There are several major financial pressures that affect physicians today, from collecting co-payments to rising technology and operational costs. The year 2015 has proved particularly challenging with the cost of ICD-10 and financial penalties for practices that could not attest to meaningful use.
The table below details five major financial pressures facing physicians in private practice today and the solutions to help mitigate these pressures.
|Co-Pays & Deductibles||
|Rising Operational Costs||
|Pay For Performance||
|Maintenance of Certification (MOC)||
As the table demonstrates, there are workable solutions to help overcome the financial challenges physicians in private practice face today. Additional tips for collecting co-payments include reminding patients before their appointment that a co-pay will be due at the beginning of their appointment and informing the patient of the estimated costs of service. If payment is an issue, offer a payment plan to the patient prior to the patient leaving the office.
All office staff should be knowledgeable of the practice’s fees, procedure costs, and payment options, as some patients may feel more comfortable speaking to a medical assistant or nurse than the physician about payment. Always address patients by name and let them know they are valuable to the practice; this helps facilitate a positive discussion about payment.
“The economics of medicine are changing at a rapid pace. It’s important for physicians to remain abreast of these changes in order to keep their practice doors open,” says Dr. Clay Cockerell.
Please read the article Pressures Private Practice Physicians Face Today to learn more about the general challenges physicians in private practice face today.
Medical Economics (2015). Top 15 Challenges Facing Physicians In 2015. Retrieved September 24, 2015, from http://medicaleconomics.modernmedicine.com/medical-economics/news/top-15-challenges-facing-physicians-2015?page=full.
Medical Economics (2015). Top 5 Challenges Facing Physicians In 2015. Retrieved September 24, 2015, from http://medicaleconomics.modernmedicine.com/medical-economics/news/top-5-financial-challenges-facing-physicians-2015?page=full.