The Practice Profitability Index, a survey of more than 5,000 physicians provides an annual window into the issues affecting the financial and operational health of physician practices across the US. This year’s PPI revealed room for cautious optimism, with the share of physicians forecasting a negative profitability trend declining year over year. But solutions are also improving accordingly and giving a hope of meeting the challenges that has been forecasted.
If you’re concerned about your financial prognosis over the coming year – you’re not alone: 31% anticipate a down turn. But the largest percentage of physicians, 35%, expects profitability to stay about the same in the coming year.
Overall, the numbers look encouraging compared to the 2014 PPI – with more doctors anticipating a better year. Here are some of the more surprising findings:
- 1 in 4 physicians are now optimistic about profits, though surprising in the current situation. But the best point that brings improvement is seen as this group grew from 19% to 24% in just 1 year.
- More than 3 in 5 physicians take at least a day per week to fulfill the administrative tasks.64% of physicians find it less interesting though. Even the administrative purposes have to find a time in their busy schedule. But I If you’re on the front lines of clinical care,this will not be surprising.
- 10% have planned to try their first EHR in the year. The percentage of ‘EHR holdouts’ could be diminishing. But recent government reports recorded 83% of practices have already started EHS.
- Only 2 in 5 physicians say that they are doing effective patient payment collections. But this has to be paid attention when more patients choose high deductible health plans and hence pay a greater proportion of their medical expenses.
- More than 1 in 5 doctors are happy with the patient engagement programs and add to become a potential solution to a large extent. This has even beat mobile technologies (22% versus 19%)