Physicians' desire for more modern and innovative healthcare solutions should not be a surprise because transformations have long been a part of the healthcare industry.
FREMONT, CA: Medical practice must provide superior patient care, but physicians must also do so to enable solid financial performance.
Managing and expanding a physician's practice is more challenging than ever before. Practice managers face one obstacle after another, such as:
New regulatory requirements: Physicians must be ready to respond and adapt quickly to new regulations, such as the No Unexpected Costs Act.
Staffing shortages: Due to staffing shortages, labor costs for some healthcare personnel have risen by at least 50 percent. Seventy-six percent of medical practices have altered their operations due to a lack of personnel. There will be a severe shortage of 3.2 million healthcare workers by 2026, according to EMSI data.
Lower revenues: Forty percent of medical practices failed to meet their revenue targets in 2021; many are still battling to recover from the lingering effects of COVID-19.
Cash flow issues: Fifty percent of medical practices report increased A/R time.
More competition: As CVS, Walgreens, Walmart, and others compete with traditional physician practices, the consumerization of healthcare continues at a rapid pace.
Managing a medical practice today requires the right resources, processes, and systems. For a medical group to be resilient over time, it must be able to adapt to an increasingly complex healthcare environment.
