Medical Practice Costs Creep Higher
"I feel like practices in this era of uncertainty are very cautious. And as a result, they're doing everything they can to control that cost curve growth and they're taking every opportunity, such as [cutting costs for] medical surgical supplies, where they may have had a large inventory of said items; now, they're keeping a just-in-time inventory of those items," said Evenson.
Going back to 2007, Evenson says per FTE physician, doctors were spending $10,853 on surgical supplies, and now that cost is up to more than $13,000 in 2011.
"Concerns over the sustainable growth rate (SGR) and diminished reimbursement are causing uncertainty within the market space and limiting potential investments," he added.
Other cost drivers to managing medical group practices include:
- Business support staff
- Clinical staff
- Information technology (IT)
- Building and occupancy rates
- Drug supply costs
- Hospital Groups Strike Back at Hospital Rating Systems
- AHIP: Enormity of HIX Challenges Sinks In
- The Secret to Physician Engagement? It's Not Better Pay
- Two-Midnight Rule Must be Fixed or Replaced, Say Providers
- How Succession Planning Boosts Employee Retention Rates
- 4 Reasons PCMH Principles Aren't Going Away
- Another SGR Patch Likely, Lawmaker Says
- 5 Hot Healthcare Ideas from SXSW
- Don't Underestimate Emotional Intelligence
- Evidence-Based Practice and Nursing Research: Avoiding Confusion