- May 9, 2018
- Posted by: Admin
- Category: Billing Services
A recently published article in the Annals of Internal Medicine clearly found out that for every hour that an American physician was spending on seeing their patients, nearly two additional hours are getting spent additionally on tiresome paperwork.
The study followed the daily activities of 57 physicians across internal medicine, family medicine, orthopedics and cardiology. It was found that physicians spent almost 50% of their time doing paperwork, with 27% time being spent in the offices.
Over two-thirds of the doctor’s time is wasted doing paperwork
Even while the doctors were in the examination hall with the patients, they are spending only 53% of their time actually seeing the patient while 37% was spent…you are right …doing paperwork! . The Association of American Medical Colleges expects at least a shortage of 40,800 physicians by 2030 which can be as high as 104,900!The institute of Medicine (IOM) has estimated that 44.5% of the financial waste in US healthcare comes from unnecessary services and ineffective care delivery practices.
Acute labor shortage fear among the small businesses
The overall labor shortage apprehensions across industries is pretty evident. Small scale business owners have already looked to overcome the shortage with rise in compensation.
However, finding qualified, skilled labor in itself has become a huge challenge. For retention, almost 31% of them are specifically to raise the standards in compensation. The amount of compensation is at its highest today ever since 1989.
According to the LinkedIn May Work-Force Report, nearly 230,000 workers with proper marketing skills are needed across 20 major metro areas. Seattle, Boston, New York and San Francisco are in massive need of skilled workers. The smaller cities like the Nashville, Tucson and Charlotte are also facing significant shortages!
Maximize productivity of your existing employees
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Also, increased revenue with reduced operational expenses, salaries paid, managing and maintenance of billing software, office infrastructure, upgrading and purchasing is a huge sigh of relief for most healthcare providers.
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