Healthcare in the United States is truly at a crossroads with practice overhead costs rising, physician compensation falling and many
independent practices pondering their futures amid multiplying mandates.
Medical groups need to spend a lot of money to outfit, maintain and manage health information technology in their practices—more than $32,500 per year in for every single full-time doctor in the practice, according to a recent study.
Before selling your practice, bringing on a new partner or investor or entering into a new practice management relationship or joint venture, you should first determine if there are any business or regulatory risks present in your practice, as they could jeopardize your transaction or put a portion of your proceeds at risk.
Following feedback from physicians, The Centers for Medicare & Medicaid Services (CMS) announced Thursday it will allow providers to choose the level and pace at which they comply with the rules for the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
The findings may not come as a surprise to many in the medical community like Miriam Laugesen, MD—an associate professor of the Columbia University Mailman School of Public Health—but even the smallest disparities build up in the bigger picture, she explains.
This is a call to action for all doctors. Practice owners are now facing many of the challenges small retailers in America faced not too long ago. Consumer demand has shifted the landscape in favor of larger product selection with online access. Doctors are being forced to adapt to the new rules of the game or get left behind.