Top 10 challenges facing medical practices today

In the recent issue of the MGMA magazine Connexion (www.mgma.com), the following are the top ten challenges facing medical practices today per a survey of the MGMA membership:

1. Preparing for reimbursement models that place a greater share of financial risk on the practice
2. Participating in the CMS EHR meaningful use incentive program
3. Dealing with rising overhead costs
4. Selecting and implementing a new EHR system
5. Implementing and/or optimizing an accountable care organization
6. Managing finances with the uncertainty of Medicare reimbursement rates
7. Modifying the physician compensation formula to more heavily emphasize quality measures
8. Recruiting physicians
9. Negotiating contracts with payers
10. Maintaining physician compensation levels

I agree with all of these - I see my clients facing and dealing with most of them on a daily basis. So how are you gearing up to meet these challenges????

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.