Top 10 Challenges Facing Medical Practices in year 2012 & 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.

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.