Physician Practice Management Group
What is a physician practice management group?
A physician practice management group, sometimes called a physician practice management company (PPMC), is a unique type of company that provides specific non-medical services to physician offices. The services a physician practice management group offers are all focused on the business side of running a practice, ranging from employee compensation and talent acquisition to business and marketing plans, to payroll and other accounting services.
A physician practice management group may also offer specific guidance based on the unique needs of a physician's office, such as locations for expansion and real estate negotiations.
Why are physician practice management groups important in healthcare?
Physician practice management groups enable private physician practices to completely outsource everything related to the business they don’t want to handle themselves. Through hands-off outsourcing, the medical professionals running and working within a physician practice free up time to focus on providing quality medical care, without the added stress of directly managing aspects of their business they may not have direct experience with or knowledge of.
Physician practice management groups are a potentially attractive solution due to the fact that they have the ability to handle many different aspects of management from one place. For example, if a physician practice needed marketing and accounting services, a minimum of two new employees would usually be required, which complicates and adds uncertainty to the business structure.
Since physician practice management groups can generally help with everything related to the business side of things, the non-medical portion of a physician's office becomes a simple matter of finding the right physician practice management group, rather than dealing with many moving parts internally.