9 reasons why ob/gyns experienced a financial setback

November 25, 2019

Survey results point out nine pitfalls that you need to be aware of.

The 90^th 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