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Can the EHR Save this Business Model?
[Dr. David Edward Marcinko MBA]
Healthcare insurance reform from the Obama Administration – as incremental as it will be on both the Federal Medicare and State Medicaid levels from 2014 to 2018 – forces medical providers to look for more efficient ways to provide services, as well as additional sources of revenue in a margin-diminishing business model.
Total federal spending for both programs, under current Office of Management and Budget [OMB] assumptions, are growing. Skepticism is prevalent throughout the healthcare industry about the benefits and the role of market competition in the provision of healthcare services, despite pronouncements by the Federal Trade Commission (FTC) and Department of Justice (DOJ) that competition has positively affected healthcare quality and cost-effectiveness, and recommendations that many of the barriers to competition that prevent it from fully benefiting consumers be removed.
And so, according to Cimasi, Alexander and Zigrang of Health Capital Consultants LLC, and others; this growing economic tension has threatened the traditional private medical practice business model.
[Private communication: http://www.HealthCapital.com]
***
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Link: http://www.medicalpracticeinsider.com/news/infographic-can-ehr-save-private-practice
Assessment
The “tipping point” has been reached, according to some experts, as the private practice model falls below 50/50.
- Private practice model dwindles below 40 percent
- EHR adoption rises at solo and two-physician practices
- Divorcing your EHR Sytem [A How to Approach]
Rhetorical Questions
- What will save private medical practice as we know it.
- Does it need to be saved, at all?
- Will EHRs be the salvation?
Conclusion
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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:
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- PRACTICES: www.BusinessofMedicalPractice.com
- HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
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- ADVISORS: www.CertifiedMedicalPlanner.org
- BLOG: www.MedicalExecutivePost.com
- FINANCE: Financial Planning for Physicians and Advisors
- INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
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Filed under: Information Technology | Tagged: EHRs, Saving Private Medical Practice? |
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Emerging companies look to help practices grow by enabling them to focus on what they do best — patient care — and leaving other business and operational matters to their new tools.
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Do you find that your medical practice growth is slowed by your inner critic?
I’ve been watching a family of nesting osprey. Imagine if the chicks hatched with inner critics saying, “Stay in the nest; it’s safe here.” Or, “What makes you think you can fly? “ Or, “Don’t jump. You could get yourself killed.” Nest all over the world would be filled with dead birds!
Do not let your inner critic kill your practice aspirations!
Your inner critic would like you to believe that it represents the voice of reason. Maybe the voice says, “That idea will never fly.” Or, “Who do you think you are?” Or, “That’s not good enough.”
The truth is that your inner critic is more like a bossy child. Sometimes it’s a downright bully.
Letting your inner critic make your practice choices is like letting your child make your vacation plans.
You can manage your inner critic the same way you manage a bossy child.
When your inner critic rejects an idea that could threaten your safety, say, “Thank you for sharing. I’ll consider that point when I make my choice.”
Here are three phrases that balance the limiting messages of your inner critic:
1. Done is better than perfect. So says Alan Weiss, and it’s my working mantra. Some people spend their time getting ready to get ready. Don’t! Get out on the battlefield.
2. It’s okay if you suck. An art teacher delivered these words when she looked over my shoulder and saw I was having a hard time getting started. The first blog post or video or white paper you create will not be a masterpiece. That’s okay! You didn’t give up the first time you rode your bike without training wheels, or shot a basket. You practiced, and got better. Give yourself permission to make a mess and craft something that might wind up in the garbage. That’s how masterpieces are created.
3. Fail fast. Talk with anyone who has risen to levels of greatness, and they will tell you they have failed. Test before you launch a product, service or marketing campaign. You may think an idea will fly; what’s important is how your prospects and clients vote with their wallets.
You want to make informed choices as you reinvent your self to thrive in the era of Obamacare. Let a thoughtful adult–not a bossy child–make these choices.
Vicki Rackner MD
http://medicalbridges.com/
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One Reasons the Future for Private Practice Is Bright
Here is one reasons why private practice will remain healthy for the foreseeable future:
The trend of hospitals buying physician practices is not as strong as it once was.
While it’s true that hospitals and integrated delivery systems have purchased physician practices since well before Congress passed the Affordable Care Act in 2010, some hospitals also have lost money on these acquisitions. Some say the losses total as much as $100,000 per physician, per year.
Also, some physicians are not happy being employed by these larger systems.
Source: Jeffrey D. Brunken, Physicians Practice [6/28/15]
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1 in 3 Physicians Will Remain in Independent Practices by 2016
Accenture recently released an analysis of physician private employment trends. Here are some key findings from the report:
• 57% of physicians were independently employed in 2000, dropping to 49% in2005.
• By 2016, only 1 in 3 physicians will remain in private practices.
• 36% cite reimbursement pressures as their biggest concern with independent practices.
• The overhead costs of a private practice were most concerning for 23% of respondents.
• Almost 1 in 5 independent physicians are participating in accountable care organizations.
• 26% of independent physicians are choosing to opt out of Medicaid.
Source: Accenture, July 29, 2015
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