81% of physicians had lower revenue than pre-pandemic

Statistic Info

The AMA commissioned a nationwide survey of patient care physicians in July and August of 2020 to assess the financial impacts of the COVID-19 pandemic. The results, based on the responses of 3,500 physicians, illustrate the precarious trends and realities facing physician practices.

Author: American Medical Association

More Related Stats

Physician Practices

High rates of burnout is driving an expected shortage of up to 124,000 physicians in the U.S. by 2034

94% of patients would switch providers to access online scheduling options

Between 1990-2022, the number of osteopathic physicians has more than quadrupled from fewer than 25,000 to over 110,000

94% of patients noted a delay associated with Prior Authorization (PA), with 79% reporting that PA delays can lead to treatment abandonment

95% of patients said it is important for a physician to be involved in their diagnosis and treatment decisions

88.2% of medical groups are offering referral bonuses, up from 82.8% in 2023

In 2022, 31.2% of physicians reported they had been sued at some point in their careers. An average of 61 claims had been filed per 100 physicians

Physicians spend nearly 2 hours daily dealing with EHRs outside of working hours

20% of patients can get same- or next-day appointments when self-scheduling is available, and more than 50% can see their physician within a week

Corporate-owned practices have grown by 25% as independent private practices are bought out or abandoned in favor of hospital or corporately owned practices

Revenue Management

Healthcare organizations will increase their cybersecurity budgets, in some cases by more than 15% compared to 2022

Demand for contract labor costs this year should normalize at about 60% higher than 2019 levels

Medicare Advantage enrollment is expected to reach a milestone this year, exceeding 50% of the total Medicare population in 2023

An estimated 5 million to 14 million are expected to lose coverage as states resume eligibility checks

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

The healthcare industry could save almost $25 billion, or 41%, by fully automating administrative transactions

Smaller party annual revenues exceeded $1 billion in more than 15% of last year’s transactions, coming in just below the previous year’s historic high of 16.3%

The federal budget will extend incentive payments for alternative payment models for an additional year, through 2025. However, the incentive payments will be at 3.5% instead of 5%

More 2020 Stats

In the first year of the pandemic, the number of community centers providing clinical services via telehealth more than doubled, increasing from 43% of centers providing these services in 2019 to 99% in 2020

Employment of physicians & surgeons is projected to grow by 13% from 2016-2026, faster than the average for all occupations

62% of physicians spend 13-24 minutes with each patient

As of 2020, healthcare spending represented 19.7% of the U.S. economy, which increased from 5% just 60 years ago

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

1 in 5 medical practices saw a 50% revenue drop in 2020

81% of physicians had lower revenue than pre-pandemic