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.
Walmart Business:
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com.
1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com.
MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."
This episode of the MGMA podcast is brought to you by Walmart Business. It’s the Walmart you love, now for your business. Get everything you need for your staff & patients in one place. Enjoy big savings on health & safety products, cleaning supplies, OTC medications & much more. And don’t forget the break room snacks! Create a free account today and start shopping at business.walmart.com. Again, that’s business.walmart.com.
1st Call Triage
Introducing 1st Call Triage, your ultimate remote medical staffing solution! With their Office Hours Nurse Triage Line, Front Office Services including appointment scheduling and insurance verification, and Back Office Services managing medication refills and prior authorizations, 1st Call Triage, can streamline your practice's operations. Plus, their Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) ensure comprehensive patient care. So Make the right call: 1st Call Triage is the first and only call you need for efficient, cost-effective, and high-quality medical staffing. Visit their website at 1stCallTriage.com to revolutionize your practice! Again, that's 1stCallTriage.com.
MGMA Analytics:
"The popular buzzword we've been seeing everywhere is AI. But what we all want to know is how we can implement and use it to our advantage. When it comes to improving margins, accelerating cash flow, and optimizing staff performance, there's a one-stop shop using cloud-based predictive analytics. MGMA Analytics is your AI-enabled tool that upscales technology you're already paying for, so you can silo your disparate systems and make data-backed business decisions. Visit mgma.com/analytics and see how AI can revolutionize your finances and operations."
