HSG's Physician Network Evaluation Survey Reveals Fears About Financial Sustainability for Physician Networks and Hope for Physician Leadership
LOUISVILLE, Ky., February 12, 2020 (Newswire.com) - HSG (formerly Healthcare Strategy Group), a national healthcare consulting firm, analyzed data and shared information on several key healthcare system trends in 2019. The insights are derived from HSG’s Physician Network Evaluation Survey, a 26-question survey designed to assess perceptions of employed network performance in healthcare systems and hospitals. The data collected came from hundreds of providers, administrators, and board members. The total number of participants exceeded 600.
HSG’s first question to participants in its Physician Network Evaluation Survey addressed the financial performance of its Employed Physician Network. Only 25% of respondents believed their group’s financial performance is sustainable. Financial data collected by the Medical Group Management Association (MGMA) supports this sentiment. Their study reports that the median loss per provider is around $114,000 for MGMA hospital-owned practices, and that number is even higher for the organization analyzed in HSG’s own 2019 data.
“While this isn’t a new trend, we are finding that there is increased scrutiny of employed group financial performance as administrators and board members are continuing to adjust to the increased importance of ambulatory operations,” said HSG Director Eric Andreoli.
The trend predicted for 2020, as a result of this information, is that successful organizations will evaluate opportunities to improve financial performance by assessing production, revenue cycle processes, and expense structures.
Another interesting finding that HSG’s Physician Network Evaluation Survey uncovers is the relationship between physician leadership and successful group culture, as well as an effective physician advisory council and the positive impact it makes on employed medical groups. The survey shows that 51% of respondents indicated having a physician leadership structure, such as a physician advisory council. In those particular groups, the overall perception of the health of the organization is much more positive than in the organizations surveyed who do not have a physician leadership structure. For example, only 27% of organizations without a physician leadership structure believe that there is appropriate communication with the provider group. Respondents with a physician leadership structure measured at a much higher rate of 74% with the same question.
“The data clearly shows the positive impact that having a physician leadership council can have at a healthcare organization. We see noticeable gaps between the ‘haves’ and ‘have nots’ in our survey. Those without a physician leadership council have a much lower perception of their own success in areas such as referral leakage, burnout, overall culture, and a shared vision for the network,” Andreoli added.
For more information on the data and insights revealed by the 2019 HSG Physician Network Evaluation Survey, visit the website at hsgadvisors.com. Additional data points will be reported in March 2020. To participate in the 2020 Physician Network Evaluation Survey, email email@example.com or call 502-814-1198.
HSG builds high-performing physician networks so health systems can address complex changes with confidence. From boosting market power and financial strength to preparing for value-based care, HSG can help define a strategy, implement that strategy, and manage the physician network short term or long term. HSG, a Louisville-based, national healthcare consultancy firm, can be reached via its website and LinkedIn or by emailing firstname.lastname@example.org or calling (502) 814-1180.
Karolyn Raphael, Winger Marketing