Results from the Practice Profitability Index 2015
If you want to know about the practice profitability Index sentiments of over 5000 physicians in the United States, here are few points:
Physicians are starting to feel more positive about their business profitability. It is true that there are many challenges, but solutions are also coming up to help them, according to Third Annual Practice Profitability Index (PPI).
If you are worried about the financial prospects for the coming year, the profitability ratio is a kind of mixed reaction. While 31% look forward to a downturn, 35% anticipate profitability to remain the same in the next year. The numbers look optimistic in comparison to the Practice Profitability Index of 2014, with more doctors expecting a positive year. Some of the findings of the 2015 PPI are:
- Nearly one in four physicians are confident about profits in the coming year. It is a surprise in a good way that this group has grown from 19% to 24% in a year.
- Over 3 out of 5 physicians work one day a week or more at administrative tasks: It is surprising that 64% of physicians think they are caught up in dull tasks (this may not be a surprise if you are already working in the front lines of medical practice).
- 10% want to use the first EHR in the coming year: This indicates that the percentage of ‘EHR Holdouts’ is decreasing. A 2015 government report indicates that 83% of practices have already started using electronic health records.
- Only two in five physicians say that their practice collects patient payment for care effectively: This is set to become more important as more patients are choosing high deductible health plans and are paying a greater part of their medical expenses.
While comparing potential solutions, over one in five doctors are optimistic about patient engagement programs: It is surprising to note that engagement programs out-beat mobile technologies though the scores stand at 22% versus 19%.