Ask MGMA: Understanding Physician Compensation and CMS Policy Changes

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 planningResources:- 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:iCoreConnectThe 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 TrainingThis 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 YOULet us know if there's a topic you want us to cover or an expert you would like us to interview. Email us at [email protected]. If you have a question for our Sr Advisor Cristy Good, email [email protected]. Allied Medical Waste is the premier medical waste and document shredding company for medical groups all over the United States. On average, Allied helps medical groups save up to 50% on their monthly costs. Allied is known for their great service and impeccable response times. Reach out today for a free quote! Allied has a special offer for all MGMA members: the first 2 months FREE of charge!Connect with us at [email protected] or call (801) 328-8581.