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.
Telehealth, AI, and the viability of physician-owned practices were top of mind for the healthcare industry in September. The House Committee on Energy and Commerce advanced legislation to extend telehealth flexibilities first rolled out during the pandemic for another two years. According to Healthcare IT News, the wide adoption rate of AI-powered healthcare technology is leading some larger healthcare networks to consider Chief AI Officer leadership roles. Meanwhile, an op-ed from Medical Economics made clear that, even in the era of private equity-owned medical groups, physician-owned practices are still a viable option for doctors in search of professional autonomy.
Here’s a quick recap of everything we learned:
- A physician report from Medical Economics revealed that 39% of the medical group owners they surveyed reported that the financial state of their private practice was worse off than the previous year.
- Another key finding from the Medical Economics Physician Report showed that the top three issues impacting doctors today include the burden of paperwork and quality metrics, inadequate reimbursements, and third-party interference (prior authorizations).
- Healthcare IT News reports 75% of healthcare providers and pharmaceutical professionals expect widespread adoption of AI tools over the next three years—a trend that is leading some larger healthcare systems to add Chief AI Officers to the C-suite.
- MGMA reported that 27% of private practices have had a physician leave or retire early this year due to burnout, marking a slight improvement over last October when a similar survey showed 29% of medical groups had a doctor leave because of burnout.
- According to the U.S. Bureau of Labor Statistics, ambulatory care services added 23,900 new jobs in August, hospitals added 9,600 jobs, and physicians were responsible for 7,100 new roles.
- Healthcare Dive reports the healthcare industry could see a shortage of more than 100,000 critical healthcare workers in the next four years, with labor deficits likely to hit some states harder than others.
- Telehealth continues to play a critical role in the patient experience according to another MGMA survey, with 45% of medical group owners reporting that patient demand for virtual healthcare visits has either stayed the same or increased over the past year.
- Speaking of telehealth, the House Committee on Energy and Commerce advanced the Telehealth Modernization Act of 2024, a bill to extend telehealth flexibilities with Medicare for another two years. Healthcare Dive reports the bill will now be sent to the House floor to await consideration.
- Physician-owned practices are still a viable option for doctors according to an op-ed published by Medical Economics. But when it comes to financing options, it’s imperative that doctors have access to, “Favorable financial metrics and key practice indicators.”
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.