A majority of physicians report declining reimbursements are the biggest challenge to physician practice profitability, according to The Third Annual Practice Profitability Index Report by CareCloud and QuantiaMD.
• Declining reimbursement — 62 percent
• Rising costs (e.g. medical supplies, staff) — 55 percent
• Transition to ICD-10 — 52 percent
• Ongoing impact of the Affordable Care Act — 44 percent
• EHR/meaningful use — 35 percent
• Efficiency of staff — 26 percent
• Patient privacy and information security requirements (e.g., recent HIPAA changes) — 16 percent
Note: The report includes responses from 5,024 physicians.