Median monthly physician practice expenses exceeded $1 million for the first time in May, according to a report from Strata's Monthly Healthcare Industry Financial Benchmarks.
The report surveyed more than 10,000 physician practices and found the median direct expense per physician full-time equivalent hit $1.09 million, a 12.8% increase year over year. The level of investment needed to support physicians also jumped 11.2% to $314,487 per physician FTE for the month.
Median physician net revenues grew 11.4% in May to 2023, driven by higher productivity.
The average physician work relative value unit hit 6,335.27 annualized for the month, a 9.1% increase over 2023. At the same time, support staff dropped 5.1% to 2.93 FTEs per 10,000 wRVUs.