One model examining the financial impact of COVID-19 on U.S. primary care practices estimates that $15.1 billion is needed to neutralize revenue losses nationally

Statistic Info

Medical practices lost a large amount of revenue during the pandemic. Part of that is because there were fewer in-person visits since telehealth services ramped up ever since COVID-19.

Author: Graham Center

More Related Stats

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 2021 Stats

The COVID-19 pandemic and associated disruptions have strained health systems, with 25 million children missing out on vaccination in 2021

63% of adults use telehealth as a preventative service, prescription refill, or routine visit for a chronic illness

One model examining the financial impact of COVID-19 on U.S. primary care practices estimates that $15.1 billion is needed to neutralize revenue losses nationally

The average doctor spends about 15.6 hrs per week on paperwork, EHR documentation, reading clinical articles, & participating in professional associations

Healthcare providers report that many physicians were also affected by COVID-19, with 64% claiming that the pandemic made their burnout worse

IDC predicts that by 2023 nearly 2/3 (or more) of all patients will be able to access healthcare through a digital front end by 2023

More than one-third of patients (36.4 percent) have left a healthcare provider in the last two years

In a 2021 survey, 51% of patients prefer a digital connection for five key interactions

The AMA survey data show 49.1% of patient care physicians worked in physician-owned practices, down from 54% of physicians in the 2018 survey

Between 2021 and 2026, experts predict that the global pharmaceutical industry will grow at a compound annual growth rate of 7.41%