Evaluating How Medical Market Conditions Impact Physicians,Patients, and Administration
Understanding how medical market conditions may trickle into challenges for physicians, patients, and administration will provide you an understanding of how (and why) each group may be impacted. Seek to understand before being understood mentality will help you collaborate with the other two parties to create win-win-win solutions.
Medical Market Conditions:
Shortage of Physicians-39% of docs are baby boomers; not enough docs to replace; 50% of docs are women; work on ave. .8
Reimbursements – insurance; changes in managed care, rising medical costs, Changing of government regulations.
Malpractice insurance – shortage of physicians increases patient load, which increases mistakes and malpractice. Too many malpractice cases – litigious society, raises premiums, raises costs of business, lower profits, which puts strain on everybody.
Failed Economy – more unemployment which mean no insurance or Medicaid; people that do have insurance – companies increasing deductibles, patients don’t go because they don’t want to pay deductibles, and when they do go, hospitals have harder time collecting the money. Business closures and bankruptcies, foreclosures are all adding into the mix.
You can make a better informed career decision; understand the connection points between patients, hospitals, and physicians; and discover where you need improvement and how you can raise your standards. You can start by utilizing our Aim Resource Library and clicking here to read more.
Author: The Staff at Adventures in Medicine
Though the views expressed above are solely the writer’s, University of Maryland Emergency Medicine Network supports “The Dose with Dr. Goodhook” and is partnering with Adventures in Medicine to create an open, inspiring and insightful community for residents and physicians. Click here to learn more about ways that University of Maryland Emergency Medicine Network is making practice purposeful.