Today, Sermo launched the Practice Management Exchange (PME). Over a year in development, PME allows physicians to share business insights and improve the financial underpinnings of their business while earning CME credits. The decision to start investing in PME was based on clear evidence that physicians have become more and more concerned about the business realities now facing them and the impact that has on their ability to deliver quality patient care. Looking at the current state of the healthcare debate, it seems this community knew what was coming.
Last week's attempts to repeal the SGR formula were easily shot down in Congress, leaving physicians with little to show in the current healthcare reform effort. SGR, or Sustainable Growth Rate, is the annual calculation the government uses to determine physician reimbursements. It ultimately sets the benchmark for Medicare/Medicaid and is usually adopted by private insurers. The current SGR calculation calls for a 21% cut in physician payments in 2010. As physicians, we know that the annual SGR standoff, ongoing reductions in compensation and overly burdensome insurance overhead make it increasingly difficult to provide effective patient care.
There is a powerful trend in healthcare towards new, innovative business models. This shift will help re-establish the centrality of the doctor-patient relationship within the healthcare delivery process. With Sermo data now showing that over 60% of physicians are revisiting their business models, it would appear that the PME is not coming a moment too soon. I cannot thank this community enough for showing Sermo the way forward. I am excited about this next chapter.
Learn more about PME
Daniel Palestrant, MD
Please note:
Results of this post will be shared with the media, as part of the Practice Management Exchange's public debut next week.
