As we exit 2013 and enter 2014, I thought I would conduct an exercise to see what lies ahead for physicians and medical practices/clinics. I Googled the following phrases to see if I would find any consistencies:
- Top 10 risks facing physician practices
- Challenges physicians face in 2014
- Biggest concerns for the healthcare industry
After reviewing a number of articles I settled on a top 5 “Biggest Risks of 2014” list which was, for the most part, consistent across the board.
- Reimbursement Levels – Every business faces revenue challenges. Medical economic challenges seem to be growing daily.
- Regulation – ICD 10, Meaningful use, HIPAA, etc.
- Time Spent Within Unique Abilities – How much time do you and your providers spend treating patients? More often than not this creates revenue for the practice, as well as both energy and enjoyment for the provider.
- Attraction & Retention of Professional Talent – Health care reform and other obstacles facing employers create a challenging environment to retain your best staff and find the next generation of talent to run your business. *Remember, your competitors are looking to hire your best staff as well.
- Technology – COST, COST, COST. The cost of technology is increasing and the cost of training staff or hiring tech savy staff is expensive. This ties back in to item number 4.
You will notice that my “Biggest Risks of 2014” list generally does not include the traditional risks covered by insurance policies. This does not mean that they are not present or could not harm your business. However, these risks often lead into the emerging insurance risks facing the healthcare industry. For example:
- Technology – Cyber liability & data breach. If you open your LinkedIn profile or Twitter feed, you will most likely see mention of a data breach or an article surrounding this topic.
- Regulation – RAC audits, state licensing investigations, the mega rules, etc.
The world of healthcare is evolving at a rapid pace. We continue to see it become more complex and infused with regulation. At VAST, my team specializes in working with healthcare providers. As niche specialists, we manage all traditional insurance programs (Medical Professional Liability, Workers’ Compensation, etc.) across all risk spectrums (Full Insured, High Deductible, Captive, etc.). In all areas of your business we advise finding a specialist who can assist you with both the traditional risks of the past, but also help you navigate the top risks/challenges that face your business in the upcoming year.
For more information you can contact the VAST team at 906.228.7500 or by emailing Kelly Reed email@example.com.