PracticeLink Magazine

FALL 2014

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 47 of 103

48 | FALL 2014 By Teresa Odle I f you've heard horror stories about production and fear that your mission to serve will be undermined by assembly-line medicine, relief might be in sight. New reimbursement strat- egies from private payers and the federal government are evolving away from volume and toward value. Still, nobody said that change is easy. "We're trying to change the conversation from how much we spend on health care to how well we spend on health care," says A. Mark Fendrick, M.D., director of the University of Michigan's Center for Value-Based Insurance Design, or V-BID, and professor of internal medicine and health management and policy at the university. As the conversation—and physician payment priorities—shift, physicians face plenty of changes and confusion in how to gather data, negotiate contracts and maximize revenue. If and when it all comes together, the goal is for physicians' missions, quality of patient care, payment for services and physician compensation to align better than they do today. For physicians seeking practice opportunities, it's important to understand how stressing quality and value over volume will adjust how physicians practice and how employers and physician organizations compensate individual physicians. It's also important to ask the right questions when evaluating prac- tice opportunities (see the sidebar on page 50). Reimbursement models drive delivery and dollars Reimbursement for health care services comes in three basic forms: Medicare, Medicaid and commercial. Most recently, Medicare payment was based on fee-for-service. Physicians were reimbursed according Continued on page 50 Preparing for value-based compensation 2014 ANNUAL Contracts & Compensation ISSUE How physicians are being reimbursed is changing from quantity to quality. Here's what that means for you. FACING THE TREND:

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