Branch Eichler's 2017 New Jersey Health Care Monitor surveyed New Jersey physicians on changes practices owners are making to improve cash flow and operation efficiencies. While, nearly half of physicians are partnering with outside organizations, physicians surveyed remain confident in the private practice sector.
Within the 111 physician surveyed were solo practitioners, group practice members and healthcare facility employees. Survey trends were consisted with results of the previous five years.
Here's what you need to know:
1. Throughout the past year, 48 percent of New Jersey physicians that changed their practice did so by partnering with healthcare organizations, joining another practice or contracting with healthcare facilities. This is up from 44 percent over 2016.
2. Half of physicians plan surveyed to integrate with a healthcare organization, join another practice or contract with healthcare facilities in the future.
3. Other physicians, 13.5 percent, plan to reduce their staff while 15 percent plan to leave the state and practice elsewhere. Twenty-nine percent of physicians surveyed feel pressure to give up their independent practice.
4. Administrative burdens continue to be the greatest challenge for New Jersey physicians, as 83 percent of physicians reported. More than half, 56 percent, also noted reduced time spent with patients as a challenge in the changing healthcare environment.
5. Sixty-seven percent of physicians reported reimbursement rates as their greatest challenge. Nearly 67 percent of physicians agreed insurance companies are the main reason for the healthcare crisis.
Joseph M. Gorrell, a member of the Health Law Practice at Branch Eichler, concluded, "For physicians, the business aspects of practicing medicine have become increasingly important over the past several years. We anticipate that with greater efficiencies, an even higher standard of care will evolve and ultimately
benefit all New Jerseyans."