As 2023 comes to a close, physician private practices are encouraged to prepare for the upcoming year, especially in areas like budgeting, staffing, and clinical supplies. Taylor Johnson, the AMA’s manager of physician practice development, suggests that private practices should have an agenda based on their business plan to review their needs and business relationships for 2024.
She also emphasizes the importance of meeting patients’ scheduling needs, especially those who have met their insurance deductibles and are seeking high-cost treatments before year-end. Staffing and supply management are critical areas of focus, especially in light of challenges faced during the COVID-19 pandemic. Additionally, practices need to be proactive in areas like quality-reporting metrics, budget planning, payer relationships, and revenue cycles. Johnson also advises practices to enroll in payers’ online platforms for efficient prior authorization processes and to ensure they meet the requirements for the Medicare Merit-based Incentive Payment System (MIPS) to earn deserved bonuses.