simplifies inventory management, reducing both costs and administrative burdens​.

3. Automate to Improve Efficiency

Implementing automation can help reduce payroll and overtime expenses while enhancing staff efficiency. Sagarra notes, "Automation of tasks can make things easier for your staff, reducing costs in payroll and overtime." Automating billing, appointment scheduling, and other administrative tasks frees up staff time for more impactful activities​.

Resources Mentioned

NHA
Are you facing the challenge of healthcare workforce shortages? The National Healthcareer Association (NHA) is here to help. NHA empowers individuals and organizations by offering nationally accredited certifications and innovative solutions to address critical staffing gaps. Whether you're a healthcare employer looking to upskill your team or a professional seeking advancement, NHA's comprehensive resources can provide the support you need to thrive in today’s fast-paced healthcare environment. Visit www.nhanow.com to learn how NHA can help you build a stronger, more capable workforce.

AvodahMed
Running a busy medical practice? Nsight, Powered by AvodahMed, is an ambient AI transcription solution that offers unparalleled support for SOAP and clinical notes, and symptom tracking, greatly improving chart closure rates with features such as one-click functionality to send provider notes directly into EMRs and the ability to maximize revenue potential through precise E&M time complexity. Focus on your patients, not the keyboard. Visit AvodahMed.com to schedule a demo and experience the future of clinical efficiency!"

  continue reading

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