A recent CareCloud Practice Profitability Index survey found nearly 59 percent of physicians are not planning to sell or merge, according to Healthcare Finance.
CareCloud, a revenue cycle company, and Quantia MD, an online physician community, surveyed more than 5,000 physicians.
Here are five key notes:
1. In 2014, 54 percent of respondents said they were not planning to sell or merge their practice.
2. Despite this uptick, 25 percent of surveyed practice owners said they are planning to sell or merge because of the growing burden of administrative work.
3. Many physicians expect profitability to decline, with 31 percent of respondents saying they expect downward pressure on profitability, compared to 24 percent who said they expect their practices to earn more.
4. In the report, respondents cited declining reimbursement as a top challenge for physician practices, followed by rising costs and the ICD-10 transition.
5. Twenty percent of respondents said they plan to replace their practice management or electronic health records software because of poor integration and hard-to-use interfaces.
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