Ask MGMA: Understanding Physician Compensation and CMS Policy Changes
Download MP3In this episode of the Ask MGMA Podcast, Cristy Good joins Daniel Williams to discuss physician compensation methodology and the impact of CMS conversion factor adjustments. They explore challenges medical practices face due to lower reimbursement rates and how practices can address these challenges. Resources for monitoring policy changes and planning compensation are also shared.
Key Points:
- CMS conversion factor adjustments impact physician reimbursement rates
- Lower reimbursement can decrease revenue and physician satisfaction
- Practices should update fee schedules, explore value-based models, and diversify revenue
- MGMA's variance calculator analyzes impact of CPT code reimbursement changes
- Include physicians in compensation discussions and planning
- Physician Fee Schedule
Music:
"Street Walk" by Paolo Pavan courtesy of Free Music Archive, CC BY-NC-SA"
Music:
"Street Walk" by Paolo Pavan courtesy of Free Music Archive, CC BY-NC-SA"
Sponsors:
iCoreConnect
The February cyber attack on change healthcare continues to cause prescription delays and that is stressful on patients and doctors, but not if the doctors are using iCoreRx, a leading ePrescribing software that enables electronic prescription creation and management to simplify your medical operations. Check them out at icoreconnect.com/mgma.
Physician Business Training
This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.
iCoreConnect
The February cyber attack on change healthcare continues to cause prescription delays and that is stressful on patients and doctors, but not if the doctors are using iCoreRx, a leading ePrescribing software that enables electronic prescription creation and management to simplify your medical operations. Check them out at icoreconnect.com/mgma.
Physician Business Training
This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.
WE WANT TO HEAR FROM YOU
Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at dwilliams@mgma.com. If you have a question for our Sr Advisor Cristy Good, email advisor@mgma.com.
Midmark
Founded in 1915, Midmark Corporation is the only company transforming healthcare experiences through innovative design within the medical, dental and animal health environments.
Founded in 1915, Midmark Corporation is the only company transforming healthcare experiences through innovative design within the medical, dental and animal health environments.
With a deep understanding of the healthcare environment, Midmark helps physicians and care teams deliver exceptional patient care through seamless room design, better equipment, smarter workflows and integrated technologies.
Midmark can help you improve clinical outcomes and eliminate the barriers preventing seamless, well-coordinated patient care. Visit our website to learn more about Midmark, or join us for the MGMA webinar on October 24, or on demand at MGMA.com.
RingCentral:
We’d like to thank RingCentral for their sponsorship. You can visit their website at ringcentral.com to learn how they’re helping healthcare organizations create the ideal patient experience with AI powered communications; helping to reduce risk, drive efficiency, and improve patient satisfaction.
