Only 26 Percent of Physicians Feel They Have Control Over the

Only 26 Percent of Physicians Feel They Have Control Over the
Finances of Their Practices 
Sermo-ADP(R) AdvancedMD Study Surveying Physicians in Four
Specialties Confirms Need for Better Financial Performance
Measurement and Benchmarking 
SAN ANTONIO, TX -- (Marketwire) -- 10/23/12 --   MGMA 2012 Annual
Conference - Booth #1564 -- ADP(R) AdvancedMD, a leader in
all-in-one, cloud-based electronic health record (EHR), practice
management, and medical scheduling software as well as medical
billing services, today released the results of a study on the
financial health of physician practices, completed with Sermo, an
online community of over 125,000 physicians. The study surveyed 300
physicians in family medicine, internal medicine,
obstetrics/gynecology, and pediatrics specialties during August 2012.
The results indicate that 74 percent of doctors do not feel that they
have control over the financial aspects of their businesses,
signaling a need for stronger tracking and goal setting. The study
also sought to uncover what these physician practices use as measures
of financial and practice performance, what technologies they have
adopted, and a ranking of their specific attitudes and concerns about
the business side of their practices.  
Key findings include: 


 
--  Only 26 percent of physicians agree or strongly agree that they have
    control over their finances
--  Only 50 percent of physicians say they evaluate their financial
    performance and compare it with similar practices
--  More than half across all specialties see their patient count
    increasing, likely due to an estimated additional 30 million patients
    seeking care in 2014 under the Affordable Care Act

  
"These findings validate what we've seen in the marketplace over the
past few years -- in particular, physicians are finding managing the
finances of their practices increasingly challenging," said Raul
Villar, president, ADP AdvancedMD. "For a sector that is experiencing
significant growth and regulatory changes, it's obvious that there is
room for improvement. Technology has come a long way in providing
physicians with more freedom and flexibility to balance their busy
lives, as well as providing tools for improving the patient
experience and financial health of their practices.
 Cloud practice
software offering state-of-the-art revenue collection capabilities,
accessible from anywhere, can play a significant role in helping to
improve finances and saving private practices."  
Technology use findings from the study indicated that only 1 out of 3
physicians are using cloud practice management (PM) and EHR and that
only 56 percent say their EHR is integrated with their PM system -- a
key to more effective claims processing and practice efficiency. 
Despite the differences in their patient populations, more than half
of physicians from all specialties agreed that they were deeply
concerned about the potential impact of Medicare payment reductions
-- with about three-quarters of family medicine and internal medicine
citing concern. More than half were also concerned about the impact
of ICD-10 on their ability to get fair pay for services provided. 
ADP AdvancedMD Resources 


 
--  Tour the AdvancedMD iPad app
--  Learn the ADP physician revenue management process
--  Get started with ADP medical billing services with ADP
--  View the medical practice management software demo
--  Download billing services brochure
--  Learn about complete medical management software

  
About ADP 
Automatic Data Processing, Inc. (NASDAQ: ADP), with more than $10
billion in revenues and approximately 600,000 clients, is one of the
world's largest providers of business outsourcing solutions.
Leveraging over 60 years of experience, ADP offers a wide range of
human resource, payroll, tax and benefits administration solutions
from a single source. ADP's easy-to-use solutions for employers
provide superior value to companies of all types and sizes. ADP is
also a leading provider of integrated computing solutions to auto,
truck, motorcycle, marine, recreational vehicle, and heavy equipment
dealers throughout the world. For more information about ADP or to
contact a local ADP sales office, reach us at 1.800.225.5237 or visit
the company's Web site at http://www.ADP.com.  
Media Contact:  
Jan Wiedrick-Kozlowski
Activa PR for ADP AdvancedMD
585.392.7878
jan@activapr.com 
 
 
Press spacebar to pause and continue. Press esc to stop.