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Physician OfficesPublished by: First Research, Inc. Published: Sep. 28, 2009 - 10 Pages Table of Contents
AbstractOver 200,000 physician offices operate in the US with combined annual revenue of over $280 billion. About 75 percent of all physician offices are small, with fewer than 10 employees (including the doctors); only about 1,300 offices have more than 100 employees. The industry is highly fragmented: the top 50 firms account for less than 10 percent of industry revenue. The average annual revenue for small offices is about $650,000.COMPETITIVE LANDSCAPE Demand for physician services is driven by population growth and demographics. The profitability of individual practices depends on the reputation and expertise of the physician and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment. Small practices compete effectively by providing specialized skills and good customer service. Physicians generally have several direct competitors in the immediate geographic area. The industry is labor-intensive: average annual revenue per worker for a small physician's office is about $135,000. PRODUCTS, OPERATIONS & TECHNOLOGY Operations of physician offices revolve around patient care, appointment scheduling, records management, and insurance processing. Typically, a patient makes an appointment several days or weeks before being seen, a medical record file is retrieved, the patient sees the doctor for less than 20 minutes, the doctor orders tests or prescribes treatment, the doctor's consultation and any test results or treatments are entered into the medical records, and the cost of the visit is billed to an insurance plan. The ... Get Full Details About This Report >> |
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