There has been an increasing trend in the healthcare industry where physicians are opting for hospital employments and the reasons and repercussions of these seem numerous. It cannot be argued that there are many positives for ‘being your own boss’ in a private practice. However, due to numerous reasons and changes taking place in the health industry, physicians are seeking hospital employment not just for the financial benefits but also due to numerous factors such as increased responsibility, risk, high overheads, and a host of other reasons that come with managing a private practice.
The health care reforms taking place in the country are also profoundly affecting the way in which delivery of healthcare is carried out. Physicians seem to be caught in this maelstrom of the choice between a private practice and hospital employment and are seemingly struggling to stay financially afloat; especially in private practices. One of the motivating move hospitals are making for physicians is shelling out a salaries to fresh graduates that are considerably high compared to what they would earn in a private practice and the promise of financial stability along with incentives provided by hospitals to physicians.
The risk factor involved in starting a private practice is also slowly but steadily pushing solo and small group physicians to seek employment in hospitals. Inevitably, this increasing trend of physicians abandoning their private practice and choosing hospital employment is also having an effect on hospitals. Moreover, the demand for healthcare is dramatically increasing due to millions being newly insured and hospitals require physicians to slake this demand by pouring in more physicians in the facility in a short period of time. In addition to these factors, the steep learning curve involved in the implementation and maintenance of Electronic Health Records (EHRs) and other compliance issues regarding government policies in health care has driven a small part of physicians to completely close their practices and find hospital employment.
Hospitals are increasingly hiring more staff and providers in face of increasing demand but it is a fact that the amount of workload would dramatically increase not just in the core aspects in hospitals but also in administrative and in other departmental processes.
The challenges faced by hospitals are not just limited to providing quality care but also includes getting paid for the services that they provide. Moreover, increased internal workflow and departmental processes due to this increased demand for services can lead to high costs which has a direct affect not only on the revenue but the quality of care as well.
The changes in the health industry are affecting almost all the entities and processes involved in health care delivery and departmental processes are no different. The changes in various processes and departmental protocols due to the recent reforms have challenged many professionals who carry out such processes. The changes in medical billing and coding, stricter insurance policies by the Federal government, and the extensive implementation of Health IT have made these processes more cumbersome and highly skilled, more than ever before.
is the largest consortium of medical billers and coders in the United States that provide medical billing and coding services that are not just limited to medical billing and coding but also encompasses Revenue Cycle Management, interaction with payers, denial management and streamlining of these processes for IT adoption. The consortium has adapted to the new changes in policies and processes to provide optimized solutions to business needs and increase your bottom line.