1 in 5 medical practices saw a 50% revenue drop in 2020
Statistic Info
Medical practices have seen a nearly one-third drop in their average revenue this year, according to a new survey from the American Medical Association (AMA).
“Physician practices continue to be under significant financial stress due to reductions in patient volume and revenue, in addition to higher expenses for supplies that are scarce for some physicians,” said AMA President Susan R. Bailey, M.D. in a statement.
“More economic relief is needed now from Congress as some medical practices contemplate the brink of viability, particularly smaller practices that are facing a difficult road to recovery.”
Author: Fierce Healthcare
More Related Stats
Covid-19
Spending on U.S. medicines rose 12% in 2021 due primarily to COVID-19 vaccines and therapies
KFF researchers estimated that 10-35 million adults between 18 & 64 may have long COVID
The CDC is on high alert for signs of an aggressive flu season in the U.S.
Pharmacies have administered 258 million doses of the authorized COVID-19 vaccine
To date, 32 unique CPT codes have been created for COVID-19 vaccines
Physician Practices
Nearly 1/3 of beneficiaries age 65+ said they turn to an insurance broker or agent
88% of physicians describe the prior authorization burden as high or extremely high
44% of healthcare businesses plan to implement customer experience strategies in 2023
57% of physicians say social media changed their views on medications
52% of U.S. patients said healthcare providers dismiss their described symptoms
Nearly 75% of patients turn to online reviews as the first step when searching for a new physician
Revenue Management
Demand for contract labor costs this year should normalize at about 60% higher than 2019 levels
63% of CEOs identified inadequate Medicaid reimbursement as a concern
Over the last year, medical care prices grew by 3.1%
The researchers found that, overall, medical deductibles were higher in 2023 than in 2022
More 2020 Stats
62% of physicians spend 13-24 minutes with each patient
In 2020, the U.S. pharmaceutical industry spent an estimated $6.58 billion on advertising
Mental health visits are five times more likely to be out of network than primary or specialty care
During the H1N1 outbreak, pharmacists played a major role in the medical response as mass immunizers
Nearly 9/10 Americans live in a 5 mile radius of a community pharmacy