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The odds are stacked against physicians. Rising operational costs, hours lost due to data entry and compliance thresholds have made practicing medicine a nightmare for physicians. An increasing number of them are contemplating early retirement. With so much to deal with and a lot more to come, it is a testing time for the healthcare industry.
Buckling Under Pressure…
Slashes in reimbursement and compulsion to gravitate towards EHRs are the major reasons why medical practices are ailing. With divided opinions about ACOs and everybody blaming everybody else, the healthcare field resembles a war-zone. A recent study conducted by Bloomberg points that there is an estimated shortage of 13,000 doctors.
It is time the policy makers take remedial measures to help resuscitate physicians.
Over taxed slaves ?
Disincentives and pressures have made doctors feel like over worked slaves. After a long and expensive education, it is a bleak and challenging future that lies ahead. It doesn’t work for the doctor who is gasping for change and for patients who feel a strain in the physician-patient relationship.
Increasing Costs For Doctor Owned Practices !
The operating costs of a physician working in a full time in a physician owned multi-specialty climbed to 1.3% from last year. The commercial fee for service amounted to 51% of total charges.
A Few Bitter Truths…
- Operational costs for running a practice have increased over the last year.
- Labor costs are the major money drainer for medical practices.
- EHRs increase the amount of time spent on data entry tasks.
Solutions That Might Just Work…
- Outsource to cut down on labor costs and operational expenses.
- Train staff or vendors on using EHRs to reduce data entry pressures.
- Select an EHR that automates workflow to a major extent, to save on time and resources.