5 reasons for physician practice finance improvement, decline in 2021

In 2021, 21 percent of physicians reported an improvement in practice finances compared to 2020 while 29 percent reported a decline, according to Medical Economics' "2022 Physician Report" released June 18.

The survey collected data from Medical Economics' physician audience during the first quarter of 2022 on salaries, productivity, malpractice rates, the state of the profession and other topics.

Here are the top five reasons cited for improvement:

1. Seeing more patients
2. Increased revenue from telehealth
3. Receiving pay-for-performance incentives
4. Addition of ancillary services
5. Renegotiated payer contracts

Here are the top five reasons cited for decline:

1. Lost revenue/increased expenses due to COVID-19
2. More time spent on uncompensated tasks
3. Lower reimbursement
4. Higher overhead
5. Difficulty collecting from patients

 

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