Independent neurology practices in the US face a myriad of challenges. From administrative burdens and evolving healthcare regulations to increasing complications around managing patient needs and financial constraints, these hurdles can feel overwhelming for practitioners striving to provide high-quality care. Many practices look into consolidation as a potential solution to modern neurology practices' challenges. However, consolidation has the potential to lead to more significant changes that practice owners may not want.
Consolidation is not the only option. Independent practices that partner with neurology practice management experts are finding that they can improve practice operations while strengthening their independence. The key is finding the right neurology practice management partner with the expertise needed to support this unique specialty.
Finding the right neurology practice management partner is the key to ensuring long-term practice success, improved operations, and strengthened independence.
The Current State of Neurology
Increasing Demand for Neurology
There is a continuously growing need for neurology services in the US due to an increased prevalence of neurological disorders caused by an aging population and complications from COVID-19.
- 1 in 3 people across the globe are affected by a neurological condition, making it the leading cause of illness and disability worldwide
- Over the past 30 years, there has been a 65% increase in prevalent brain disorders, with an estimated 4.9 billion cases of brain disorders occurring by 2050
- Increasing age is the most critical risk factor for most neurological diseases, and the prevalence of neurological disorders is continuing to grow.
- Stress is also a critical factor in many neurological disorders, and nearly half of US adults report that they frequently experience stress in everyday life.
- Only 24% of Medicare enrollees who have a neurological condition are being seen by a neurologist.
- Evidence shows that long-COVID significantly impacts the brain and nervous system, with long-COVID impacting nearly 15 million adults in the US.
The Neurology Workforce
The landscape of the neurology workforce is changing. Between financial stresses from lowered reimbursements, a shrinking and aging workforce, and increasing competition/consolidation – these changes are expected to continue.
- There are approximately 14,000 active neurologists in the US – meaning about 57,000 people per neurologist
- According to scientific modeling, there is a 73% projected increase in the national shortfall of neurologists needed to meet demand by 2025, with the demand for neurologists expected to exceed supply by 19%
- 53% of neurologists report feeling burned out, leading to reduced productivity and early retirement
- As the population age grows older – so does the number of working neurologists reaching retirement age
- The number of neurologists in private practices decreased from 23% to 13% between 2008 and 2018
- There is increased encouragement to make specific neurological procedures outpatient, putting financial pressure on neurosurgeons to join ambulatory surgery centers
The Challenges of Running a Neurology Practice
Financial Pressures and Constraints
Neurology practices are increasingly strained by financial pressures, which further makes the idea of consolidation more appealing. Independent practices face declining reimbursement rates from insurers and government programs, creating significant income challenges. Additionally, the cost of maintaining a practice continues to rise, with more money needing to be dedicated to staff salaries, increasing medical supplies costs, and the need to invest in new technology. This financial burden is compounded by the shift toward value-based care, which may require practices to invest in new systems to track and report patient outcomes. This is further amplified by high inflation, forcing many patients to be more strategic with their spending – especially the high costs associated with medical care.
Curious where your practice finances stand compared to other independent neurology practices?
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Administrative Burdens and Inefficiencies
Neurologists experience significant administrative burdens that can significantly impact their practice’s efficiency and effectiveness. The complexity of changing healthcare regulations requires practices to dedicate a substantial amount of time and resources to compliance – with neurologists spending an average of 18 hours per week on paperwork and administration. Managing patient records, navigating billing and coding complexities, and prior authorizations add layers of administrative work, resulting in stress and contributing to burnout.
Solve Practice Challenges with an Expert Neurology Practice Management Partner
Partnering with a neurology practice management expert can offer transformative benefits for independent practices. These specialized partners provide a comprehensive suite of services to help optimize various aspects of practice management, from financial optimization, including billing and coding efficiency, to administrative support that alleviates the burden of compliance and paperwork.
The right partner will bring advanced technology solutions, such as electronic health records (EHR) systems and patient engagement tools, to enhance operational efficiency and patient satisfaction. By leveraging the expertise of a neurology practice management partner, you can focus more on delivering high-quality patient care and less on the business complexities of running a practice.
A neurology practice management expert will help you streamline administrative tasks and optimize your financials so you can focus on patient care.
TRIARQ Health: The Neurology Practice Management Partner You Have Been Looking For
At TRIARQ, we have neuro-specific expertise and tools to support and optimize all parts of your practice. From business operations to continued growth, we’re here to help you secure practice independence while managing all the challenges you’re currently dealing with. We can help you with:
- Technology management, including selecting, managing, and maintaining IT systems
- Financial optimization, such as billing and coding, and keeping up with complex prior authorization processes
- Employee management, like handling the costs of support staff as well as hiring, managing, and training them
- Payer relations, including all the complexities of prior authorization and constantly changing processes
- Regulatory compliance, such as adhering to HIPAA regulations, government directives, and other policies involving business risk
- Practice operations, including streamlined care coordination for strengthened practice operations
- Market dynamics will help you understand your practice's position compared to similar practices, hospitals, and health systems in your area.
Our priority is to help you maintain and grow your independent practice. By collaborating with us through our comprehensive neurology practice management services, we will help you not only streamline operations but also improve overall financial health, ensuring your practice remains sustainable and competitive in an ever-evolving healthcare landscape.
Unfortunately, in the evolving healthcare landscape, doing what you have always done isn’t quite enough anymore. We’re here to help you evolve to meet today’s market demands by addressing your business challenges so you can focus on what really matters – your patients.