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 the improvement of operational efficiency. By implementing efficient processes for patient registration, billing, and scheduling, medical practices can streamline their operations and reduce the amount of time spent on administrative tasks. This, in turn, allows healthcare providers to focus more of their time and attention on patient care, ultimately leading to better outcomes for patients.

In addition to improving operational efficiency, medical practice management can also have a positive impact on financial performance. By implementing effective billing and coding practices, medical practices can increase revenue by reducing billing errors and ensuring timely payment for services rendered. This can be particularly important for small practices and independent providers, who may struggle to navigate the complexities of healthcare reimbursement.

Furthermore, effective medical practice management can help improve the overall patient experience. By streamlining the appointment scheduling process and reducing waiting times, medical practices can enhance patient satisfaction and loyalty. Patients are more likely to return to a practice where they feel respected and valued, and where their needs are met in a timely and efficient manner.

Another important aspect of medical practice management is ensuring compliance with regulations and standards. Healthcare is a highly regulated industry, with strict guidelines governing everything from patient privacy to billing practices. Medical practice management systems can help ensure that practices remain in compliance with these regulations, reducing the risk of audits, fines, and other penalties.

Overall, medical practice management plays a crucial role in the success of healthcare organizations. By improving operational efficiency, financial performance, patient experience, and regulatory compliance, medical practice management helps healthcare providers deliver high-quality care while ensuring the sustainability of their practice. In an increasingly complex and competitive healthcare landscape, effective practice management is more important than ever. Practitioners who invest in robust and efficient practice management systems are better positioned to succeed in an ever-changing industry.

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