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2013 Ahead ! Will your Practice fly across the Fiscal Cliff or fall into an Abyss?-Infographic

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[AnythingPopup id="12"] Survival-Tips

Beware Medical Practices 2013 Ahead !

And we are not exaggerating. The whole nation is gone into a huddle, discussing about the eminent Fiscal Cliff. Medical practices, small independent practices in particular, are going to be the worst hit. Across the board sequestration cuts and a 2% reduction in Medicare reimbursement, have left physicians fuming.

716 Billion Payment cut over the Next Ten Years…

The patient protection and affordable care act are aimed at improving the quality of patient care and reduce duplication. But, at what, cost ? From 2013 to 2022 it is going to be one rollercoaster ride for medical practitioners. Hospitals are increasingly merging and affiliating to handle the reimbursement cuts.

Declining reimbursement means, acquiring and consolidating independent practices seems to be the most viable and sustainable model. Doctors, who want to continue to be independent, are facing the possibility of becoming endangered species.

Small Practices Shutting their Doors…

A recently published whitepaper by the Physicians Foundation and Merritt Hawkins suggest that small practices will be uniformly replaced in the coming years. It is a known fact that physicians are under-compensated.

Small and medium practice owners should focus completely on maintaining RUV production at a sustainable level to tackle operational costs.

A Few Ways to Survive the Tough Years Ahead !

  • Review and rework on existing physician compensation formulas.
  • Renegotiate contracts with payers.
  • Develop a strategic plan. Every staff member should remove themselves from the everyday workday, to reflect, and devise strategies to stay profitable.
  • Concentrate on meeting Meaningful Use standards to receive MU incentives while they are still around.
  • Consider outsourcing certain aspects of the Medical Billing Workflow such as  to cut back on costs.
  • As reimbursement models place a greater share of financial risk on physicians, it is important that they focus more on their Revenue Management Cycle.
  • Conduct internal analysis and identify throughput issues.

Bracing for Change !

Change is the only constant. This is the time for medical practices to scale up and meet the financial pressures placed on them. And wait for the regulatory changes to see how they play out !

In-fact, the Fiscal Cliff can even prove to be a good thing. According to a poll conducted by TCB around 51.7 % respondents felt that going over the cliff, could prove to be a good thing after all !

It could induce people to look beyond the tried and tested, and focus on coming up with novel solutions. The reimbursement and tax cuts can help a staggering economy get back on its feet. And, like they say when you hit the bottom the only is up ! As with every New Year, this is the time for reflection, resolutions, and most importantly, hope.

Can Free EHR’s bring about big changes to the Small Practice ? Yes, According to a recent study.

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Busting a Few Myths !

The healthcare industry is evolving. From unwieldy and time consuming paper records to streamlined electronic medical data. As with every transition, there are bound to be a few myths. And by far the most widely popular among them is that EHR’s are expensive.

Are free EHR’s too good to be true ?

There is a long held belief that, anything that comes with a “free” tag is bound to be inferior and counterproductive. So you cannot blame people who turn up their noses at free EHR systems. It is bare boned and doesn’t offer training or support, are the usual complaints. But there are a few free EHR systems that have managed to hold their own in a highly competitive industry.

If free EHRs are half as bad as they’re claimed to be, they simply wouldn’t exist.

Nobody likes being out of Business !

It is a big lie that free EHR vendors are, non responsive, and offer no support. Unlike paid for models, charge-less EHR’s are largely dependent on advertisers for revenue. And we all know advertisers know where to invest. If the support leaves a lot to be desired, it means fewer clients. Fewer clients mean no big advertisers.

So, Obviously…

It doesn’t take a genius to figure out that free EHR vendors should actually be pulling out all stops to offer their clients great support. It works for everyone, the EHR vendor, advertisers and the most important person in the equation, physicians !

Tie-ups that work !

Costless EHR’s tie up with practice management systems so users not just get all that they want but are also offered a great deal of flexibility. Users can integrate the PMS or medical billing software that works for them. But doesn’t all this sound like too much of DIY?

Oops ! so the physician will have to deal with technical issues ?

Thankfully no ! Most popular free ehr’s have partnered with certified consultants to offer integration support and training. There are also a few billing firms that go a step further and offer free practice management systems as well. This means the entire argument of paid ehr’s being a whole lot superior to free ones, doesn’t hold water anymore.

Not a Bad choice at all !

This is not to say cost free EHRs were designed in health IT heaven and have an edge over high end EHR systems. But for the small practice down the road saving on a few hundred dollars can mean a lot.

Here are a Few Facts and Figures that prove Free EHRs help Small Practices…

  • 60%  of doctors report they are doing better than last year due to the adoption of technology.,

  • 45% of small practices cite they’re doing much better than last year.

  • In 2011 only 26% practices said they were doing better than the previous year.

But what is all this got to do with free EHRs. Well, this survey was conducted by Practice Fusion, one of the leading free EHRs in the market.

Costless EHR’s can ultimately act as an incentive and motivation for those who are reluctant to make the switch, due to the costs involved. And that includes a majority of healthcare providers.

Practice Fusion – The free, web-based EMR

Here is What Physicians can do to make 2013 the best year for their Practice !

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 Time for Self Reflection…

As the year draws to an end, it is important that physicians spring clean their revenue cycle. 2013 is going to be a hectic year with major regulatory updates, compliance issues and, yes, unfair deadlines !

So, now, is the best time to take stock of their revenue management cycle process and performance, and formulate better strategies.

Run a Quick Audit ! 

Audits needn’t be extensive or time consuming. Focusing on any one major area to audit can save on time and streamline the auditing process. To start with review the codes that have a high error rate.

According to a CERT report there is a 24% error rate for 99205, 20.8% for 99204 and an 18.6% error rate for 99215.

Run a check on these codes and see if your practice is getting it right.

Cloned claims, non specific diagnosis codes, and errors while assigning evaluation and management codes, are the other few problem areas.

Bundled Payments ; Work out the Math

Work out a clear strategy for bundling and unbundling claims. Most practices lose money due to submitting separate claims instead of one single bundled claim. Determine which claims can be bundled and which ones need not. Work out a reimbursement formula that works for all concerned.

Test the waters…

ICD-10 isn’t going away, no matter how hard you pray. Have an ICD 10 implementation plan in place. If you work with a third party biller, ask them to start checking and working with the new set of codes.

Cut Costs not Corners !

Where does all the money go ? Don’t ask yourself this question again this coming year. Contain costs. Draw up a detailed income and expenditure spreadsheet and enter all the information that matters. Analyze and see where you can scale down on costs. It could be over-staffing or inefficient coordination with ancillary service providers.

Pick out the main reasons and start working on a better future for your practice, now !

Why Physicians are in Verge of a Meltdown ?

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You didn’t really need statistics to know this. For the last few years, physicians have been complaining about having to juggle a million tasks. But the toll it takes on the mental health of physicians is clearly illustrated in a study conducted recently.

According to a finding published in the Archives of internal medicine, an alarming 45.8%, of physicians surveyed suffered from, at least one symptom of a burnout.

Bitter Pills…

Facing a rejected claim again, trying to stay in compliance, chasing deadlines, there are dozens of bitter pills physicians have to swallow everyday. The high level of stress associated with practicing medicine, is not just unhealthy but can lead to doctors becoming endangered species in the near future.

Can I Meet the Doctor ?

This is the first question that most patients ask. And there are chances that they’d be meeting a nurse practitioner or physician assistant, instead. Due to severe shortage of physicians, NPs and PAs are backfilling, to provide patient care.

Not all Grey and Bleak !

Training and hiring staff to shoulder a bit of the responsibilities physicians handle can be a huge relief for doctors. Healthcare providers should work in an environment that facilitates teamwork and shared responsibility, to stop stress from chipping away at their efficiency and morale.

Taking Time off to Catch up on Basketball…

Having a cup of green tea, going for strolls and taking a holiday now and then are important. But to make major decisions such as hiring third party associates or physician assistants, it is important that physicians take time off to reflect. And build a strategy that can help them step over stumbling blocks instead of pretending they don’t exist.

Will Accountable Care Organizations Pave the Way for Change?

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 ACO’S- And the Debate continues…

Are accountable care organizations the future of the healthcare industry ? Or will they force independent practices to shut their doors ?

According to a recent report 49 percent of primary care physicians and 53 percent of endocrinologists are expected to switch to the ACO model in the coming year.

Financial Security and Better Care.

Physicians who’ve partnered with ACOs are provided incentives for prescribing more generic medication. They are also encouraged to lower hospitalization costs. This accent on the quality of care and containing costs can offer clinical benefits and savings, for healthcare providers.

 The much needed Compass…

One of the major reasons attributed to the popularity of ACOs is that they provide a sense of direction. And help physicians to focus on quality metrics, to receive reimbursement and incentives.

It is Not all Gravy…

There are strong oppositions to practices adopting the ACOs model of working. Some section of the healthcare sector, feel it can pressurize independent practices, to join larger organizations. The clinical benefits it offers are also viewed with a sense of skepticism.

The sustainability of independent hospitals is one major concern. And the fact that it focuses more on hospitals rather than physicians is another key factor that works against acos.

Will it join the IDNs of the 90’s ?

Integrated delivery networks were followed by several healthcare providers in the 90’s. Hospitals followed and pursued two strategies, of vertical and horizontal integration. There were different models such as strategic alliances and acquisitions. There was one common factor that bound all the models together, they just didn’t work.

Whether acos join the ill fated idns of the 90’s, or become the, future of the healthcare industry, remains to be seen.