Financial Outlook for Most Primary Care Practices Actually Improving
According to this article, there was an increase in the number of PCPs who reported that the financial state of their practices was better than a year ago.
HealthDay News -- Based on an article in Medical Economics, the financial outlook for most primary care practices is improving, with some exceptions.
According to the Physician Report, featuring responses from 2065 physicians, in 2014, 22% of PCPs reported that their financial state of practice was better than a year ago, up from 15% in 2013. Approximately 30% reported that their financial state of practice was worse than a year ago, down from 39% in 2013.
In general, American College of Physicians members who have started making the transition to alternative payment models are better off than those operating solely on a fee-for-service basis. In addition, the Affordable Care Act provision that raised Medicaid's reimbursement rates to the same level as Medicare in 2013 and 2014 is likely to have aided primary care practice finances.
Although many primary care physicians report seeing more patients, most practices are not yet seeing an increase in their income.
"Primary care physicians' attitudes about their financial situation may be based as much on emotion as dollars and cents," according to the report. "After a long period of neglect, primary care physicians are starting to feel valued again, thanks to the new emphasis on teamwork and patient outcomes in emerging payment models."
"Exclusive Report: Physician Income Is Actually Improving". Medical Economics. Updated April 25, 2016. Available at: http://medicaleconomics.modernmedicine.com/medical-economics/news/exclusive-report-physician-income-actually-improving. Accessed September 15, 2016.