5 steps for handling rising practice costs

07/5/2013 | Modern Physician (free registration)

A June MGMA-ACMPE report noted that members are most concerned about rising operating costs, and it's no surprise: MGMA data indicate costs at multispecialty, independently owned practices have risen by 64% since 2001. Meanwhile, revenue may be declining. Kenneth Hertz urges physicians to carefully review expenditures and consider renegotiating contracts such as office space leases. Ensure staff members are on board and informed about the effort, and take steps to maximize revenue, such as ensuring coding is being handled properly.

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