The Shifting Landscape: How technology and regulations have changed physician practice and retirement readines
Main Article Content
Abstract
Abstract
Medicine has been irrevocably altered by electronic medical records and the Affordable Care Act (ACA). This article describes the results of a national survey with 523 physicians of different ages and specialties. The results show varying degrees of optimism about medical practice, retirement planning, and the future of medicine. Those employed by a hospital gave the ACA the highest average grade, while practice owners/partners the lowest. Respondents had diverse opinions about the impact of EMRs on patient care, efficiency, costs, and workload. The most pessimistic respondents were practice owners/partners, who were cynical about medicine’s future, would not recommend medicine as a career, and cited the ACA’s negative effects. Evolution of EMRs and the anticipated changes in health legislation are certain to continue and will alter the landscape of medical practice in the future. These changes will ultimately affect physicians’ retirement planning efforts and their readiness to retireArticle Details
How to Cite
MORRISSEY, CFP®, AAMS®, Sean P; JOHNSON, PHD, RN, NEA-BC, FAAN, Joyce Ernharth.
The Shifting Landscape: How technology and regulations have changed physician practice and retirement readines.
Medical Research Archives, [S.l.], v. 5, n. 8, aug. 2017.
ISSN 2375-1924.
Available at: <https://esmed.org/MRA/mra/article/view/1482>. Date accessed: 18 apr. 2024.
Keywords
retirement, retirement readiness, physicians, medical practice, health insurance, electronic health records
Section
Articles
The Medical Research Archives grants authors the right to publish and reproduce the unrevised contribution in whole or in part at any time and in any form for any scholarly non-commercial purpose with the condition that all publications of the contribution include a full citation to the journal as published by the Medical Research Archives.
References
References
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3. Kellerman AL & Jones SS. What it will take to achieve the as-yet-unfulfilled promises of health information technology. Health Affairs, 32(1), 63-68, 2013.
4. American College of Physicians. Survey of clinicians: User satisfaction with electronic health records has decreased since 2010. 2013, March 5. Available from: http://www.acponline.org/newsroom/EMRs_survey.htm
5. Centers for Medicare and Medicaid Services (CMS). Electronic Health Records (EMR) Incentive Programs. Baltimore, MD. 2016. Available from: https://www.cms.gov/Regulations-and-guidance/Legislation/EMRIncentivePrograms/index.html?redirect=/EMRincentiveprograms/
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7. Emani S, Ting DY, Healey M, Lipsitz SR, Karson AS,
Einbinder JS, Leinen L, Suric V & Bates DW. Physician beliefs about the impact of meaningful use of the EMR: A cross-sectional study. Applied Clinical Informatics, 5(3), 789-801, 2014.
8. Friedberg M, Crosson FJ & Tutty M. Physicians’ concerns about electronic health records: Implications and steps towards solutions. 2014, March 11. Available from:
http://healthaffairs.org/blog/2014/03/11/physicians-concerns-about-electronic-health-records-implications-and-steps-towards-solutions/
9. Jamoom EW, Yang N & Hing E. Adoption of Certified Electronic Health Record Systems and Electronic Information Sharing in Physician Offices: United States, 2013 and 2014. NCHS Data Brief No. 236. Hyattsville, MD: National Center for Health Statistics. 2016, January. Available from: http://www.cdc.gov/nchs/data/databriefs/db236.htm
10. Whitacre BE. Rural EMR adoption rates overtake those in urban areas. Journal of the American Medical Informatics Association, 399-408. 2015, February 8. DOI: http://dx.doi.org/10.1093/jamia/ocu035
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http://medpanel.com/Expert-Insight/Insights/Impact-of-the-Affordable-Care-Act-on-Physician-Pra.aspx
12. Kearnes M. When the white coat comes off: Realities retiring physicians face. Medical Practice Advisor. 2014, September 26. Available from:
http://www.medicalpracticeinsider.com/news/when-white-coat-comes-realities-retiring-physicians-face
13. The Physicians Foundation. 2014 Survey of America’s physicians: Practice patterns and perspectives. (2014). Available from:
http://www.physiciansfoundation.org/uploads/default/2014_Physicians_Foundation_Biennial_Physician_Survey_Report.pdf
14. Hyden M. Are physicians retiring early? MGMA Connection Plus. 2015, July 28. Available from:
http://www.mgma.com/practice-resources/mgma-connection-plus/online-only/2015/july/are-physicians-retiring-early
15. Gurley R J. Whether retiring or fleeing, doctors are leaving health care. Center for Health Journalism. 2014, March 27. Available from: http://www.centerforhealthjournalism.org/2014/03/10/whether-it%E2%80%99s-retire-or-flee-doctors-are-leaving-health-care
16. Stewart JK. Study finds many doctors don't save enough for retirement. Chicago Tribune. 2015, December 15. Available from:
http://www.chicagotribune.com/business/sc-retirement-planning-stewart-consumer-1210-20151207-column.html
17. Rappleye, E. 47% of physicians plan to hasten retirement. Becker’s Hospital Review. 2016. Available from:
http://www.beckershospitalreview.com/hospital-physician-relationships/47-of-physicians-plan-to-hasten-retirement.html
18. Aegon. The changing face of retirement: The Aegon retirement readiness survey 2012. 2014. Available from:
http://www.aegon.com/Documents/aegon-com/Research/2014-Retirement- Survey/Aegon-Retirement-Survey-2014.pdf
19. Fidelity. Fidelity study shows increase in nurses’ retirement savings,
yet many not confident they will have enough to retire. 2013. Available from:
http://www.fidelity.com/inside-fidelity/individual-investing/fidelity-research-shows-more-women
20. Fidelity. Fidelity® report finds physicians in need of financial check-up, as many face retirement income shortfall. 2014. Available from:
http://www.fidelity.com/inside-fidelity/employer-services/fidelity-report-finds-physicians
21. White MC. Doctors struggle to save for retirements despite high
salaries. 2014. Available from: http://www.nbcnews.com/business/personal-finance/doctors-struggle-save-retirement-despite-high-salaries-n40346
22. AMA Insurance. 2012 Report on U.S. physicians financial preparedness: Segment focus on employed physicians. 2014. Available from: https://www.amainsure.com/2014-report-on-physicians-financial- preparedness.html
23. Zeng W.. The impacts of electronic health record implementation on the health care workforce. North Carolina Medical Journal, 77(2),112-114. 2016, April. doi: 10.18043/ncm.77.2.112. Available from
http://www.ncmedicaljournal.com/content/77/2/112.full
24. Schulz CG & Holmstrom H L. The use of medical scribes in health care settings: A systematic review and future directions. J Am Board Fam Med, 28(3), 371-381. 2015, May-June. doi:10.3122/jabfm.2015.03.140224. Available from: http://www.jabfm.org/content/28/3/371.full
25. Lovette M. Is your EMR damaging the patient-provider relationship? HealthITNews. 2014, November 14. Available from:
http://www.healthcareitnews.com/blog/your-EMR-damaging-patient-provider-relationship
26. Draper R. The Obamacare operation. The New York Times Magazine, pp. 32 – 37, 50-52. 2017, February 19.
1. Leavitt, M. A. Testimony on Health Information Technology (IT) before The Committee on the Budget, United States Senate. 2005, July 20. Available from: http://www.thetechnocratictyranny.com/PDFS/Michael_Leavitt_2005_Testimony_HIT.pdf
2. Hillestad R, Bigelow J, Bower A, Girosi F, Meili R, Scoville R & Taylor, R. Can electronic medical record systems transform health care? Potential health benefits, savings, and costs. Health Affairs, 24(5), 1103-1117, 2005.
3. Kellerman AL & Jones SS. What it will take to achieve the as-yet-unfulfilled promises of health information technology. Health Affairs, 32(1), 63-68, 2013.
4. American College of Physicians. Survey of clinicians: User satisfaction with electronic health records has decreased since 2010. 2013, March 5. Available from: http://www.acponline.org/newsroom/EMRs_survey.htm
5. Centers for Medicare and Medicaid Services (CMS). Electronic Health Records (EMR) Incentive Programs. Baltimore, MD. 2016. Available from: https://www.cms.gov/Regulations-and-guidance/Legislation/EMRIncentivePrograms/index.html?redirect=/EMRincentiveprograms/
6. Verdon DR. Physician outcry on EMR functionality, cost will shake the health information technology sector. 2014, February 10. Medical Economics. Available from: http://medicaleconomics.modernmedicine.com/medical-economics/content/tags/EMR/physician-outcry-EMR-functionality-cost-will-shake-health-informa?page=full
7. Emani S, Ting DY, Healey M, Lipsitz SR, Karson AS,
Einbinder JS, Leinen L, Suric V & Bates DW. Physician beliefs about the impact of meaningful use of the EMR: A cross-sectional study. Applied Clinical Informatics, 5(3), 789-801, 2014.
8. Friedberg M, Crosson FJ & Tutty M. Physicians’ concerns about electronic health records: Implications and steps towards solutions. 2014, March 11. Available from:
http://healthaffairs.org/blog/2014/03/11/physicians-concerns-about-electronic-health-records-implications-and-steps-towards-solutions/
9. Jamoom EW, Yang N & Hing E. Adoption of Certified Electronic Health Record Systems and Electronic Information Sharing in Physician Offices: United States, 2013 and 2014. NCHS Data Brief No. 236. Hyattsville, MD: National Center for Health Statistics. 2016, January. Available from: http://www.cdc.gov/nchs/data/databriefs/db236.htm
10. Whitacre BE. Rural EMR adoption rates overtake those in urban areas. Journal of the American Medical Informatics Association, 399-408. 2015, February 8. DOI: http://dx.doi.org/10.1093/jamia/ocu035
11. MedPanel. Impact of the Affordable Care Act on physician practices and the quality of care (Part I). 2015. Available from:
http://medpanel.com/Expert-Insight/Insights/Impact-of-the-Affordable-Care-Act-on-Physician-Pra.aspx
12. Kearnes M. When the white coat comes off: Realities retiring physicians face. Medical Practice Advisor. 2014, September 26. Available from:
http://www.medicalpracticeinsider.com/news/when-white-coat-comes-realities-retiring-physicians-face
13. The Physicians Foundation. 2014 Survey of America’s physicians: Practice patterns and perspectives. (2014). Available from:
http://www.physiciansfoundation.org/uploads/default/2014_Physicians_Foundation_Biennial_Physician_Survey_Report.pdf
14. Hyden M. Are physicians retiring early? MGMA Connection Plus. 2015, July 28. Available from:
http://www.mgma.com/practice-resources/mgma-connection-plus/online-only/2015/july/are-physicians-retiring-early
15. Gurley R J. Whether retiring or fleeing, doctors are leaving health care. Center for Health Journalism. 2014, March 27. Available from: http://www.centerforhealthjournalism.org/2014/03/10/whether-it%E2%80%99s-retire-or-flee-doctors-are-leaving-health-care
16. Stewart JK. Study finds many doctors don't save enough for retirement. Chicago Tribune. 2015, December 15. Available from:
http://www.chicagotribune.com/business/sc-retirement-planning-stewart-consumer-1210-20151207-column.html
17. Rappleye, E. 47% of physicians plan to hasten retirement. Becker’s Hospital Review. 2016. Available from:
http://www.beckershospitalreview.com/hospital-physician-relationships/47-of-physicians-plan-to-hasten-retirement.html
18. Aegon. The changing face of retirement: The Aegon retirement readiness survey 2012. 2014. Available from:
http://www.aegon.com/Documents/aegon-com/Research/2014-Retirement- Survey/Aegon-Retirement-Survey-2014.pdf
19. Fidelity. Fidelity study shows increase in nurses’ retirement savings,
yet many not confident they will have enough to retire. 2013. Available from:
http://www.fidelity.com/inside-fidelity/individual-investing/fidelity-research-shows-more-women
20. Fidelity. Fidelity® report finds physicians in need of financial check-up, as many face retirement income shortfall. 2014. Available from:
http://www.fidelity.com/inside-fidelity/employer-services/fidelity-report-finds-physicians
21. White MC. Doctors struggle to save for retirements despite high
salaries. 2014. Available from: http://www.nbcnews.com/business/personal-finance/doctors-struggle-save-retirement-despite-high-salaries-n40346
22. AMA Insurance. 2012 Report on U.S. physicians financial preparedness: Segment focus on employed physicians. 2014. Available from: https://www.amainsure.com/2014-report-on-physicians-financial- preparedness.html
23. Zeng W.. The impacts of electronic health record implementation on the health care workforce. North Carolina Medical Journal, 77(2),112-114. 2016, April. doi: 10.18043/ncm.77.2.112. Available from
http://www.ncmedicaljournal.com/content/77/2/112.full
24. Schulz CG & Holmstrom H L. The use of medical scribes in health care settings: A systematic review and future directions. J Am Board Fam Med, 28(3), 371-381. 2015, May-June. doi:10.3122/jabfm.2015.03.140224. Available from: http://www.jabfm.org/content/28/3/371.full
25. Lovette M. Is your EMR damaging the patient-provider relationship? HealthITNews. 2014, November 14. Available from:
http://www.healthcareitnews.com/blog/your-EMR-damaging-patient-provider-relationship
26. Draper R. The Obamacare operation. The New York Times Magazine, pp. 32 – 37, 50-52. 2017, February 19.