9 reasons why ob/gyns experienced a financial setback
Survey results point out nine pitfalls that you need to be aware of.
The 90th annual Medical Economics Physician Report was conducted by Readex Research in November 2018. The survey asked 32 ob/gyns about the reasons for a negative change in the financial state of their practice within one year. Here's what they said.
Click here to read about 4 revenue boosting strategies used by ob/gyns
More time spent on uncompensated tasks
Twenty-three ob/gyns mentioned having to spend more time away from their patients and focusing on uncompensated tasks.
Higher overhead
More than three-quarters of respondents (25 ob/gyns) mentioned higher overhead as a reason for a financial setback.
Lower reimbursement from commercial payers
Twenty-two ob/gyns pointed to lower reimbursement from commercial payers as a reason for a financial setback.
Greater technology costs
Technology was identified by seven ob/gyns as a reason for a financial setback.
Government regulations
Government regulations were mentioned by just under half (14 ob/gyns) as a financial setback.
Difficulty collecting from patients (higher deductible plans, etc.)
Just under half of the respondents (15 ob/gyns) said they had difficulty collecting payment from patients.
Penalties from quality metrics contract/pay for performance initiatives
Seven ob/gyns mentioned that their practices were hurt financially from penalties resulting from quality metrics contract or pay-for-performance initiatives.
Other
Of the respondents, seven said that they experienced a financial setback, but the reason for the setback was not listed.
Indicated at least one
All of the respondents indicated at least one financial setback.
Comments? Email us at lwetzel@mmhgroup.com.
Have you experienced a financial setback in your practice? We’d love to hear how you were able to overcome it! Contact us at lwetzel@mmhgroup.com