Recent results from observations of black hole X-ray binaries are inconsistent with existing spectral models of accretion disks. The models are unable to reproduce the observed trends in color temperature with luminosity. I will summarize these results and discuss our efforts to develop a sophisticated spectral model with a more accurate treatment of radiative transfer. I will demonstrate how our models are consistent with the observations and provide preliminary fitting results. I will also discuss numerical simulations of the radiation-magnetohydrodynamics of accretion disks and our initial efforts to incorporate the results of these calculations into our spectral models.