Challenge 1: ICD-10 implementation
This new medical coding system will require a significant amount of money to implement and train physicians. The American Medical Association estimates that small practices could spend between $56k and $226k to implement this coding system.
Challenge 2: HIPAA
Physicians will find it hard to stay compliant in a fast changing digital environment. Here is a chart with some HIPAA security components:
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| http://medicaleconomics.modernmedicine.com/medical-economics/news/top-15-challenges-facing-physicians-2015?page=0,2 |
Challenge 3: Meaningful Use 2 (MU2)
This continuing challenge will most likely not get easier in 2015. For eligible professionals, in 2015 they will see a 1% decrease in Medicare reimbursements for each year they do not meet meaningful use requirements.
Challenge 4: Getting paid for their work
Under Obamacare, reimbursement models are changing from the fee-for-service model to value-based payment. To avoid claim denials, physicians need to learn every detail to submit a "clean claim". In some instances, physicians are not accepting insurance at all to avoid hassles generated by heathcare reform.
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| http://medicaleconomics.modernmedicine.com/medical-economics/news/top-15-challenges-facing-physicians-2015?page=0,4 |
Challenge 5: Maintenance of certification
The controversy surrounding the American Board of Internal Medicine’s (ABIM) Maintenance of Certification (MOC) program is extensive, and it’s a challenge that will certainly follow physicians into 2015. For family physicians, the application fee alone can range from $1,300 to $1,500.
The ABIM and other MOC proponents say that the program is necessary to ensure that physicians maintain their medical knowledge. However, some primary care physicians argue that the test material often is not applicable to typical occurrences within their specialty.
Challenge 6: Collecting co-pays and deductibles
Getting co-pays and deductibles has remained a challenge, but the ACA landscape may add to this burden in 2015. Many ACA plans have higher deductibles and co-pays than existing commercial plans. As a result, those plans could increase the provider collection burden as more patients purchase and use them.
Challenge 7: Administrative burdens
The percentage of physicians who spend more than one day per week on administrative duties increased a whopping 12% in 2014. In 2013, this number was 58%...in 2014 it was 70%. This most likely is affecting a physicians' on-the-job happiness. Prior authorizations are a major, and growing, source of physicians paperwork burden. More and more payers are requiring prior authorizations for more drugs and procedures.
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| http://medicaleconomics.modernmedicine.com/medical-economics/news/top-15-challenges-facing-physicians-2015?page=0,7 |
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Coupling technology, expertise and accountability, The Hire Connection services are designed to source, screen, qualify, present and place the RIGHT providers to satisfy recruitment goals and improve provider retention. Give us a call today!
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