Ask MGMA: Understanding Physician Compensation and CMS Policy Changes

MGMA Podcasts

In this episode of the Ask MGMA Podcast, Cristy Good joins Daniel Williams to discuss physician compensation methodology and the impact of CMS conversion factor adjustments. They explore challenges medical practices face due to lower reimbursement rates and how practices can address these challenges. Resources for monitoring policy changes and planning compensation are also shared.

Key Points:
- CMS conversion factor adjustments impact physician reimbursement rates
- Lower reimbursement can decrease revenue and physician satisfaction
- Practices should update fee schedules, explore value-based models, and diversify revenue
- MGMA's variance calculator analyzes impact of CPT code reimbursement changes
- Include physicians in compensation discussions and planning

Resources:
- wRVU variance calculator
- MGMA DataDive Provider Compensation

- Physician Employment Contract Toolkit

- Provider Compensation Data Report 2023

- Navigating the physician compensation impacts from E/M office visit and 2021 Medicare PFS changes

- Physician Fee Schedule

Music:
"Street Walk" by Paolo Pavan courtesy of Free Music Archive, CC BY-NC-SA"

Sponsors:
iCoreConnect
The February cyber attack on change healthcare continues to cause prescription delays and that is stressful on patients and doctors, but not if the doctors are using iCoreRx, a leading ePrescribing software that enables electronic prescription creation and management to simplify your medical operations. Check them out at icoreconnect.com/mgma.

Physician Business Training
This course is for early-career physicians or physicians who need a comprehensive understanding of the business of medical practices. The course is 7 hours long and broken into 9 modules. It was developed by Medical Group Management Association (MGMA) and leaders from Johns Hopkins University School of Medicine. This course awards 7 hours of CME credit.

WE WANT TO HEAR FROM YOU

Let us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at [e-mail]. If you have a question for our Sr Advisor Cristy Good, email [e-mail].

Today’s podcast is sponsored by RingCentral

RingCentral brings staff, patients, and payers together with compliant cloud communications and a modern call center on any device. A free new ebook from RingCentral and MGMA focuses specifically on the payer-provider relationship. With all-too-familiar patient reviews, must-see statistics, and a transformative case study, this eBook illustrates how easily cloud communications can bring patients, providers, and payers together. Download your copy at go.ringcentral.com/mgma-healthcare.html.

Support for this podcast also comes from ilumed
ilumed helps Medicare providers practice better medicine so they can get paid in up to three ways. Whether you’re just starting your value-based-care journey or ready to take it to the next level, ilumed can help you do more for your patients while earning more. ilumed offers simple solutions for a complicated industry. Let’s heal healthcare together. Visit ilumed.com to learn more.