Medical practice executives picked the five top professional challenges they face running a group practice in "Medical Practice Today: What members have to say," a survey by the Medical Group Management Association-American College of Medical Practice Executives.
The survey's 1,076 respondents designated the following as their most intense challenges, as listed in a MGMA-ACMPE news release:
1. Dealing with rising operating costs.
2. Preparing for reimbursement models that place a greater share of financial risk on the practice.
3. Managing finances with the uncertainty of Medicare reimbursement rates.
4. Collecting from self-pay, high-deductible and/or health savings account patients.
5. Understanding the total cost of an episode of care.
"[Physician practice executives] are working diligently to manage rising operating costs and prepare for potential cuts to reimbursement rates, and are also navigating a number of other transformative federal policies that will soon go into effect, such as health insurance exchanges," Susan Turney, MD, MGMA-ACMPE president and CEO, said in the news release. "It's understandable that financial management issues rank among the most pressing concerns for our members."
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