Medical Practice Management Statistics


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Medical Practice Management Statistics 2023: Facts about Medical Practice Management outlines the context of what’s happening in the tech world.

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Top Medical Practice Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 27 Medical Practice Management Statistics on this page 🙂

Medical Practice Management “Latest” Statistics

  • The number of human genomes sequenced by 2025 could be between 100 million to 2 billion.[1]
  • The use of big data analytics by healthcare companies is anticipated to result in yearly cost savings of over 25% in the years to come.[1]
  • According to a May 2022 Health Affairs research, vertical consolidation between doctors and major health systems increased primary care physician fees by 12% and specialty charges by 6%.[2]
  • Hospital mergers were associated with a 3.7% drop in revenue per admission, saving $10.7 million annually.[2]
  • The American Hospital Association revised their examination of hospital transactions in 2021 and discovered that between 2009 and 2019, mergers and acquisitions were linked to a 3.3% decrease in operational expenditures.[2]
  • According to NIHCM Foundation research, earnings for skilled employees fell by 4%, while those for nurses and pharmacy staff fell by 6.8% as a result of hospital mergers.[2]
  • Although a 10% decrease in hematocrit might be helpful information, it often does not enough to establish the diagnosis of postpartum hemorrhage.[3]
  • According to a report by Americas Health Insurance Plans (AHIP), racial and ethnicity data were collected by 54% of plans, while main language data were collected by 56% of plans.[4]
  • Almost 40% of patient care physicians worked either directly for a hospital or for a practice with at least partial hospital or health system ownership in 2020, up from 34.7% in 2018 and 29% in 2012.[5]
  • The majority of doctors—53.7% —remain employed by small practices with 10 or fewer other doctors.[5]
  • The AMA poll asked about private equity, and it revealed that 4% of doctors who provide patient care were employed by businesses that were controlled by private equity companies.[5]
  • Self-employed doctors made up 44% of all patient care physicians in 2020, down from 45.9% in 2018 and 53.2% in 2012.[5]
  • Employed doctors made up 50.2% of all patient care physicians in 2020, up from 47.4% in 2018 and 41.8% in 2012.[5]
  • 9.3% of all doctors providing patient care are directly employed by hospitals, up from 8% in 2018 and 5.6% in 2020.[5]
  • Physicians working in practices at least partially owned by a hospital or health system were 30.5% of all patient care physicians, an increase from 26.7% in 2018 and 23.4% in 2012.[5]
  • The AMA survey data show 49.1% of patient care physicians worked in physician-owned practices, down from 54% of physicians in the 2018 AMA survey.[5]
  • Doctors over the age of 55 were much more likely than doctors under the age of 40 to work in small offices.[5]
  • Admission to the Health Services Management, BS program requires a minimum cumulative GPA of 2.5.[6]
  • The Bureau of Labor Statistics projects that by 2022, healthcare employment will have increased steadily to approximately 26%.[7]
  • The BLS predicts that through 2022, healthcare workers’ earnings and incomes will increase by around 27%.[7]
  • As a consequence of practices managing open encounters in almost real time, the number of unsigned interactions has dropped by 80% and their income has increased.[8]
  • There was a 14% increase in completed physician interactions, which led to a quicker collection of revenue.[9]
  • Between 2017 and 2022, the U.S Medical Group Practice Management market size increased by an average of 19% annually.[10]
  • In 2022, it is anticipated that the Medical Group Practice Management market would grow by 3.6%.[10]
  • The Bureau of Labor Statistics’ Occupational Outlook Handbook estimated a 32% growth rate for medical and health services managers through 2030, with about 139,600 new jobs being created in that period, outpacing average job growth for all occupations, prior to COVID-19 pandemic.[10]
  • North America’s largest market is Asia Pacific, with a CAGR of 83%. Market snapshot over the forecast period of 2022–2022, the practice management system market is anticipated to see a CAGR of 83% .[11]
  • Over the next five years, the market for practice management systems will expand at a CAGR of 83%.[11]

Also Read

How Useful is Medical Practice Management

One of the key benefits of medical practice management is its ability to improve the efficiency of healthcare facilities. By automating routine tasks such as appointment scheduling, patient reminders, and insurance billing, practice management systems free up staff to focus on providing quality care to patients. This increased efficiency not only benefits the healthcare provider by reducing administrative costs but also improves the overall patient experience by reducing wait times and streamlining the check-in process.

In addition to improving efficiency, medical practice management also plays a critical role in ensuring compliance with complex healthcare regulations. With constantly evolving billing codes, insurance requirements, and privacy laws, healthcare providers must stay up-to-date on the latest regulations to avoid costly penalties. Practice management systems help providers stay in compliance by automatically updating billing codes, flagging potential compliance issues, and generating reports that demonstrate adherence to regulations.

Beyond improving efficiency and ensuring compliance, medical practice management also helps healthcare providers better understand their business through robust reporting and analytics. By tracking key performance indicators such as appointment volume, revenue per patient, and patient satisfaction scores, providers can identify areas for improvement and make data-driven decisions to optimize their practice. This level of insight into the business side of healthcare allows providers to identify trends, allocate resources more effectively, and ultimately improve patient outcomes.

Moreover, medical practice management also enhances communication and collaboration among healthcare providers, staff, and patients. By centralizing patient records, appointment schedules, and billing information in a single system, practice management systems enable all stakeholders to access the information they need quickly and easily. This seamless flow of information fosters better communication among providers, reduces errors, and ensures that patients receive comprehensive and coordinated care.

Despite its many benefits, medical practice management does have its challenges. Implementing a practice management system can be costly and time-consuming, and training staff to use the system effectively may take time and resources. Furthermore, practice management systems are not foolproof and may experience technical glitches or require constant updates to remain current with regulations and industry standards.

In conclusion, medical practice management is a valuable tool that helps healthcare providers improve efficiency, ensure compliance, make informed decisions, and enhance communication among stakeholders. While practice management systems may pose challenges in implementation and maintenance, their benefits in optimizing healthcare operations and improving patient care far outweigh the drawbacks. As healthcare continues to evolve, the role of medical practice management will only become more critical in ensuring the delivery of high-quality, cost-effective care to patients.

Reference

  1. springeropen – https://journalofbigdata.springeropen.com/articles/10.1186/s40537-019-0217-0
  2. revcycleintelligence – https://revcycleintelligence.com/features/how-healthcare-mergers-acquisitions-impact-practice-management
  3. acog – https://www.acog.org/practice-management/health-it-and-clinical-informatics/revitalize-obstetrics-data-definitions
  4. ahrq – https://www.ahrq.gov/research/findings/final-reports/iomracereport/reldata5.html
  5. ama-assn – https://www.ama-assn.org/press-center/press-releases/ama-analysis-shows-most-physicians-work-outside-private-practice
  6. ecu – https://www.ecu.edu/degrees/BS/Health%20Services%20Management/
  7. healthcare-management-degree – https://www.healthcare-management-degree.net/faq/why-is-healthcare-management-growing-so-fast/
  8. healthcatalyst – https://www.healthcatalyst.com/success_stories/improve-performance-with-practice-management
  9. healthcatalyst – https://www.healthcatalyst.com/success_stories/practice-management-improvement-john-muir-health
  10. ibisworld – https://www.ibisworld.com/industry-statistics/market-size/medical-group-practice-management-united-states/
  11. mordorintelligence – https://www.mordorintelligence.com/industry-reports/practice-management-system-market

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