With regulatory pressures including physician payment reform and ICD-10 implementation all coming into their prime, practice managers have placed financial issues atop their mounting list of concerns.
The Medical Group Management Association (MGMA) detailed the foremost challenges practice managers must confront now or in coming years and all are financially related:
- Dealing with rising operating costs
- Preparing for reimbursement models that place a greater share of financial risk on the practice
- Managing finances with the uncertainty of Medicare reimbursement rates
- Collecting from self-pay, high-deductible and/or health savings account patients
- Understanding the total cost of an episode of care
“Physician practices are doing more and more to innovate and respond to the rapidly changing environment to meet the needs of their patients, but with fewer resources,” Kevin Spencer, MGMA’s vice president of strategic relations, told Medical Practice Insider.
Medical groups must increase profitability through revenue growth, faster cash flow and enhanced staff productivity, Spencer explained. However, they need guidance to accomplish those imperatives.
Against that backdrop, MGMA and Navicure, a healthcare payment solution provider, announced on Jan. 21 an "executive partnership" program that will make financial management resources available to the association's members.
“The partnership is focused on expanding resources and content for claims management and related aspects of revenue cycle management,” said Phil Dolan, chief marketing officer at Navicure, the first program partner.
MGMA CEO Susan Turney said in a prepared statement that via the agreement her association will provide members with resources designed to streamline administrative duties, serve patients more effectively and, ultimately, alleviate some of the financial pressures practice face.
“Now more than ever,” Turney added, “exemplary practice management is the cornerstone of long-term medical practice sustainability and fiscal health.”