2008: Medical Practice Squeeze

Posted on January 9, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

Revenues Down – Expenses Up in 2007

Staff Writers 

 

If you’re a medical professional, this may be another tough year from a fiscal perspective.

On the revenue side, not only do physicians face a 2008 mid-year 10.1 percent Medicare cut, CMS may also cut reimbursements for some ASCs. Moreover, federal rules may ban physician-owned specialty hospitals, removing this profit center to offset dismal economic pressures.

On the expense side, physicians may soon require electronic medical records, and e-prescribing technology, to satisfy the 119 criteria for CMS’s Physician Quality Reporting Initiative [QRI]; and thus raising these HIT cost centers.

Fortunately, medical malpractice costs have fallen for some specialties – in some regions – including orthopedics, OB/GYN, internal medicine, cardiology and general surgery; according to reports from the Medical Group Management Association [MGMA].

Assessment: All the above ads up to less profit for most physicians today and a bleak future; or does it? What is your medical specialty and how have you financially fared recently; and over time?

More related information: http://www.springerpub.com/prod.aspx?prod_id=23759

Filed under: Practice Management | Leave a comment »

Physician Seeking Senior HIT Position

Posted on January 9, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

Join Our Mailing List

Dr. Richard J. Mata; MD, MS-MI, MS-CIS, CMP™ [Hon]

Dr. Mata

Richard “Rick” Mata, M.D., worked as a Network Administrator and Programmer at the Texas State Treasury after completing an Internship in Internal Medicine. He is adjunct Associate Professor of Health Services Research at Texas State University and is currently consulting for AT&T Customer Analytics Division.

As Founding Chief Medical Information Officer [CMIO] of www.RickTelMed.com, his full CV may be viewed at: http://www.scguild.com/Resume/6264I.html

Goal: Experienced and multi-degreed physician seeking a senior CXO or leadership position in healthcare information technology on a FT or PT basis; also available for interim, local or remote consulting positions.

MORE: HIT Security

Contact: RickTelMed@satx.rr.com

– POSITION FILLED –

[Thank you for advertising on the Medical Executive-Post]

***

Filed under: "Doctors Only", Career Development | Tagged: | Leave a comment »

Medicare Payments to Improve in 2008

Posted on January 9, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

Join Our Mailing List

Physicians Receive Temporary Reprieve

[By Staff Writers} 

Doctors will get a six-month reprieve from a 10.1 percent across-the-board cut in Medicare payments that was scheduled to go into effect January 1, 2008. 

In an effort to secure approval of the legislation, lawmakers decided to scale back its scope compared to earlier versions of the measure, but the bill still would provide for a number of Medicare policy changes, according to Reed Smith Health Industry Washington Watch.  

Other related policy changes and highlights of the bill include the following:

·  A 0.5 percent increase in Medicare physician fee schedule payments through June 30, 2008. Physicians would again face a steep payment cut in July 2008, however, requiring Congress to revisit Medicare policy in the New Year. The bill also would extend the five percent physician shortage area bonus payment and the work geographic index floor of 1.0 through June 30, 2008. 

·  An extension of the authorization and funding of the State Children’s Health Insurance Program (SCHIP) through March 31, 2009.

·  An extension of the Medicaid qualifying individual, Transitional Medical Assistance, and abstinence education programs through June 30, 2008.

·  A $1.5 billion reduction in the Medicare Advantage stabilization fund for regional preferred provider organizations in 2012, an extension of authority for specialized Medicare Advantage plans for special needs individuals, and a moratorium on new special needs plans and expanded service areas through December 31, 2009.

·  A provision to require CMS to adjust Part B drug average sales price (ASP) calculations to use volume-weighted ASPs based on actual sales volume, and to modify payment for the generic drug and sympatho-mimetic agent, albuterol [PROVENTIL HFA – albuterol sulfate].

·  Revisions to inpatient rehabilitation facility qualifications and payment policy, including a permanent freeze in the patient classification criteria compliance threshold at 60 percent (with co-morbid conditions counting toward this threshold) and a payment freeze from April 1, 2008 through September 30, 2009. 

Assessment

And so, although not an unexpected payment reprieve, how will these policy changes affect Medicare participating providers?

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Product DetailsProduct Details

 

 

Filed under: Healthcare Finance | Tagged: | 2 Comments »