Government Contracts- The New Revenue Stream For Medical Practices
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By :
Jamie Hanson
Submitted
2010-02-11 00:18:09 |
With our nation's healthcare infrastructure precariously perched in limbo it seems the physicians are bearing the brunt of these cuts. Physician reimbursement cuts have crippled many specialists while creating a potential shortage of care never before seen. Many physician practices have seen their once healthy bottom lines drop precipitously almost overnight. It has left them scrambling to find new revenue sources.
The increased availability in government contracts calling for medical services has reached an all time high. Until now finding federal, state, and local government bids for physician services has been an exercise in futility by and large. Many practices would openly admit to not seeking these federal, state, or local contracts in the past due to their perceived difficulties. After experiencing the newly implemented Medicare reimbursement cuts many practices are now singing a different tune.
Anytime you see an industry get hit with up to 35% cuts in their most profitable modalities it will create one of two scenarios," said Jim Ward, Vice President of Business Development for BidPrime, a leading resource for obtaining government bids, contracts, and RFPs. "The groups that were prepared have expanded their scope of services to now incorporate finding worthwhile government bids and contracts to help offset losses. The groups that were not prepared are now being absorbed by hospital systems just to make ends meet. That second scenario was unimaginable just five years ago."
The physician practices that have ventured into the word of government contract work like what they have seen. It has provided a much needed respite from the full fledged assault on their bottom line revenue numbers. In fact, many practices are left wondering how this sleeping giant lay dormant for so long.
The answer is deeply rooted in the cloak and dagger relationship between physician practices and government entities. This was spawned in the early 1990s with the passing of the Stark Laws preventing physicians from abusing self referrals. Its later incarnations had done little to dissuade either side from backing off their original ramparts. With the dawning of a new day in the medical community, though, this one time frosty relationship has begun to thaw which should benefit both the public sector and private healthcare professionals.
This ongoing tit for tat is unlikely to subside anytime soon but with more physicians taking advantage of existing government contract work it does signal a move in the right direction. It is beneficial for the physicians to explore these new government contract revenue sources at the federal, state, and local level, and has government sanctioned patient care contracts now being serviced by extremely qualified physicians.
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