Medical Practice Management Statistics

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

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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 streamline administrative processes. By implementing efficient systems and procedures, healthcare providers can reduce the time and resources spent on paperwork and other non-clinical tasks. This allows healthcare professionals to focus more of their time and energy on patient care, ultimately improving the quality of healthcare services delivered to patients.

In addition, medical practice management helps healthcare facilities maintain accurate and up-to-date patient records. With the increasing use of electronic health records, it is more important than ever for healthcare providers to have a reliable system in place for storing and accessing patient information. Proper management of patient records not only ensures compliance with regulatory requirements but also facilitates communication and collaboration among healthcare professionals involved in a patient’s care.

Furthermore, medical practice management plays a crucial role in financial management and billing. Healthcare providers must navigate complex insurance systems and billing codes to ensure reimbursement for the services they provide. Effective management of billing and insurance claims can help healthcare practices maximize revenue and minimize financial risk. Additionally, by monitoring financial performance and identifying areas for improvement, medical practice management can help healthcare facilities operate more efficiently and sustainably.

Another important aspect of medical practice management is ensuring compliance with healthcare regulations and industry standards. Healthcare providers are subject to a wide range of laws and regulations governing privacy, security, and quality of care. Failure to comply with these regulations can result in serious consequences, including fines, legal penalties, and damage to a healthcare provider’s reputation. Medical practice management plays a vital role in helping healthcare facilities stay informed about changes in regulatory requirements and implement policies and procedures to ensure compliance.

Overall, medical practice management is a valuable tool for healthcare providers seeking to improve the quality, efficiency, and profitability of their practices. By implementing effective systems and processes for managing administrative tasks, patient records, billing, and compliance, healthcare facilities can optimize their operations and provide better care for patients. While medical practice management may not always receive the same level of attention as clinical care, its impact on the overall success of a healthcare practice should not be overlooked.

Reference

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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