Dive Brief:
- Medscape on Wednesday announced it is launching a business education program – The Medscape Physician Business Academy – to help physicians gain skills to better manage the business and regulatory aspects of their medical practices.
- Eight courses will initially be offered focusing on topics including revenue management, reimbursement, legal issues, and business strategy.
- Medical education prepares physicians to treat patients, but does not prepare them for daunting bureaucratic responsibilities and the Medscape program targets those gaps in knowledge.
Dive Insight:
Physicians, particularly solo practitioners and those in small practices, have a lot on their plates when it comes to EHRs, reporting requirements, and complex payment criteria. Dealing with these aspects of healthcare takes up a lot of their time and can lead to burnout.
In a 2015 survey conducted by Jackson Healthcare, the top reasons reported for leaving private practice included the cost of maintaining a practice, a desire to focus on patient care rather than administrative tasks, and reimbursement cuts. These factors have contributed to an ongoing trend toward hospital-owned physician practices.
Nearly 9 in 10 physicians responded to a Medscape survey they felt unprepared to take on the business aspects of medicine. Online, open-access business courses may be a tool to help some physicians to better manage revenue and reimbursement cuts.
