Issue link: https://viewer.e-digitaledition.com/i/1370839
Rao Wealth Partners is an independent firm with securities offered through Summit Brokerage Services, Inc., member FINRA and SIPC. Advisory services are offered through Summit Financial Group, Inc., a registered investment advisor. Summit is an independent broker-dealer with client assets held at First Clearing, LLC (a wholly owned Wells Fargo subsidiary). Summit and its affiliates are under separate ownership from any other named entity. You can name every bone in the body, but you can't name a single investment in your retirement account. It's time for a change. (212) 257-5794 www.raowp.com Individual Stock Selection | Corporate Retirement Accounts | Educational Savings Plans RAOWP_5H_058480082N_REV.indd 1 2/27/18 12:46 PM Prior Authorizations Are Becoming Increasingly Burdensome — and Dangerous — for Patients BY JOSH GARCIA MORE THAN 90% OF PHYSICIANS SURVE YED BY THE AMERICAN MEDICAL A SSOCIATION (AMA) SAY THAT PRIOR AUTHORIZ ATION (PA) DEL AYS ACCESS TO NECESSARY CARE. THE CONTINUING NECESSIT Y of PA by insurance companies for certain treatments is more than a minor annoyance for many physicians and their patients. In fact, among the thousand physicians that the AMA surveyed for its 2018 PA Physician Survey, 28% felt that the PA process had led to serious adverse events among their patients, with a serious adverse event being defined as "death, hospitalization, disability/permanent bodily damage or other life-threatening event." In addition, PA is ta king a tol l on the time a nd energ y of ph y s i c i a n s a n d t h e i r s t a f f . O n a v e r a ge , pr a c t i c e s spend 14.9 hours — almost two business days — on completing PAs every week, with more than a third of practices keeping members on staff dedicated exclusively to PA work. The burden of PA has increased over the last five years, according to 88% of surveyed physicians. W henever possible, the A M A recommends ha ndling the PA process through a sta nda rdized, automated system to minimize burdens and optimize care. This system should help physicians document data for PA in medical records, check PA requirements before administering services, ensure regular follow-ups rega rding PA approva l a nd a llow for effective appea ls when PAs are inappropriately denied. n 059990059_PracticeManagement2.indd 1 1/3/20 9:55 AM P R A C T I C E M A N A G E M E N T ❰❰❰❰❰ 1 1 M D N E W S . C O M /// M D N E W S L O N G I S L A N D ■ 2 0 21