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

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

Approximately 80% of physicians also said prior authorizations at least sometimes result in treatment abandonment

With prescription drug prices rising at an average rate of 31.6%, physicians can expect patients to search for solutions to their expensive prescription bills

Managing provider preferences is the top scheduling challenge, according to 31% of executives surveyed

44% of healthcare businesses plan to implement customer experience strategies in 2023

57% of physicians say social media changed their views on medications

Prior authorizations are a paperwork burden that takes up physicians’ & staff’s time while delaying care for patients, according to 93% of doctors surveyed by AMA

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

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

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

Nearly 9/10 Americans live in a 5 mile radius of a community pharmacy

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

81% of physicians had lower revenue than pre-pandemic