Week 8 Assignment – Group Practice Operations Plan Part 3
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Overview
According to the text, a significant amount of revenue that the health care industry generates can be linked directly to the care that physicians provide for their patients. In addition, physicians in a medical practice add to this revenue stream by admitting patients to a hospital, prescribing prescription medication, ordering home health services and medical equipment, and referring their patients to other health care providers for care and treatment.
Scenario
This is Part 3 in the development of the operations plan to guide you in managing the practice and leading the staff.
Instructions
Part 3:
Develop Part 3 of your operations plan. It should be 3-4 pages and include at least two quality academic resources in which you:

Explain what you need to know about accounting and budgeting as a practice leader.
Compare the two levels of financial benchmarking (i.e., internal comparison and external comparison), and explain the strategic purpose and importance of benchmarking as a financial tool for a medical practice.
Explain the role telehealth and telemedicine services have in medical group practices and how they affect patient care safety and quality. Support your response.
Recommend a health information technology (HIT) system that includes an electronic health record (EHR) for the new practice to implement, and include three main benefits of having the HIT system.
Propose a strategy to mitigate the impact of a specific hazardous risk associated with one of the risk categories; property (general liability and safety), technology, or financial practices could have on the practice. Support your proposal with a real-life example.

Note: Include a cover page and reference page as required in the SWS Writing Standards.
Note: Incorporate the instructor feedback once you receive it to improve Part 3 of your operations plan to be used in the Week 9 Activity and Week 10 Assignment.
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
The specific course learning outcomes?associated with this assignment are:

Examine the accounting, finance, and budgeting roles in the management of a physician’s group practice.
Create an operations plan for a physician group practice that promotes medical excellence, and includes organizational forms, organizational goals, HRM, marketing, health information technology, accounting and finance, disaster preparedness, laws, regulations, and compliance.