Only 26 Percent of Physicians Feel They Have Control Over the Finances of Their Practices
23 Outubro 2012 - 9:00AM
Marketwired
MGMA 2012 Annual Conference - Booth #1564 --
ADP® AdvancedMD, a leader in all-in-one, cloud-based electronic
health record (EHR), practice management, and medical scheduling
software as well as medical billing services, today released the
results of a study on the financial health of physician practices,
completed with Sermo, an online community of over 125,000
physicians. The study surveyed 300 physicians in family medicine,
internal medicine, obstetrics/gynecology, and pediatrics
specialties during August 2012. The results indicate that 74
percent of doctors do not feel that they have control over the
financial aspects of their businesses, signaling a need for
stronger tracking and goal setting. The study also sought to
uncover what these physician practices use as measures of financial
and practice performance, what technologies they have adopted, and
a ranking of their specific attitudes and concerns about the
business side of their practices.
Key findings include:
- Only 26 percent of physicians agree or strongly agree that they
have control over their finances
- Only 50 percent of physicians say they evaluate their financial
performance and compare it with similar practices
- More than half across all specialties see their patient count
increasing, likely due to an estimated additional 30 million
patients seeking care in 2014 under the Affordable Care Act
"These findings validate what we've seen in the marketplace over
the past few years -- in particular, physicians are finding
managing the finances of their practices increasingly challenging,"
said Raul Villar, president, ADP AdvancedMD. "For a sector that is
experiencing significant growth and regulatory changes, it's
obvious that there is room for improvement. Technology has come a
long way in providing physicians with more freedom and flexibility
to balance their busy lives, as well as providing tools for
improving the patient experience and financial health of their
practices. Cloud practice software offering state-of-the-art
revenue collection capabilities, accessible from anywhere, can play
a significant role in helping to improve finances and saving
private practices."
Technology use findings from the study indicated that only 1 out
of 3 physicians are using cloud practice management (PM) and EHR
and that only 56 percent say their EHR is integrated with their PM
system -- a key to more effective claims processing and practice
efficiency.
Despite the differences in their patient populations, more than
half of physicians from all specialties agreed that they were
deeply concerned about the potential impact of Medicare payment
reductions -- with about three-quarters of family medicine and
internal medicine citing concern. More than half were also
concerned about the impact of ICD-10 on their ability to get fair
pay for services provided.
ADP AdvancedMD Resources
- Tour the AdvancedMD iPad app
- Learn the ADP physician revenue management process
- Get started with ADP medical billing services with ADP
- View the medical practice management software demo
- Download billing services brochure
- Learn about complete medical management software
About ADP
Automatic Data Processing, Inc. (NASDAQ: ADP), with more than
$10 billion in revenues and approximately 600,000 clients, is one
of the world's largest providers of business outsourcing solutions.
Leveraging over 60 years of experience, ADP offers a wide range of
human resource, payroll, tax and benefits administration solutions
from a single source. ADP's easy-to-use solutions for employers
provide superior value to companies of all types and sizes. ADP is
also a leading provider of integrated computing solutions to auto,
truck, motorcycle, marine, recreational vehicle, and heavy
equipment dealers throughout the world. For more information about
ADP or to contact a local ADP sales office, reach us at
1.800.225.5237 or visit the company's Web site at
http://www.ADP.com.
Media Contact: Jan Wiedrick-Kozlowski Activa PR for ADP
AdvancedMD 585.392.7878 Email Contact
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