A recent survey of physicians by American Express indicated that four out of five physicians find it challenging to maintain the dual roles of "doctor" and "businessperson". Further, 76% expect that the challenges will get even harder over the next few years.
According to the survey, more than half of those polled were devoting at least one full day (seven hours) per week on practice management while 16% spend as much as 3 days per week on the business side of medicine.
The following is a list of Practice Management Challenges that were cited by doctors participating in the survey and the percentage of response.
56% - Automating Patient Records
54% - Managing Slow Third-Party Reimbursement
48% - Managing Malpractice Insurance Costs/Coverage
42% - Collecting Payments Directly From Patients
36% - Expanding Patient Base
31% - Adding & Updating Medical Equipment
22% - Earning Adequate Net Income To Compensate Partners
22% - Finding The Right Providers Or Additional Providers
12% - Finding Financing For Expansion
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