Physician practice finances were largely stable or improving before pandemic — 6 insights

Angie Stewart - Print  |

For most physicians, practice finances were either stable or improved in 2019 compared to 2018, according to the "91st Annual Medical Economics Physician Report."

Healthcare Research & Analytics conducted the survey via email in February, collecting 1,055 responses across 17 specialties.

Six takeaways:

1. Twenty-three percent of physician respondents said their practice was in a better financial position in 2019 compared to 2018.

2. The primary reasons for improved performance were seeing more patients, pay-for-performance incentives and changes to practice models.

3. For 55 percent of respondents, practice finances didn't change from 2018 to 2019.

4. Just under one-fourth of respondents said their practice's financial position was worse in 2019 than it was in 2018.

5. Physicians pointed to uncompensated tasks, lower commercial reimbursements and higher overhead as leading contributors to financial decline.

6. Thirty-four percent of physician respondents said their practice was performing better financially than it was five years ago. Thirty-eight percent reported their financial situation was about the same.

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