Top 10 Challenges Facing Medical Practices in year 2012 and beyond

The Medical Group Management Association (www.mgma.com) recently published results of its annual member survey and listed the top challenges facing physician practices today. They are listed below. Take a look at them closely and ask yourself "Are these my same practice issues?" If so, what are you proactively doing to address them? Sitting on your hands and doing "nothing" is a recipe for disaster!

1. Managing finances with the uncertainty of Medicare reimbursement rates.

2. Preparing for reimbursement models that place a greater share of financial risk on the practice.

3. Preparing for the transition to ICD-10 diagnosis coding.

4. Dealing with rising operating costs.

5. Participating in the CMS EHR meaningful use incentive program.

6. Understanding the total cost of an episode of care from the payer's perspective.

7. Collecting from self-pay, high-deductible health plan and/or health savings account patients.

8. Maintaining physician compensation models.

9. Managing finances.

10. Recruiting physicians.

Have questions? I’m here to help.

This field is for validation purposes and should be left unchanged.
This field is for validation purposes and should be left unchanged.
Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA