The Latest from Vital Signs: The Growing Challenge of Medical Misinformation, AMA’s Report on Pharmacy Benefit Managers & Top Priorities for Practice Owners

Vital Signs is a monthly newsletter from AdvancedMD highlighting the healthcare industry’s top trends and insights. It’s our way of helping you stay informed.

Last month brought a mix of challenges and opportunities for the healthcare industry. A physician survey conducted by The Physicians Foundation found that most respondents believe medical misinformation has increased over the past five years—and it’s significantly impacting their ability to deliver care. According to the American Medical Association (AMA), just four pharmacy benefit managers now control the lion’s share of rebate negotiations. Meanwhile, a Medical Group Management Association (MGMA) survey revealed 40% of medical group leaders say margin/costs are their top priority. There were some bright spots: researchers from the Mayo Clinic and the University of Colorado School of Medicine discovered physicians wearing smartwatches experienced fewer burnout symptoms.

Here’s a recap of everything we learned: 

• Physicians Practice shared a list of warnings signs that a medical practice’s technology may be falling short. Sign #1: Clunky scheduling is frustrating patients and staff.
• According to an American Medical Association (AMA) study, massive large-scale consolidations between pharmacy benefit managers (PBMs) and insurers led to only four PBMs controlling approximately 67% of rebate negotiations, retail network management, and claims adjudications in 2023.
• According to a study conducted by The Physicians Foundation, 86% of physicians say that the incidence of medical misinformation and disinformation has increased in the last five years—more than half of the physicians who took part in the study believe that misinformation has a “significant impact” on their ability to deliver quality care. 
• Nearly half of the medical group owners surveyed by MGMA said that they use AI for 25% or less of all patient visits, and only 14% respondents say that they use AI for 51% or more of patient encounters.
• Healthcare dive reported 54% of patients surveyed by a healthcare advocacy foundation had been informed that their health insurance plan would no longer cover medications for chronic or rare diseases. Not only was coverage for such medications declined, but nearly half of the survey respondents said that their health insurance company had referred them to an alternative funding program (AFP) as a way to obtain needed medications.
• For practice leaders wanting to improve hiring and retention efforts, Physicians Practice offered effective mentoring tips to help keep talent in the building: “With dollars and culture on the line, the question isn’t whether to build a mentoring program—it’s how.”
• In an interview with Medical Economics, American Independent Medical Practice Association (AIMPA) President Paul Berggreen, M.D. spoke about the current state of independent medical practices and the challenges physicians face. According to Berggreen, “Regardless of the physician employment model, we are seeing very worrisome levels of physician burnout, and that is a real problem for the longevity of a physician’s career.”
• Another MGMA survey revealed that 40% of medical group leaders say that margin/costs are their top priority, followed by access and growth (26%), and staffing (20%). 
• A study conducted by researchers at Mayo Clinic and the University of Colorado School of Medicine found physicians who wore a smartwatch were less likely to experience symptoms of burnout. According to Medical Economics, the study included 184 physicians from various specialties.
• Healthcare Dive reported that a physician survey conducted by Medscape revealed 63% of respondents believe there is a lack of qualified physicians in their local job market, and many don’t see the situation improving. “Nearly 6 in 10 respondents described themselves as ‘very unconfident’ or ‘unconfident’ that progress could be made on the physician labor shortage over the next decade,” writes Healthcare Dive reporter Susanna Vogel.

Vital Signs is brought to you by AdvancedMD. It’s our way of helping you stay informed on the trends and insights that shape our industry. Each month, we publish a roundup of healthcare headlines so that you are in-the-know when it comes to the topics that matter most to you, your staff, and your patients.