This article is written by Derek Singleton of Software Advice.
There's been a lot of speculation about what will happen to the Affordable Care Act (ACA) — commonly referred to as ObamaCare — if Mitt Romney is elected in November. Although Mr. Romney has repeatedly promised to repeal the ACA on day one of his Presidency, the reality is that no President has the power overturn a law without Congressional support. Since he's unlikely to garner the necessary support, ACA is pretty much a done deal.
In light of this, physicians should be thinking about how they can adapt their practice to fit the new requirements of the ACA. Here are five areas that doctors can focus on.
1. Prepare for more patients. The extension of coverage under the ACA and the new requirement for insurance companies to cover individuals with pre-existing conditions will likely lead to an increase in the number of patients that practices have to see. To prepare for this influx, it might be a good idea to expand your staff or extend office hours.
2. Decide if you'll support Medicare and Medicaid. These days, Medicare and Medicaid only cover about 81 percent of private insurance reimbursements. Doctors will have to decide whether they will accept Medicare or Medicaid payments — or come up with creative ways to make up the cost difference.
3. Decide whether you want electronic health records (EHRs). The ACA expands reporting requirements for the Physician Quality Reporting System (PQRS) for Medicare reimbursements. Starting in 2015, there will be penalties on Medicare reimbursements for practices that have failed to adopt an EHR. This means that if practices decide to serve Medicare customers, they'll need to adopt an EHR.
4. Consider moving to underserved areas. The ACA offers some incentives for practices that locate in underserved (primarily rural) parts of the country. The service provides loan repayments and scholarships for doctors that practice in rural areas. While established doctors most likely won't want to move, this can be an attractive option for young doctors just getting their start.
5. Evaluate bundled payments. There is going to be a shift from government payors separately reimbursing physicians, labs and hospitals to "bundling payments." This means that you'll have to collect payments directly from a mutual association rather than from Medicare directly. This may require you to change the way your bill for care.
If you'd like to read the full article on Software Advice, you can access it at: The Future of Obamacare if Romney’s Elected.
More Articles on Practices:
5 Qualities for a Spine Leader in Today's Industry
9 Spine Surgeons on Big Concerns Keeping Them Up at Night
Will Medicare Ever Reimburse Surgery Centers for Spinal Surgery? Q&A With Dr. Brian Gantwerker
There's been a lot of speculation about what will happen to the Affordable Care Act (ACA) — commonly referred to as ObamaCare — if Mitt Romney is elected in November. Although Mr. Romney has repeatedly promised to repeal the ACA on day one of his Presidency, the reality is that no President has the power overturn a law without Congressional support. Since he's unlikely to garner the necessary support, ACA is pretty much a done deal.
In light of this, physicians should be thinking about how they can adapt their practice to fit the new requirements of the ACA. Here are five areas that doctors can focus on. 1. Prepare for more patients. The extension of coverage under the ACA and the new requirement for insurance companies to cover individuals with pre-existing conditions will likely lead to an increase in the number of patients that practices have to see. To prepare for this influx, it might be a good idea to expand your staff or extend office hours.
2. Decide if you'll support Medicare and Medicaid. These days, Medicare and Medicaid only cover about 81 percent of private insurance reimbursements. Doctors will have to decide whether they will accept Medicare or Medicaid payments — or come up with creative ways to make up the cost difference.
3. Decide whether you want electronic health records (EHRs). The ACA expands reporting requirements for the Physician Quality Reporting System (PQRS) for Medicare reimbursements. Starting in 2015, there will be penalties on Medicare reimbursements for practices that have failed to adopt an EHR. This means that if practices decide to serve Medicare customers, they'll need to adopt an EHR.
4. Consider moving to underserved areas. The ACA offers some incentives for practices that locate in underserved (primarily rural) parts of the country. The service provides loan repayments and scholarships for doctors that practice in rural areas. While established doctors most likely won't want to move, this can be an attractive option for young doctors just getting their start.
5. Evaluate bundled payments. There is going to be a shift from government payors separately reimbursing physicians, labs and hospitals to "bundling payments." This means that you'll have to collect payments directly from a mutual association rather than from Medicare directly. This may require you to change the way your bill for care.
If you'd like to read the full article on Software Advice, you can access it at: The Future of Obamacare if Romney’s Elected.
More Articles on Practices:
5 Qualities for a Spine Leader in Today's Industry
9 Spine Surgeons on Big Concerns Keeping Them Up at Night
Will Medicare Ever Reimburse Surgery Centers for Spinal Surgery? Q&A With Dr. Brian Gantwerker