Doctors don’t like insurance companies. They generally accuse insurance companies of eroding their autonomy, unnecessarily increasing red tape and continually assaulting their incomes. The question must be asked, however, how did doctors ever get themselves in this position and more importantly, how do they get themselves out of it? It’s not difficult to understand how doctors got trapped into their predicament. It IS difficult, however, to understand why doctors continue to enslave themselves to their insurance company masters.
Archive for April, 2010
We all know that the funding for the freshly passed healthcare reform bill has to come from somewhere. If you have a successful medical practice, some of that money may come out of your pocket. The 3.8% Medicare Part A tax impacts individuals who make in excess of $200,000 per year. At this time, it looks like 2013 is the year when you will start seeing this additional tax impact your earnings.
I met with a physician last week who was describing his substantial loss of money in his practice and investments over the last two years. As any prudent person would say, he commented, “And, I have had to cut back my promotional budget significantly.” I replied, “That’s the exact opposite of what you should be doing.” Follow my logic. If promoting your practice is the primary way that you grow, how could you expect to grow if you don’t promote your practice?
t’s no secret that widespread dissatisfaction with insurance practices is driving practitioners toward alternative ways of being paid for their services. With the devastating 21% cut to Medicare reimbursement rates, many physicians are even less sure that they can continue to do business as usual.
Restoring profitability to private practices is going to be a challenge. Physicians will have to become thought leaders in creating a patchwork of solutions.
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We have all seen practice managers that do little extras at work that they don’t expect to get kudos for but it helps the practice run a little more smoothly or efficiently so they just do it. These are the types of actions that show you that person views his or her position as a career not just a job. Here is your chance to nominate them for PracticeManager of the Month. Submit a paragraph telling us what this manger has done that was above and beyond the call of duty. Maybe they did something to help the budget or compiled all the Red Flag Rules for your office. We will publish the best story and send that practice manager a $50.00 gift card.
