In May, we released the results of the Practice Profitability Index, a survey of more than 5,000 U.S. physicians created to provide a voice to independent physician practices across the U.S. on issues impacting their financial and operational health.
A partnership between CareCloud and QuantiaMD, the large-scale survey was composed mostly of family practitioners and internists. However, there was still significant participation from a number of other specialties, making the results pertinent to all physicians.
While most of its findings were somewhat predictable the study occasionally debunked common healthcare myths – such as the demise of the independent physician practice.
So each week since its release, we’ve written articles based on the most insightful of the PPI’s findings. Below are highlights from each article in an effort to give you the best of what the report has to offer.
Overcome Declining Reimbursement Rates
65% of physicians see declining reimbursements as the biggest threat to practice profitability. And with Medicare payments slashed by 2% since April’s sequester, the outlook for doctors may seem bleak. Fortunately, there are ways to offset, and even overcome, declining reimbursement rates.
Government Mandates Hurting Practice Profitability
Three of the four most commonly cited obstacles to practice profitability are the Affordable Care Act, the ICD-10 switch and the EHR Meaningful Use push. Should government regulations cause physicians so much financial strain?
EHR Adoption Rates Vary Across Specialties
The PPI revealed that EHR adoption rates vary widely from specialty to specialty. For example, 82% of cardiologists have adopted an EHR, while only 56% of psychiatrists have done the same. What are some of the reasons behind the discrepancies?
Get More Free Time With Outsourced Medical Billing
60% of physicians spend more than one day a week on administrative tasks such as billing. Although physicians may prefer to have direct oversight over billing practices, these numbers mean it’s time to outsource.
Cardiologists Fear The Worst
Almost half of cardiologists surveyed have a negative outlook on their potential for profitability in the coming year, giving them the most pessimistic view among specialties. It appears the ACA, rising costs, and an erosion of physician autonomy are hitting cardiologists particularly hard.
Practice Management Systems to the Rescue
Declining reimbursements (65%), rising costs (57%), the Affordable Care Act (48%), and coding and billing changes (44%) were cited as the factors most negatively affecting practice profitability. Choosing the right PM system is key to battling all four issues.
Practices To Make Big Changes in 2013
Some say old habits die-hard, but physicians don’t appear to be scared of making big decisions. In the coming year, 41% are planning operational improvements. We take a look at the four most common changes and how they can benefit the average practice.
Revenue Cycle Enrichment
Billing and collections processes are the areas most commonly targeted by physicians looking to enhance operational performance. Adopting PM software, collecting copays right away, outsourcing medical billing and hiring experienced billers are four ways to make needed improvements.
To Sell Or Not To Sell?
Industry pundits like to prophesize the death of independent physician practices, but the majority of independent physicians aren’t buying it. In fact, 60% said they aren’t looking to sell – a stark contrast to the 11% actively looking to cash out.
Medical Conferences Impact Practice Performance
With 42% of physicians obtaining operational information from medical conferences, choosing the wrong one can hurt your investment. There are certain factors physicians should take into consideration when choosing conferences to attend.
Health IT Software Eases Administrative Woes
Can health IT software help alleviate the administrative burden for the 60% of physicians who spend at least one day a week on administrative tasks?
3 Medical Tech Trends for the 2nd Half of 2013
Implementing a new EHR (41%), replacing an outdated EHR (25%) or replacing a practice management system (16%) are the most commonly reported ways of improving operational performance. Here’s why these improvements will catch on rapidly in the 2nd half of the year.
In contrast to the conventional wisdom of industry naysayers – and to the wishes of some hospitals, delivery networks, and nascent ACOs – independent physician practices largely want to stay that way. While the Practice Profitability Index has shown the light on concerns about the operational health of practicing medicine, it also found that most doctors are focused on sustaining their independence, at least for now.
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