Practice Profitability Index

www.poweryourpractice.com/ppi CareCloud --.................. PRACTICE PROFITABLITY sponsored by in partnership with CareCloud QuantiaMD INDEX The Practice Profitability Index (PPI) was created to provide a voice to US physician practices about issues that impact their financial and operational health. THE PHYSICIAN'S JOURNEY It involved gathering insights via an interactive online survey and related discussion groups. to see PATIENTS & PROFITS 5,012 physicians contributed their insights during April of 2013 - making it one of the largest efforts of its kind in the industry. The Uncertain PHYSICIAN ONLY of physicians describe their current staff, technology, and processes for getting paid as "very effective". Profitability TRENDING DOWN 36% DOWN Physicians are almost two-thirds more likely to see their practice profitability trending down in the next year. 22 Major CHALLENGES What's negatively affecting practice profitability? MEANINGFUL USE 65% 57% 48% 44% ICD- 10 Affordable Declining Reimbursements Rising Costs Coding & Billing Changes Care Act Influx of new ACA Patients CAN THEY HANDLE IT? 48% More Optimistic: MASSACHUSETTS More Concerned: CALIFORNIA say NO lack resources to accept any of the 30mm new patients from the ACA. A FULL ONLY 55% 44% say no say no Daily Grind WHERE THE TIME GOES 58% How much time do MAR physicians spend on administration instead of patient care? spend 1 day a week or more on paperwork, not patients. HIGHEST ADMINISTRATIVE BURDEN 30% 37% 34% spend about one-third of their time or more NEW YORK PENNSYLVANIA Independents RESOLVE TO STAY THAT WAY Conventional wisdom is that healthcare is in the midst of rapid consolida- tion. But many doctors want to stay independent. Of the 2,094 respondents who own their own practice: NEARLY 17% % of physicians are "actively" looking to. sell their practices 60% are not looking to sell at all FOR SALE REGIONAL BREAKDOWN Least Committed to INDEPENDENCE* % 55 Florida & New York 51 linois Most Committed to INDEPENDENCE* 71% 66% 63% Техas Massachusetts California *Not interested in selling Strategies for FINANCIAL & OPERATIONAL HEALTH Despite challenges, physicians are taking matters into their own hands. HOW PRACTICES ARE LOOKING TO IMPROVE PROFITABILITY/PERFORMANCE AMID UNCERTAINTY 50% 31% 31% Streamlining Billing Process Improving Technology Optimizing Staff The Happy PROFITABLE PHYSICIAN Physicians turn to each other for advice and evolving technologies to improve profitability. LEVERAGING TECH & NEW PROCESSES: 41% look to make changes in the coming year The changes they are planning: NUMBER ONE SOURCE of GUIDANCE 41% 25% 18% 16% PEERS 48% IMPLEMENT EHR REPLACE EHR OUTSOURCE BILLING REPLACE PM CONTACTS FOR MORE DETAIL, AND TO DOWNLOAD THE FULL WHITEPAPER, GO TO: wwW.POWERYOURPRACTICE.COM/PPI