September 16, 2014
Independent physician practices face internal as well as external challenges. Payment cuts, increasing practice costs, lack of skilled resources are some of the factors due to which running an independent practice has become difficult.
Industry Facts :
According to a 2013 Wolters Kluwer Health survey, financial management and shifting payment models are the top two challenges faced by majority of physicians in the US
As per Doctors Company survey, 60% physicians believe that healthcare reform will affect patient care in a negative manner
43% respondents to the Doctors Company survey admitted that they would prefer retiring in the next five years due to Affordable Care Act
Top 4 Physician Practice Challenges
Here are the top four physician practice challenges that providers need to overcome in order to survive.
According to a survey conducted on more than 300 practicing Primary Care Physicians, 91% physicians said that shifting reimbursement is the topmost challenge in running an independent practice. New payment models rewarding value, not volume; have spread uncertainty among doctors. Approximately 9 out of 10 providers are facing difficulties in balancing administrative and clinical tasks due to this change. It has put pressure on them to understand the value-based reimbursement model and adapt it as quickly as possible.
Management of Finances
Finance management is another challenge faced by private physician practices. Doctors across the US are working diligently to prepare for potential payment cuts and handle rising operating costs. Preparation for new payment models has also increased financial risks for practices. Managing financial problems amidst tough daily challenges of seeing patients and handling documentation tasks has put a lot of pressure on doctors.
Time Spent on Patients
Over the past few years, there has been no significant change in the amount of time doctors spend with patients. As far as primary care physicians are concerned, approximately 50% said that they don’t spend more than 16 minutes on each patient during a typical visit. Compared to hospital-based specialists, office-based doctors spend less time on patient care as they need to spend more time on administrative activities.
Effects of the Affordable Care Act
According to the industry experts, ACA won’t bring about any change in patient care on an operational level. This act also won’t address the payment rates for Medicaid and Medicare patients, which is one of the primary concerns for many primary care physicians.
How is MBC Helping Physicians Overcome These Challenges?
By choosing to outsource medical billing services, hospitals and private practices can eliminate the trouble of hiring, training and retaining skilled coders and billers. There will not be any need to invest in expensive billing technology or worry about staff productivity issues.
MBC Offers Revenue Enhancing Opportunities
MedicalBillersandCoders.com has been helping 42 medical specialties across the US sail through the above-mentioned challenges. MBC has a strong team of certified coders and billers who are well-trained in handling billing complexities and strengthening the revenue cycle for physicians. This gives practices free time to concentrate on patient care and manage finances in an effective manner.
MBC’s revenue cycle management solutions have helped practices maximize revenue and minimize their claims denials. The team remains updated with the latest industry changes and makes use of high-end technology for billing and coding.