OmniMD Chief Executive Officer Divan Dave said some physicians are returning to private practice because their compensation from hospitals became less attractive after the expiration of their initial contract. With the shift toward fee-for-performance, physicians may see a change in their pay once a contract is up.
According to the Association of American Medical Colleges report, in 2013 there were about 767,000 doctors practicing in the United States. However, the report continues to claim that the U.S. will face a shortage of as many as 90,000 physicians by 2025. The problem is that although the supply of doctors will grow, it will not grow nearly as quickly as the demand for care. This will be a known obstacle for the future, but what about current challenges?
For National Doctor’s Day, let’s take a minute to acknowledge and bring awareness to the challenges physicians are currently facing or will be battling in 2015.
1. Complying with ICD-10 code sets. The ICD-9 code sets will be replaced by ICD-10 in October of this year, which means healthcare providers, payers, clearinghouses and billing services must prepare for the transition. According to the Centers for Medicare and Medicaid Services (CMS), ICD-10 will affect diagnosis and inpatient procedure coding for everyone covered by the Health Insurance Portability and Accountability Act (HIPAA), not just those who submit Medicare or Medicaid claims. Facilities will need to redo their back end systems and reprogram their software in order to bill properly with ICD-10, which is where the challenges will lie.