With the change in payment focusing on quality medicine instead of the old-fashioned fee for service, providers better be savvy with their coding or they will lose out on the money needed to run their practices.
The connection between high levels of patient satisfaction and the highest levels of quality care has not been proven. Patients may explicitly request tests, referrals and medication that they do not need and that will not help them or be cost effective, and be disappointed if they don’t get them.
More hospitals today are competing for patients using retail strategies, such as offering flat-rate, easy-to-compare bundled pricing, finds a new PwC report.
As a result, physicians with high fees may find themselves shut out of hospital contracts. And that means less patient volume and less revenue.
Most medical practices welcome the major federal holidays and the opportunity for the entire staff to take a day off. A day when the doors are locked, however, is also a day that generates no income for the practice. It begs the question: Should the practice pay its employees a day’s wages for the holiday?