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

First and foremost, medical practice management plays a crucial role in streamlining administrative processes. From scheduling appointments to billing and insurance claims, a well-managed practice ensures that these tasks are handled efficiently and accurately. This not only saves time and reduces errors but also ensures that patients have a positive experience when interacting with the healthcare facility.

Furthermore, effective practice management helps to optimize resource utilization. By properly managing staff schedules and patient flows, medical practices can ensure that resources are used efficiently and that patients are seen in a timely manner. This not only improves patient satisfaction but also increases revenue for the practice by reducing wait times and increasing patient volume.

Additionally, medical practice management is essential for ensuring compliance with regulations and standards. Healthcare is a highly regulated industry, and organizations must adhere to a myriad of laws, guidelines, and best practices to avoid fines and other penalties. A well-managed practice ensures that all staff members are properly trained and that policies and procedures are consistently followed, reducing the risk of non-compliance.

Moreover, effective practice management can also improve communication and collaboration among healthcare providers. By implementing systems and processes that facilitate communication and information sharing, medical practices can ensure that all members of the care team are on the same page and working towards a common goal. This ultimately benefits patients by ensuring that their care is coordinated and well-managed.

Finally, medical practice management is essential for promoting financial sustainability. With rising costs and declining reimbursements, healthcare organizations must find ways to operate more efficiently and effectively. By implementing sound financial practices, such as revenue cycle management and budgeting, medical practices can ensure that they are able to remain viable and continue to provide high-quality care to patients.

In conclusion, medical practice management is a vital component of any successful healthcare organization. From streamlining processes and optimizing resource utilization to ensuring compliance and fostering collaboration, effective management is essential for providing high-quality care to patients. By investing in robust practice management systems and processes, healthcare organizations can improve patient outcomes, increase efficiency, and promote financial sustainability.

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