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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
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