Although reimbursement changes related to the Affordable Care Act make it difficult for many practices to give their existing physicians raises, new data from the Medical Group Management Association suggests that the increased demand created by the law continues to drive more competitive offers to recruit new doctors.
Despite the pressure of rising overhead expenses and administrative burdens, one of the largest independent practices in Pittsburgh intends to hold off from selling its practice to a local hospital--at least for now.
Physician on-call pay, while increasingly common, isn't a guarantee, according to the Medical Group Management Association's latest compensation survey.
Three-quarters of physician practice administrators say they can't afford to give staff significant raises, according to a recent survey from Physicians Practice.
Medical practices have long priority lists. And, no disrespect, but they also have a notorious reputation for putting necessary changes off until the last minute. For example, when I first started writing about physician practices in the early 2000s, one of my mentors advised against boring my audience with anything having to do with the Health Insurance Portability and Accountability Act of 1996 (HIPAA). "They don't care," I was told candidly.
Multispecialty practices' bad debt soared 14 percent between 2008 and 2012, according to the Medical Group Management Association. As a result, practices now employ more aggressive strategies to collect those balances from patients, Ken Hertz, a principal consultant with the MGMA Health Care Consulting Group, recently told Kaiser Health News.
Health savings accounts (HSA) will see higher contribution limits, minimum required deductibles and out-of-pocket maximums next year.
If you don't want to depend on a hospital to fund a major technology or equipment purchase and can't quite pay out of pocket, a loan can be a viable option, Gray Tuttle, a principal with Rehmann's Healthcare Management Advisors, recently told Renal & Urology News.
Physician compensation stayed mostly stagnant and even declined for some specialties over the past year, trends that could reflect early changes in reimbursement related to the Affordable Care Act, according to Medscape's 2014 Physician Compensation Report.
The rise in spending on physician services in recent years has had a positive ripple effect on the U.S. economy, according to a new report from the American Medical Association. "Every dollar applied to physician services supports an additional $1.62 in other business activity," the report noted.