A look ahead with Jodi Faustlin, Chief Executive Office for the Center for Primary Care.
2019 brought many changes that reshaped the strategies and operations of medical practices across the country. The healthcare industry saw a strong shift toward employed physician models, a rise in competition to recruit talented physicians, an increased reliance on advanced practice providers and a sharp spike in both turnover and burnout for providers. The fast pace of change over the last year is now set to continue into the next decade as medical groups and physician leaders prepare for the next round of changes.
For Jodi Faustlin, Chief Executive Officer for the Center for Primary Care, a family and internal medicine network in Martinez, Ga., the changes in 2019 brought the opportunity to evolve and grow. “My organization began to seriously explore the ability to control the total cost of care while improving outcomes, utilizing the FTC definition of a Clinically Integrated Network,” said Ms. Faustlin. “We are continually assessing our strengths, weaknesses, opportunities and threats in order to improve outcomes and reduce costs, listening to and learning from our patients, as well as the experiences of organizations that have met the FTC definition of a clinically integrated network as our roadmap.”
In 2020, group practice leaders like Ms. Faustlin are focused on capitalizing on new opportunities and putting strategies in place to weather the storms already on the horizon. The most pressing issues going into the new year:
As the healthcare industry becomes more transparent, the focus on patient outcomes continues.The questions now is, who is responsible for those outcomes and how the data should be tracked.
“The current trend is to hold healthcare providers accountable for patient outcomes, yet healthcare providers aren't able to control the actions and choices of the patients,” said Ms. Faustlin. “The system has implemented cost sharing through initiatives such as high deductible health insurance plans, higher premiums for smokers and incentives for improving health risk assessments to employees. However, maintainable reductions in expenditures and significantly improved health outcomes are yet to be seen.”
In today’s medical groups, more physicians are currently employees than owners, according to the American Medical Association. Nearly 50 percent of practicing physicians were employed in 2019, the highest mark in history. That number is expected to climb in 2020, with nine out of 10 medical residents preferring to join an organization with an employment model. In order to recruit and retain top talent, medical groups and health systems are identifying ways to create employment and partnership models that meet the needs of providers and patients.
Volume to Value.
The industry move towards value-based care continues. To meet changing needs and expectations, organizations are looking for ways to meet the needs of their patient populations, to better provide communication regarding care, and to serve as true support systems in the community.
“To be best prepared for 2020, my organization will focus on improving customer service, both internally as co-workers serving each other, and to our external customers, whether that be our patients and their families, our vendors, or our healthcare partners in the community,” said Ms. Faustlin.
As patients demand greater access to information and simpler ways to navigate their own care, the healthcare industry continues to become more competitive. In addition to competition from other medical groups and health systems, traditional providers are seeing increasing competition from newer players in urgent care centers and retail clinics. To stay ahead of the curve, successful medical groups are streamlining their scheduling and follow-up processes, creating scheduling options that support patients and adopting processes that simplify paperwork and billing.
Thank you to Jodi Faustlin for taking the time to share her insights. Cejka Search is proud to have partnered with the Center for Primary Care in the national search in which Ms. Faustlin was engaged for her Chief Executive Officer role in 2019.
As you prepare your operations, your team and your strategic plan for the new year, it is important to stay ahead of the trends and challenges facing the healthcare industry. The leaders at Cejka Search have expertise to support your goals and guide your team toward a successful 2020 and beyond. Click here to connect.