7 Pressing Issues Negatively Impacting Medical Practice Profitability

Most physicians agree that declining reimbursement is the most pressing issue having a negative impact on a medical practice’s profitability, according to The Second Annual Practice Profitability Index: 2014 Edition, sponsored by CareCloud, in partnership with QuantiaMD.

Advertisement

The 2014 edition includes responses from 5,064 physicians.

When asked which are the top issues weighing on finances and negatively affecting practice profitability, respondents reported the following (Multiple responses were accepted):

•    Declining reimbursement — 60 percent
•    Rising costs — 50 percent
•    Patient Protection and Affordable Care Act — 49 percent
•    Transition to ICD-10 — 43 percent
•    Electronic health record adoption/Meaningful use — 35 percent
•    Efficiency of staff — 24 percent
•    Patient privacy and information security requirements — 18 percent
•    Other — 1 percent

More Articles on Practice Management:

28% of Orthopedic Surgeons Currently, Plan to Participate in ACOs
10 Ways to Improve Collections at Medical Practices
7 Ways to Earn Respect, Rather Than Demand It

At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.

Advertisement

Next Up in ASC News

  • Atlanta-based United Digestive is planning an ASC in Watkinsville, Ga., focusing on organic growth to expand its network. The newly-constructed,…

  • At least 25 ASCs have closed over the past five years, a pattern of attrition driven by financial strain, staffing…

  • As the ASC industry continues to grow alongside new waves of surgical innovation, patient preferences and shifts to value-based care,…

Advertisement

Comments are closed.