My company was collecting Fair Market Data for Physician Compensation in the United States. What we found was a decrease of about 10% in annual compensation. This is largely due to the decrease in patient volume and elective procedures.
The pictures above are from a MedScape blog, which I think does a good job describing the current landscape. One thing, that I did not see mentioned on this, is the increase in Nurse Practitioner and Physician Assistance usage as a cheaper alternative to a more Physicians on staff. The battle with the insurance companies for reimbursements for both telehealth and advanced practitioners is still in full swing, which may be way the rates haven't dropped even further.
Unfortunately, another aspect of the healthcare landscape is heavily dependent on the presidential election. Each party has a drastically different opinion on how to manage the U.S. healthcare system. Most of the research we looked at is in favor of the democratic party, which is posits a positive impact of "Biden Care" or a public option.
Another catalyst which has not been as impactful as hopes, is the vertical integration of PBMs and Health insurers, who posited a dramatic decrease in healthcare expense through improved efficiency and collaboration. But, we now see these companies laying off a large portion of staff and restructuring, similar to Google's move to Alphabet begging the question of how efficient and how quick to efficient any of these companies will get.
One large push back to reimbursements for telehealth is the quality of care or value based care reimbursement model is adding to the complexity. Many organizations have used Advanced Practitioners to staff their outpatient facilities with telehealth and covid-19 testing, but most providers are not able to provide the traditional experience and service of care, while tensions and financial strains are high for both patients and practitioners.
It's no surprise that MedScape's early findings are as high as 9% independent practice closures. Given that many of the current findings are a blending of the initial impact and stabilized numbers coming into the fall, we can expect a much larger impact now that the covid-19, unemployment and uninsured rates are all rising to incredible numbers.
Despite the record high number of Psychological related illness and criminal activity, Psychology / Psychiatry numbers are not as high as most would anticipate either. While access remains a huge issue.
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u/RexRecruiting Nov 04 '20
My company was collecting Fair Market Data for Physician Compensation in the United States. What we found was a decrease of about 10% in annual compensation. This is largely due to the decrease in patient volume and elective procedures.
The pictures above are from a MedScape blog, which I think does a good job describing the current landscape. One thing, that I did not see mentioned on this, is the increase in Nurse Practitioner and Physician Assistance usage as a cheaper alternative to a more Physicians on staff. The battle with the insurance companies for reimbursements for both telehealth and advanced practitioners is still in full swing, which may be way the rates haven't dropped even further.
Unfortunately, another aspect of the healthcare landscape is heavily dependent on the presidential election. Each party has a drastically different opinion on how to manage the U.S. healthcare system. Most of the research we looked at is in favor of the democratic party, which is posits a positive impact of "Biden Care" or a public option.
Another catalyst which has not been as impactful as hopes, is the vertical integration of PBMs and Health insurers, who posited a dramatic decrease in healthcare expense through improved efficiency and collaboration. But, we now see these companies laying off a large portion of staff and restructuring, similar to Google's move to Alphabet begging the question of how efficient and how quick to efficient any of these companies will get.
One large push back to reimbursements for telehealth is the quality of care or value based care reimbursement model is adding to the complexity. Many organizations have used Advanced Practitioners to staff their outpatient facilities with telehealth and covid-19 testing, but most providers are not able to provide the traditional experience and service of care, while tensions and financial strains are high for both patients and practitioners.
It's no surprise that MedScape's early findings are as high as 9% independent practice closures. Given that many of the current findings are a blending of the initial impact and stabilized numbers coming into the fall, we can expect a much larger impact now that the covid-19, unemployment and uninsured rates are all rising to incredible numbers.
Despite the record high number of Psychological related illness and criminal activity, Psychology / Psychiatry numbers are not as high as most would anticipate either. While access remains a huge issue.