Peter Lucash, author of Medical Practice Business Plan Workbook – Second Edition and blogger, lists his top ten concerns that medical practices will face now and in the future:
- Flat and declining reimbursements
- Pressure to improve and measure quality
- Patient demand for more time with physicians
- Incomplete data about patients
- Risk of being sued for malpractice
- Revenue cycle that is inefficient and uncertain
- Unraveling of traditional physician- patient relationships
- Loss of status, prestige, and income
- Widespread dissatisfaction with work of physicians
- High and increasing overhead load
I have added one more, the new health care legislation. Are you prepared for all these possible consequences?
Peter Levinson, a noted author concerning medical practices points out, “the margins of management error have dramatically decreased, with low reimbursement and increased practice expenses, even a small management misstep can mean a fiscal mess.” Darrell Schryver, Managing Principal of MGMA adds, “The days of Dr. Jones going and getting a million dollar line of credit are over.” Schryver also predicts a continuing and worsening problem with coding and reimbursement.
Let’s take a journey back to medical school. Your professors helped you become an excellent physician. However, none of them had any idea what it takes to build a successful and efficient medical enterprise. You have become an effective technical medical practitioner versus a successful medical practitioner who works balanced hours, has little stress, leads a rich family life and has an economic life that is diverse, fulfilling and shows continuous return on investment.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.