Welcome!

News Feed Item

National Survey of 5,000 Physicians Finds Declining Practice Profitability in the Year Ahead; Administrative Burdens Sharply Increasing

The past year has been a turbulent one for U.S. physicians, according to the 2014 Practice Profitability Index (PPI). The PPI was conceived in 2013 as part of a partnership between leading cloud-based health technology provider, CareCloud, and Quantia, Inc., a leader in physician engagement and alignment. The research is intended to serve as an annual barometer for the operational wellbeing of U.S. medical groups in the year ahead. 5,064 physicians contributed their insights to the second annual PPI during March of 2014. To download the entire 2014 PPI, visit: http://www.carecloud.com/practice-profitability-index-2014/

Physicians Have a Darkening Outlook on Their Practices’ Profitability

The key finding of the PPI survey was that U.S. physicians are now more than twice as likely to foresee eroding, not increasing, profits in 2014. Those with a negative outlook increased from 36% to 39% during the past year, while optimists declined from 22% to 19%. The issues weighing on finances are still led by declining reimbursements (60%); rising costs (50%); requirements from the Affordable Care Act (49%); and the transition to ICD-10 (43%).

Operational Challenges Impact Patient Care

“The 2014 PPI results show that physicians are experiencing increasing strain on their practice operations as a result of healthcare reform and government mandates. This strain, in turn, affects patients – including the millions of new ones entering the system as a result of the Affordable Care Act,” said Albert Santalo, Chairman and CEO of CareCloud. “Nearly half of physicians say they cannot take on these patients, foreshadowing an access to care issue. Meanwhile, despite the hype about emerging reimbursement models, physicians are most likely to seek improvements through programs that help them engage with their sickest and most vulnerable patients.”

The complete 2014 PPI survey results, which also explore physicians’ opinions on technology adoption; time spent on administration rather than patient care; impact of healthcare reform; intent to stay independent or sell their practice; and strategies for improving operational performance, can be accessed at www.carecloud.com/PPI

Additional key findings from the 2014 PPI included:

Regulation Buries Physicians in Increasing Administrative Work, Affecting Care

Successful patient engagement requires that physicians have adequate time and space to focus on care. But the percentage of doctors spending more than one day a week on paperwork rose sharply between 2013 and 2014, from 58% to 70%. Nearly one-quarter (23%) spend more than 40% of their time on administration, up from 15% last year.

Physicians’ ability to make adequate time for patients will become increasingly critical. The PPI found 40% of physicians indicated patient engagement programs, such as disease management and population health efforts aimed at high-risk patients, hold the greatest promise for their practice performance in 2014.

Interestingly, just 11% of physicians cited participation in fee-for-value or Accountable Care Organization contracts – which reward them for health outcomes – as contributing to their operational performance in 2014.

ICD-10 Delay Will Defer Revenue Disruptions, But Preparation Costs Remain

At the end of March 2014, the government approved a minimum one-year delay to the ICD-10 code transition, which was originally scheduled for October 1, 2014. The move provides some runway to the majority of physicians who were unprepared. Before the delay, nearly half of physicians (44%) did not know whether they would be ready. Another 25% were certain they would not be prepared and faced high transition and upgrade costs.

“The move by the government to push back the transition to ICD-10 has caused significant frustration among medical groups that had already begun preparations to meet the October deadline,” continues Santalo. “But while physicians will now avoid ICD-10 related disruptions to billing and collections in 2014, their preparation costs remain. They’re increasingly buckling down to focus on those processes and technologies that can support them for the long term.”

About The Practice Profitability Index (PPI)

Now in its second year, the PPI was created in to provide a voice to physician practices across the US regarding issues that impact their financial and operational health. It reflects the belief that better health outcomes for Americans are more likely to be achieved when practices themselves are thriving and efficient.

  • The PPI was conceived as part of a partnership between leading cloud-based health technology provider, CareCloud, and Quantia, Inc.,a leader in physician engagement and alignment serving more than 200,000 physicians through its online physician community
  • It involved gathering insights via an interactive online questionnaire and related discussion groups. The result is intended to serve as an annual barometer for the operational wellbeing of US medical groups in the year ahead.
  • 5,064 physicians contributed their insights to the PPI during March of 2014 – making it one of the largest efforts of its kind in the industry.

About CareCloud

CareCloud is the leading provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services for medical groups. The company’s products are connecting providers to one another – and to their patients – through a fully integrated digital healthcare ecosystem that can be accessed on any browser or device.

CareCloud is helping thousands of physicians to increase collections, streamline operations and improve patient care in over 48 states, and currently manages over $3 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visit www.carecloud.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure thro...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...