Dive Brief:
- The majority of physicians and practice administrators (92.7%) say they are still in traditional, fee-for-service practices, according to the 2015 Physicians Practice national Staff Salary Survey.
- Just over 43% of respondents said their staffing level has stayed the same over the past two years; around 22% have cut staff.
- Almost 32% of respondents said they have increased staff workload over the past two years without increasing salaries. Most practices (66%) say they do not plan to give raises beyond cost of living increases this year.
Dive Insight:
Shifting to value-based reimbursement can be an expensive proposition for independent physicians—particularly specialists—who have historically based their business model on the fee-for-service arrangement. As the nation's healthcare system lumbers unevenly towards a value-based model, these same physicians often find themselves struggling to comply with new federal regulations and still bring in enough revenue through traditional streams to stay afloat. HR costs are the low-hanging fruit for practices trying to trim their budgets.
According to Physician Practices, to stay solvent, practices will need to "work smarter and refine staff roles so that all employees are working to the top of their license. Practices must also become more efficient, eliminating redundant tasks, and training staff to take on more complex roles."
The survey included 1,066 physicians and practice administrators.
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