Preview

Phycor's Financial Model

Good Essays
Open Document
Open Document
249 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Phycor's Financial Model
PhyCor’s mission was to create and develop, with medical doctor’s, the greatest value and significance in healthcare for all societies. PhyCor and its businesses delivered administrative management services to medical provider networks and to other health care groups. The organization oversaw 40 healthcare groups with over 2,500 physicians in 21 states and almost 26,000 medical doctors within networks in 29 medical care markets. With PhyCor’s subsidiary, CareWise, Inc., the organizations provided help and assistance to over 3.3 million customers in creating and formulating important decisions about health care (Phycor, Inc. History, 2001). Individuals started to realize that PhyCor’s economic model wasn’t operating right with these physician
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Hcs 405 Healthcare Financial Accouting
    • 1194 Words
    • 5 Pages

    Hcs 405 Healthcare Financial Accouting

    In the United States, organizations are financially accessible because of many years of financing cuts, reductions in Medicare payments imposed by Balanced Act of 1997, decreases in Medicaid reimbursements, and the lowering stresses of controlled care (University of Phoenix, 2013). Organizations and other health care facilities should organize cautiously when the situation comes to financing choices, service agreements, type of equipment, physician favorites, and locating to assist in making the best decisions. According to several published and quoted surveys, organizations are postponing or eliminating equipment investments in short-term (Barlow, 2009).…

    • 1194 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Change and Culture Case Study 2
    • 1722 Words
    • 7 Pages

    Change and Culture Case Study 2

    The cost of health care in the United States remains an important concern for American consumers. The challenges for controlling costs and providing a better health care system are various and complex. These challenges, in many cases, are in the realm of the Department of Health and Human Services (HHS) or other federal or state agencies (Department of Justice, 2012). Hospitals continue to team up with other facilities, insurers and for-profit companies, although the cause of the bump in M&A activity varies. While some hospitals cite financial problems, others join forces because of collaboration mandated under the Affordable Care Act and changing reimbursement models, according to Minnesota Public Radio (Caramenico, 2012).…

    • 1722 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Good Essays

    Escape Fire Analysis
    • 952 Words
    • 4 Pages

    Escape Fire Analysis

    The documentary, Escape Fire: The Fight to Rescue American Healthcare, criticizes the current healthcare system designed for profit maximization, a physician’s dilemma between financial incentives and professionalism, and quick fixes rather than prevention of illness. The U.S. government spends $2.7 trillion annually on healthcare, and pharmaceutical drugs account for $300 billion, almost as much as the rest of the world combined (Escape Fire). The mindset that drugs are the only appropriate way to treat disease is invalid. Physician salaries are driven by the number of treatments and drugs that are prescribed and administered. The U.S. healthcare system is a business model where economic…

    • 952 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Health Insurance Matrix
    • 2127 Words
    • 8 Pages

    Health Insurance Matrix

    References: Austin, A. & Wetle. V. (2012) The United States Health Care System, Combining Business, Health, and Delivery. (2nd ed.) Upper Saddle River,…

    • 2127 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Provider Consolidation Paper
    • 3976 Words
    • 16 Pages

    Provider Consolidation Paper

    When a physician office practice is purchased by a hospital system, the hospital system takes over the fixed costs like office expenses as well as administrative tasks like scheduling. Most important, are upgrades to electronic health records that comply with federal mandates CITATION McK13 \l 1033 (McKinsey, 2013). These are very costly and become a responsibility borne by the purchasing hospital system. It is clearly an attractive option of physicians. However, research indicates that the hospital systems themselves are losing money on the transactionsCITATION Num13 \t \l 1033 (Numerof, 2013). According to Moody’s hospital systems that purchase physician practices see an average increase of 5.2% for salaries. This is a major increase considering the thin margins hospitals operate on (Moody’s 2013). Most hospitals see a net loss on their investment in physician practices (Moody’s 2013). Why then would they do it? The reason lies in control. In exchange for shuffling off the risk of operating a practice to the hospital system, the physician gives up some measure of autonomy. Hospitals can directly contract a physician’s behavior and incentivize his prescribing behavior CITATION Hea13 \l 1033 (Healthcare Economics Editorial Board, 2013). This is unique, as not even payers could so directly influence a physicians practice. This means that the financial interests of the…

    • 3976 Words
    • 16 Pages
    Powerful Essays
    Read More
  • Good Essays

    Discuss The Ethical Implications Of Managed Care Organizations
    • 779 Words
    • 4 Pages

    Discuss The Ethical Implications Of Managed Care Organizations

    In this first stage of managed care, businesses have depended on moving workers from indemnity plans to more affordable plans as their essential technique for controlling the expenses of health care (Sekhri, 2000). Health care facilities such as hospitals have less adaptability, but occasionally the market enables them to consult and negotiate with Managed Care Organizations on better repayment plans. Care groups attempt to control cost by negotiating. They attempt to restructure and achieve lower payment levels by providing enhanced, good quality health insurance. They control the cost because MCOs control the patients access to what specialist or physicians they can see and what labs and treatment facilities they can go to.…

    • 779 Words
    • 4 Pages
    Good Essays
    Read More
  • Best Essays

    The Dual Md/Mba Degree: Making the Decision
    • 3332 Words
    • 14 Pages

    The Dual Md/Mba Degree: Making the Decision

    The reality of the current healthcare system in the United States is that costs are rising to out-of-control levels, quality of care is increasingly deficient and millions of Americans are without access to care. Traditional education for healthcare administrators has centered on business practices and organizational financial needs. Likewise, medical professionals tend to lack the business acumen necessary to effectively run healthcare facilities. The need to bridge the gap between healthcare administration and clinical care is more prevalent now than ever.…

    • 3332 Words
    • 14 Pages
    Best Essays
    Read More
  • Powerful Essays

    Health Insurance Matrix
    • 3146 Words
    • 9 Pages

    Health Insurance Matrix

    Health maintenance organizations use a prospective payment system in which providers within a specific network are paid a flat rate per member on a predetermined scale regardless of if services are not utilized or over utilized. According to (“Patient Advocate Foundation” 2012), “care can be provided in a larger geographic service area than would be possible with only one physician group. This network model offers the patient choice of physicians and managed…

    • 3146 Words
    • 9 Pages
    Powerful Essays
    Read More
  • Better Essays

    Hcs/449 Health Care Industry
    • 1135 Words
    • 5 Pages

    Hcs/449 Health Care Industry

    The biggest change that will occur in health care within the next 10 years I believe will be a cure to terminal diseases such as cancer and HIV. Along with that, I believe that health care costs will be lowered due to changes in the health care industry. Breaking news recently is that a cure for HIV has almost been discovered. Now there is a drug available that can be taken before having sexual intercourse with a partner that will prevent contracting the HIV infection. There has also been a breakthrough in curing cancer with injecting patients with the rotavirus. Health care costs may be lowered because the industry is looking for ways to improve quality care along with the costs to be beneficial…

    • 1135 Words
    • 5 Pages
    Better Essays
    Read More
  • Better Essays

    Cost Reduction of U.S. Healthcare
    • 1335 Words
    • 6 Pages

    Cost Reduction of U.S. Healthcare

    Currently the health care system’s financial incentives are not structured to reward effective and efficient care. Payment systems pay doctors, hospitals and providers for services (fee for service). Oddly, when care is efficient, the savings go back to the payer, insurance companies or the federal government rather than the hospital. These factors, in…

    • 1335 Words
    • 6 Pages
    Better Essays
    Read More
  • Good Essays

    Significant Event in Health Care
    • 792 Words
    • 2 Pages

    Significant Event in Health Care

    The health care system in the United States has been growing and changing for years and will continue to do so for years to come. The one constant in the Unite States health care system is change and evolution through evaluations of those changes. If there had not been unrest with the level and provisions of care in the early 1970s Managed Care may have never been introduced. President Nixon signed legislation in 1973 termed, Health Maintenance Organization (HMO) Act of 1973. This pivotal event in the health care system allowed for a change from the fee for service model to a comprehensive range of medical or health care services in a single organization. (Mueller, 1974) Although there had been prior prototypes, such as Kaiser Foundation health plan, this legislation was documentation of the governments support and the beginning of Managed Care. The impact of managed care is both historic and immutable, yet even today, with the early growth of consumer-driven healthcare, managed care continues to morph(Navarro et al, 2009).…

    • 792 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    Evolution of Managed Care
    • 1519 Words
    • 7 Pages

    Evolution of Managed Care

    Tufts Managed Care Institute. (1998). A brief History of Managed Care. Retrieved on August 25, 2010, from http://www.thci.org/downloads/BriefHist.pdf…

    • 1519 Words
    • 7 Pages
    Better Essays
    Read More
  • Good Essays

    Managed Care of the U.S.
    • 512 Words
    • 3 Pages

    Managed Care of the U.S.

    A frequently cited managed care pioneer is Dr. Michael Shadid, who started a rural farmers' cooperative health plan in Elk City, Oklahoma in 1929. With help from the Oklahoma Farmers’ Union he succeeded in enrolling several hundred families and these members paid a predetermined fee and Dr. Shadid rendered his patient care (Tuft, 2005). This kind of alternative healthcare arrangement started among many communities across the nation in the 19th century. The goal was to help meet the healthcare needs among groups of people; workers and families in the lumber, mining, and railroad industries. Enrollees paid arranged fee to physicians who in return provided care under their terms of conditions. These prepaid group practices preceded the modern day’s Health Maintenance Organizations.…

    • 512 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Health Care Museum
    • 1262 Words
    • 5 Pages

    Health Care Museum

    References: Austin, A., & Wetle, V. (2012). The United States health care system: Combining business, health, and delivery. (2nd ed.). Upper Saddle River, NJ: Pearson Education.…

    • 1262 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Managed Care Delivery Systems
    • 821 Words
    • 4 Pages

    Managed Care Delivery Systems

    Introduction: According to Terence Shea in an article published by HR Magazine (2005), in the last fifty years, employers' health cost have soared as coverage has expanded and medical care has been revolutionized. Since the early 1980s, there have been a number of governmental and corporate attempts to slow this dramatic rise in health care expenditures. Most health plans in the U.S. today involve some form of managed care. Nearly 90 percent of Americans with health insurance are covered by HMOs and other managed-care plans. The reason for the shift from the traditional to managed care plans was to hold down healthcare costs. As HMOs grew physicians in private or small group practices have become…

    • 821 Words
    • 4 Pages
    Good Essays
    Read More

Related Topics