Medical Practice Management
Sep 18

Practice costs are the No. 1 worry

Healthcare Finance News reports that the 2009 Medical Group Management Association survey reveals the three top challenges of running a group practice remain the same as in 2008, with money worries at the top.

According to "Medical practice today: What members have to say," the top three concerns are:

1.    Dealing with operating costs that are rising more rapidly than revenues;

2.    Maintaining physician compensation levels in an environment of declining reimbursement; and

3.    Selecting and implementing a new electronic health record.

The organization also asked how the recession is affecting their medical groups and how they are responding. Ranked by average score, the most probable effects of the recession on practices are:

· An increase in uninsured patients;

· Improved billing and collections and/or denial management processes;

· Decreased revenues;

· Postponed capital expenditures;

· Operating budget cuts; and

· Staff hiring freezes.

On the positive side, nearly 82 percent of respondents said there is a zero probability that their group will file for bankruptcy protection, and nearly 80 percent said there is a zero probability their practice will close because of the poor economy.

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 →