Physicians feel weighed down by business responsibilities

In a recent Medical Econcomics (www.memag.com) poll, 4 of 5 physicians find it challenging to maintain their dual roles of doctor and businessperson, and 76% expect that challenge to get harder over the next few years. The following are the most common practice management challenges listed in the poll and the % of physicians citing each:

56% Automating patient records

54% Managing slow party reimbursement

48% Managing malpractice insurance costs/coverage

42% Collecting payments directly from patients

36% Expanding patient base

36% Managing accounts receivable

31% Adding and updating medical equipment

22% Earning adequate net income to compensate partners

22% Finding the right providers or additional providers

12% Finding financing for expansion

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.