What is the number one priority for physicians? The answer is- delivery of quality patient care. But do all physicians get paid for rendered services? Are they equipped to support quality of care with sound financial management? Unfortunately, physicians in all specialties across the US are struggling with some common challenges that are impacting the bottom line of their practice.
From challenges related to regulatory compliance and data analytics to the complexities of value-based care and patient engagement, there are various factors that will continue to haunt physicians in 2018.
- Many healthcare practices will continue struggling with the implementation of value-based care models this year. They will be under pressure for figuring out how to implement the new models while operating under the existing fee structures. Value-based care will be a challenge because it requires significant investment of time and money. It also demands relevant data and insights along with a different workflow and infrastructure.
- Physicians will have to comply with several uncertain and shifting government requirements and mandates this year. It will become necessary for them to navigate through the shifting landscape of health policies while also paying attention to the federal and state-level government mandates. To comply with the changes, they will be required to strengthen compliance programs and also ensure that their advocacy efforts at the state level are on point.
- Another challenge that physicians will have to face in 2018 is related to the leveraging of big data for improvement of care quality. There are many practices that continue to grapple with the task of finding meaning in big data. They are under the pressure to boost the use of EHR (Electronic Health Records) and also to identify ways for using extracted data for enhancing quality of care.
- Practices will have to invest time in addressing issues related to shortage of skilled staff, turnover and physician burnout in 2018. It is being predicted that there will be a shortage of 40,000 to 109,000 physicians by 2030. Since surveys show a significant number of physicians experiencing feelings of burnout, it will become quite difficult for practices to find skilled healthcare professionals.
- Considering the growing focus on improving patient experience, physicians will be required to work hard on bettering patient engagement and satisfaction levels. They will have to make sure patients are happy in order to ensure better health outcomes and consistent cash flow.