ADP AdvancedMD – provider of 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. The study was conducted via Sermo, an online community of over 125,000 physicians, surveying 300 in the areas of family medicine, internal medicine, obstetrics/gynecology, and pediatrics during August 2012.
What the study found is that 74 percent of those surveyed don't feel that they have control over the financial aspects of their businesses. The study also uncovered what these physicians use to measure both financial and practice performance, as well as a ranking of specific attitudes and concerns toward the business side of running a practice.
Key findings include: 26 percent of respondents agree or strongly agree that they have control over their finances; 50 percent say they evaluate and compare their financial performance; and more than 50 percent see their patient count increasing.
The past few years – in particular, physicians are finding managing the finances of their practices increasingly challenging," said Raul Villar, president of 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."
In particular, Villar pointed to cloud practice software, such as that offered by ADP AdvancedMD, to manage practice finances with state-of-the-art revenue collection capabilities accessible from anywhere. According to the study, only one-third of physicians are using cloud practice management and EHR, while 56 percent say these two solutions are integrated for more effective claims processing.
In other news, ADP AdvancedMD deployed its user-friendly iPad app, additional ICD-10 tools and best practices workflow for pediatric practices.
Edited by Braden Becker