What a year it has been! Thank you to all of our readers for your continued support and readership. This year, our blog subscribers doubled and we celebrated 25 years of helping practices overcome some of the most difficult healthcare reimbursement challenges. We're looking forward to another great year and will continue to publish helpful content that helps your practice succeed in a rapidly changing healthcare reimbursement environment. But before we head into 2017, let's take a look back at some of our most popular posts from 2016.
1) Top 6 Challenges Facing Physicians in 2017
More than ever before, physicians are facing an abundant amount of challenges. Declining reimbursement, changing payment models, and uncertainties surrounding new administration and the Affordable Care Act just to name a few. While the coming year presents many challenges to physicians, we’ve identified six of the top challenges most common among physicians that can also be less intimidating through further education and, of course, much preparation.
2) Are You Undercoding Out of Fear of an Audit?
Studies have found that around one-third of visits were undercoded according to accompanying written documentation, and about half were undercoded based on documentation of medical decision making.
Undercoding may forestall an audit, but it also causes practices to leave thousands of dollars on the table every year. In 2008 alone, Medicare reported that medical practices lost up to $236 million because of undercoding the visit.
3) The Merit-Based Incentive Payment System: What You Need to Know
The Merit Based Incentive Payment System (MIPS) starts on January 1, 2017 and combines three existing programs (Meaningful Use, the Physician Quality Reporting System, and the Value-Based Modifier (VM) Program) and one new program (called Clinical Practice Improvement Activities).
In short, MIPS consolidates and strengthens the financial impacts of these programs, while continuing their performance measurement and reporting mechanisms that have become familiar to providers over the last few years.
4) What Doctors Should Consider When Weighing Independence vs Employment
A recent Medscape study found that self-employed physicians are more satisfied in their profession than employed physicians (63% vs 55%). However, the Employed Doctors Report 20161 states that twice as many doctors (27% vs. 13%) have switched from independent practice to employed. But why?
When you consider these two observations, it's clear there are both pros and cons for physicians who run their own business and those who opt for employment. Here are points to consider for physicians on both sides of the fence.
5) 9 Medical Practice Performance Metrics to Report on During Your Next Meeting
Tracking metrics in your medical practice can result in improved efficiency, profitability, and yield better results across your entire practice and revenue cycle management operations. Choosing what to measure and what to report is as important as deciding to start tracking measurements in the first place.
This post details the 9 metrics that not only measure your revenue cycle management performance but the entire pulse of your medical practice.
6) 4 of the Top Challenges Helthcare CFOs Face and Their Solutions
American healthcare CFOs have a generally positive outlook for 2016, with the majority expecting profits at their organizations to either remain the same or grow this year. At the same time, they're wary of increasing costs, stronger competition, and in some cases shortages of the specialized clinical talent they need.
Here, GroupOne's Director of Business Development, Keith Lage, discusses the 4 top challenges healthcare CFOs faced in 2016 (and will likely face again in 2017) and their solutions.
7) 2016 Physician Compensation Survey Results
This year's Physicians Practice Physician Compensation survey revealed some interesting insights into the financial burdens physicians are experiencing. The survey not only gathered insight into things like overhead costs and personal income but also touched on how practices have been affected by high-deductible insurance plans.
8) 4 Ways Independent Practices Can Thrive in the Face of Changing Reimbursement
Independent health care providers are facing more challenges today than ever before. With changes in payment models and reimbursement methods, competition with a large group of employed physician practices, and changes in patients’ insurance coverage, a practice can be at risk for decreased revenue and increased financial instability.
GroupOne's CEO Arun Murali discusses the challenges independent clinics face and what they should focus on in order to drive success in the face of changing reimbursement.
9) 6 Key Components to a Successful Medical Practice Marketing Plan
Whether you are just starting up your practice, or you're looking to grow your practice, it's important to understand the key components that make up a successful medical practice marketing plan.
Not every practice will use every marketing method. You may try some and find that they simply don't work for you, and that's fine. Here are some of the most popular yet also succesful marketing components used in medical practice marketing.
10) What Top Performing Practices Know About Analytics that You Don't
Wondering what it takes for your medical practice to reach true financial success? Two words: data collection.
A top performing medical practice can be defined as one that achieves profitability, month after month. Not only to pay the bills but to invest in the right people, proper clinical tools and business assets to maintain their financial success. Here's what these practices know about analytics that you possibly do not.