In AMGA’s newly released 36th annual 2023 Medical Group Compensation and Productivity Survey, medical groups and healthcare organizations report a 6.1% increase in primary care compensation, compared to 1.5% and 1.6% increases for medical and surgical specialties, respectively.
Primary care also had more significant increases in work relative value units (wRVUs) than other specialties.
“We’re seeing that the compensation levels for primary care have increased this past year, greater than in other specialty types, which in our opinion, is evidence that the E/M coding changes that CMS [Centers for Medicare and Medicaid Services] put into effect in 2021 are now being reflected in organizations’ compensation plans,” said Elizabeth Siemsen, AMGA Consulting director. “Survey results indicate that the gains for primary care are evident as the smoke clears from the slow transition to the utilization of new wRVU weights for compensation calculation and the volume swings of the pandemic.”
With data on more than 190 specialties included, the 2023 survey reveals that compared to the compensation increases in primary care, overall physician specialty types show relatively nominal increases in compensation.
Data in the 2023 report indicate a more stable trend for physicians and other providers than seen over the past few years. The overall increase in median wRVUs increased by 2.9% compared to the prior year. Primary care physician wRVUs account for the bulk of that, with an increase of 4.0%, while medical and surgical specialties were limited to 1.7% and 1.4%, respectively. Additionally, more groups reported wRVU data in the 2023 survey. Finally, 2022 was a full year without the pandemic causing a significant impact on volume.
AGS Health, a leading provider of tech-enabled revenue cycle management (RCM) solutions and strategic growth partner to healthcare providers across the U.S., has been named a Leader in Revenue Cycle Management (RCM) Operations by Everest Group for the third consecutive year.
Everest Group Revenue Cycle Management (RCM) Operations PEAK Matrix Assessment evaluated 25 RCM providers’ market impact and ability to successfully deliver services based on subdimensions, including market adoption, portfolio mix, value delivered, and strategic vision and capability. Results were then used to determine each organization’s overall market leadership position – Aspirant, Major Contender, or Leader.
More information on Everest Group RCM Operations PEAK Matrix Assessment can be found here.
AGS Health is more than a revenue cycle management company – we’re a strategic partner for growth. With expert services complemented by AI-enabled technologies and high-touch support, AGS Health is the premier revenue cycle partner for leading health systems, physician groups, and academic medical centers in the U.S.
With expert insight into modern revenue cycle practices, the company pairs cutting-edge technology with college-educated, trained RCM experts to help clients achieve a high-performance revenue cycle to optimize workflows, maintain compliance, and prevent revenue leakage. AGS Health employs nearly 12,000 team members globally and partners with more than 130 clients across a variety of care settings, specialties, and billing systems.
Annual healthcare spending in the U.S. tops $4 trillion, an unfathomable amount of money, and 25% of that is strictly administrative expenses. Patients and healthcare organizations alike are hard-pressed to keep track of every dollar in the midst of everything else the healthcare industry entails.
Between different forms of insurance, public and private regulations that can vary from state to state, and providers not all being at the same institution, things sometimes simply get lost. Additionally, like any other industry, the more money that’s spent, the more potential there is for pain points during the payment and billing process.
Often in healthcare, providers and patients alike have little to no control over the charges racking up, leading to outstanding balances and more potential for fraud and sketchy credit services.
In the healthcare space, it’s important to remember that when you’re engaging with a customer, you’re likely interacting with someone at a pivotal and vulnerable moment in their lives. Healthcare organizations don’t call the people making payments “customers,” they call them “patients,” and because of the multitude of situations patients find themselves in, the way they engage with payments is also varied.
One person may be a lifelong patient of the same primary care physician, but have only one brief, harried interaction with an urgent care doctor. They may see a specialist once only to be referred to a different specialist that they end up seeing for several years. In all situations, some sort of payment interaction will be required, and they all look a little different.
The Triple Aim framework has emerged as a guiding principle for healthcare organizations seeking to optimize patient care outcomes while simultaneously containing costs.
Developed by the Institute for Healthcare Improvement (IHI), the Triple Aim provides a holistic approach to healthcare delivery by focusing on three interrelated goals: improving population health, enhancing patient experience, and reducing healthcare costs.
This article aims to delve into the rationale behind the Triple Aim, its intended objectives, and its profound impact on health systems and medical providers.
The Need for a Transformation
The United States, like many other nations, faces several healthcare challenges, including escalating costs, inconsistent quality of care, and fragmented systems. The existing fee-for-service model has contributed to excessive healthcare spending without necessarily translating into improved patient outcomes. Consequently, the need for a fundamental transformation in healthcare delivery arose, giving rise to the Triple Aim.
The Triple Aim Explained: Improve Population Health
The first aim of the Triple Aim is to improve the overall health of populations. This involves addressing the determinants of health, promoting preventive care, and implementing evidence-based interventions to manage chronic diseases effectively. By focusing on population health, healthcare providers aim to reduce the incidence of preventable diseases and enhance the overall well-being of communities.
Enhance Patient Experience
The second aim of the Triple Aim is to enhance the patient experience of care. This encompasses various aspects, including improving access to care, fostering effective communication between patients and providers, ensuring care coordination, and respecting patients’ preferences and values. Patient-centered care lies at the heart of this aim, striving to create a healthcare system that meets the unique needs and expectations of each individual.
Reduce Healthcare Costs
The third aim of the Triple Aim seeks to reduce healthcare costs without compromising the quality of care. Healthcare systems are encouraged to adopt innovative approaches to resource management, eliminate waste, and streamline processes to achieve financial sustainability. By addressing inefficiencies and focusing on cost-effective care, the Triple Aim aims to make healthcare more affordable and accessible for all.
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Although it is a situation that can become very uncomfortable, today, there is a wide variety of treatments and measures to prevent these infections from occurring. It is not a serious infection, but it can be very annoying, so it is highly recommended to take precautions to take care of your health, and here are some tips you can follow.
Many center on the proposed implementation timeframes associated with various concepts included in HTI-1, as well as ONC’s failure to sufficiently consider the burden compliance will place on provider organizations and health IT developers. Specifically, health IT developers need more time than allotted in HTI-1 to deliver safe, compliant, and high-quality versions of their certified products. Providers will also need sufficient time to implement and become proficient with that upgraded software.
We also encourage ONC and the Centers for Medicare and Medicaid Services (CMS) to work more closely together to address the misalignments that frequently occur between when ONC tells software developers to deploy new certified versions and when CMS requires providers to be using them. There are also proposals in HTI-1 that create a dependency on collaboration with healthcare provider organizations for developers to be successful in meeting their obligations, but CMS has included in rulemaking no corresponding incentives for them to do so – making compliance for vendors significantly more challenging.
We have also identified issues with four specific provisions of HTI-1: Insights Condition, USCDI v3, Decision Support Interventions (DSI) and Predictive Models, and Patient Requested Restrictions.
Veterans are the brave individuals who have dedicated their lives to serving their country. They have made immense sacrifices, risking life and limb to protect our freedoms. However, transitioning back to civilian life can be challenging for many veterans, especially when accessing the care they need.
Fortunately, technological advancements have opened up new avenues to support and empower veterans throughout their healthcare journey. From telehealth solutions to wearable devices, technology is revolutionizing the way veterans navigate qualifying for disability, receive care and enhance their overall well-being.
Robotics and Prosthetics for Enhancing Mobility
Advancements in robotics and prosthetics have significantly improved the quality of life for veterans with limb loss or mobility impairments. Cutting-edge prosthetic limbs, equipped with advanced sensors and actuators, closely mimic natural movements, allowing veterans to regain their independence and engage in daily activities more easily.
Additionally, robotic exoskeletons support and assist individuals with spinal cord injuries, enabling them to stand, walk, and even participate in rehabilitative exercises. These technological innovations restore physical abilities and boost veterans’ confidence and mental well-being.
Telehealth for Remote Access
One of the significant challenges veterans face is limited access to healthcare, especially in rural areas. Many veterans live far away from medical facilities, making it difficult and time-consuming to receive necessary care. However, technology has bridged this gap through telehealth solutions. Telehealth enables veterans to consult with healthcare professionals remotely, eliminating the need for extensive travel. Through video conferencing and virtual appointments, veterans can receive timely medical advice, access mental health counseling, and monitor chronic conditions without leaving their homes.
FutureRx (FRx) announced today the appointment of Eric Grossman as its chief commercial officer, tasked with all aspects of the commercial strategy related to its innovative FRx cloud-based healthcare platform and FRx Marketplace for health plans and pharmacy benefits managers (PBMs). Grossman will oversee FRx product and partner development, marketing, sales, and customer service strategies to build market share and maximize revenues.
Eric Grossman
“Eric brings to FutureRx a remarkable track record of developing highly effective commercial strategies for healthcare technology companies that deliver innovative SaaS solutions to the payer market,” said Anil Kottoor, CEO of FutureRx. “He will be an exceptional asset as FutureRx embarks on an aggressive growth strategy focused on providing health plans and PBMs with access to a highly unique suite of technology tools and services that lets them reclaim control over their pharmacy benefits programs.”
Grossman has more than 20 years of leadership experience with innovative health IT organizations in roles that span strategy, sales, product management, and corporate business development.
Before joining FRx, he was chief commercial officer of Softheon, where his commercial strategies and sales team and processes netted double-digit recurring revenue growth. He joined Softheon following its 2021 acquisition of NextHealth, the market-leading analytics platform he founded and ran to help health plans measure and optimize clinical interventions for more than 25 million U.S. beneficiaries.
In AMGA’s newly released 36th annual 2023 Medical Group Compensation and Productivity Survey, medical groups and healthcare organizations report a 6.1% increase in primary care compensation, compared to 1.5% and 1.6% increases for medical and surgical specialties, respectively.
The Triple Aim framework has emerged as a guiding principle for healthcare organizations seeking to optimize patient care outcomes while simultaneously containing costs.
