The vast majority of New Jersey physicians (89.89 percent) believe that the changing healthcare environment has negatively impacted their role as a physician, according to a just-released survey. Of those, more than 86 percemtsaid that they felt an increased administrative burden as a result of the changing environment, while 60.34 percent each said that it also led to reduced time spent with patients, reduced or increased reimbursement, and a greater expenditure on technology, revealed Brach Eichler’s 2014 New Jersey Health Care Monitor. Brach Eichler conducted the statewide annual survey among physicians, including solo practitioners, members of a group practice or employees of a health care facility, in November and December 2014.
In addition, nearly one in four (39.39 percent) have an unfavorable or very unfavorable outlook for their medical practice in 2015, while only 22.73 percent reported a favorable outlook. No respondent reported a very favorable view for 2015. These findings underscore a declining sense of optimism from last year, when 38 percent reported an unfavorable view and more than 26 percent reported a favorable outlook for 2014.
“New Jersey has always been a challenging state for business and industry due to a highly regulated and very competitive environment. Physicians and the practice of medicine are no exception,” said John D. Fanburg, chair of the health law practice at Brach Eichler. “In fact, New Jersey is considered a bellwether for the national healthcare business climate in many ways. These survey findings reflect a growing level of concern among providers today across the US who are feeling pressured to divert increasingly more of their attention to running their business from tending to their patients.”
More than half (53 percent) of physicians are considering changing their practice structure in the near future (versus 45.5 percent last year). While the reasons vary somewhat from the fact that competing organizations are integrating to the need to reduce expenses, increase cash flow and reduce operational inefficiencies within the practice, as well as bolster market share, “it’s clear that physicians are looking for ways to better manage their practices in an effort to remain viable under these volatile business conditions,” noted Joseph Gorrell, a health care partner at Brach Eichler.
Among the New Jersey Health Care Monitor’s other findings:
“While 2014 experienced a small growth in ACO membership in New Jersey, the predominant trend in our State continued to be the consolidation of medical practices into hospital-affiliated practices and large multi-specialty groups,” said Gorrell.
“The healthcare environment is very dynamic right now as providers continue to face major decisions about their practice structure, compliance and regulatory matters, and in general, sustaining a financially-sound business model that delivers the highest quality medical care. The New Jersey Health Care Monitor reveals just how New Jersey’s physicians view these growing demands on their time, and for many, it’s made the practice of medicine challenging at times. But change breeds opportunity, and we expect that the evolution of the healthcare business will reveal new business models that will serve both the doctor and patient well,” said Fanburg.
Related Articles: