Rising operating costs continue to hinder practices, MGMA says

Adapting to rapid changes, legislative pressures and fiscal uncertainty rank as the top challenges facing practice business leaders.

According to MGMA-ACMPE’s recently released survey, the top five most applicable challenges of running a group practice are:

1.   Dealing with rising operating costs

2.   Preparing for reimbursement models that place a greater share of financial risk on the practice

3.   Managing finances with the uncertainty of Medicare reimbursement rates

4.   Collecting from self-pay, high-deductible, and/or health savings account patients

5.   Understanding the total cost of an episode of care.

“Physician practices are doing more and more to innovate and respond to our rapidly changing environment to meet the needs of their patients, but with fewer resources,” says Susan L. Turney, MD, MS, FACMPE, FACP, MGMA-ACMPE president and chief executive officer. “They are working diligently to manage rising operating costs and prepare for potential cuts to reimbursement rates.”

Other challenges cited by medical practice executives include collaborating with payers to implement new payment models, and using systems to better manage and evaluate population health.