Survey Ranks Top Challenges For U.s. Medical Practices

Medical Practitioners already know that maintaining a thriving medical practice means that many obstacles have to be overcome

. It does not help when those challenges are constantly changing as noted in the latest Medical Group Management Association (MGMA) survey.

Compared with data taken in 2008 and 2009, the just released 2010 survey results had some changes. The survey was called: "Medical Practice Today 2010: What Members Have to Say."

The top ten challenges (out of 44 listed) were:

- Dealing with operations costs that are rising more rapidly than revenues

- Managing finances through a period of Medicare reimbursement rate uncertainty

- Choosing and implementing a new electronic medical records (EMR) system

- Sustaining the compensation levels of physicians

- Recruiting and hiring quality physicians

- Collecting fees from patients who self pay, have high deductibles or maintain a Health Savings Account

- Negotiating payer contracts

- Managing group dynamics among the physicians

- Altering the methodology used to develop physician compensation

- Figuring out how to establish a patient centered medical home (PCMH) care model

As in 2008 and 2009, the operating cost crunch continues to be a major concern among medical practices. Possibly, just as much of a concern is the Medicare reimbursement rates, which seem to be destined to flounder because of a lack of Congressional will to address the formula that calculates the growth rate.

EMR holds the number three spot as it did in 2008 and 2009. The level of the challenge, though, appears to have shifted from implementing to making all of the associated process work in cohesion. This is suggested by the responses which showed 72.4 percent of the respondents noting that choosing and setting up an EMR was an extreme challenge in 2008. However, that number decreased to 58.6 percent in 2010.

The number one challenge of reducing operating costs has to be reviewed by medical practices, now. It has been a number one concern three years running and is probably not going to get any better in the near future.

As healers, are you truly equipped to trim costs and improve operating efficiencies? This study indicates maybe not.

As another example, an AMA study done in 2010 acknowledged that health insurers are processing 20 percent of their claims inaccurately! What does that number do to your bottom line? Taking staff to troubleshoot those issues and dealing with patient ill will are just two of the efficiency draining factors from this one area.

Consider hiring a pro to handle your billing, collection, coding and EMR. You will almost certainly save money if you do.

by: Ronald McLaughlin

POST COMMENT

Medical Billing- Attestation, Certification To Receive Incentive Payments The Recession's Effect On Medical Practices How To Get A Medical Billing Certificate - Medical Billing Specialist Or Certificate Of Completion Orphan Drug Industry In The Development Of The Biotechnology Industry Boyce Activated Carbon For Groundwater Remediations Emergency Medical Alert Protect Elders Life. Refresh Your Appearance With Dermal Fillers: The Best Medical Spa Treatment Why You Need A Medical Alert System? Acupuncture And Anti-aging: 3 Ways Chinese Medicine Can Help You Stay Young Custom Made Merchandise For Dentists And Medical Practitioners Does Your Acne Need Medical Treatment? Medical Sections For Desired Aspirants Possible Damages Paid In A Medical Malpractice Lawsuit