Becker's Healthcare October 3, 2024
Private practice physicians are facing mounting challenges threatening financial stability and ability to provide care.
As more physicians consider leaving private practice for corporate employment, the future of independent medicine hangs in the balance.
Here are five major challenges facing private practice physicians:
Reimbursement declines
Physicians are growing increasingly frustrated with the continuing decline in pay. According to a new study from the Harvey L. Neiman Health Policy Institute, reimbursement amounts per Medicare patient decreased around 2.3% between 2005 and 2021 when accounting for inflation.
CMS have further cut overall physician pay by 1.25% for 2024. The rule updates the Medicare conversion factor to $32.74, a 3.4% decrease from 2023. Some physicians may also face additional cuts due...
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