Pediatricians
Description
Pediatricians specialize in providing medical care for infants, children, adolescents, and young adults. No major companies dominate the industry.
Globally, the number of pediatricians varies by country. More developed countries have more pediatricians, but emerging countries are training more doctors. Still, there is a severe shortage of trained pediatricians around the world.
The US physicians industry includes about 212,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $470 billion.
COMPETITIVE LANDSCAPE
Demand for pediatricians is driven primarily by demographics. The profitability of pediatrics practices depends on efficient operations and health care reimbursement rates. Large practices may be able to leverage the costs of administrative staff and equipment. Small or solo practices may provide a more personalized patient experience and allow doctors more control.
In US metropolitan areas, pediatricians generally have many direct competitors nearby, including family medicine physicians and general practitioners. Pediatric offices also compete with the growing number of walk-in clinics, sometimes located within chain pharmacies and mass merchandisers. These retail clinics offer limited medical services such as immunizations and treatment of minor conditions and are typically staffed by nurse practitioners and physician assistants.
PRODUCTS, OPERATIONS & TECHNOLOGY
Pediatricians diagnose and treat illnesses and injuries, provide immunizations, and track patients' growth to adulthood. Some specialize in surgery or treating particular conditions affecting children. Major services offered by pediatricians include patient care related to ICD-10 major, which accounts for more than 95% of the industry revenues.
Major concerns for pediatricians include early brain development, immunizations, oral health, obesity, poverty, media exposure, tobacco, gun violence, and household and community safety, according to the American Academy of Pediatrics. General pediatricians are responsible for screening infants, children, adolescents, and teens for physical, developmental, and mental health conditions and providing referrals for cases that require specialist care.
Pediatricians must undergo additional training to practice in a specialized field. Pediatric subspecialties include pediatric cardiology, oncology, immunology, allergy, endocrinology, and sports medicine. Subspecialists also treat ailments specific to children such as growth, behavioral, and developmental delays.
Pediatricians may own private practices while also providing services at hospitals and community health agencies. Working in multiple settings expands pediatricians' access to patients. Private practices often receive patients from hospitals, outpatient clinics, schools, and community health agencies. Building relationships with local hospitals also provides pediatricians greater access to labs, diagnostic equipment, and other medical professionals, such as oncologists, radiologists, immunologists, and surgeons.
Some pediatricians join large group practices, which can provide more affordable malpractice coverage, lower operating costs spread across a greater number of physicians, easy access to other physicians for consulting, and greater purchasing power to buy medical equipment and negotiate lower prices on medical and office supplies. Group practices tend to have slightly lower median operating costs than small or individual practices. Group practices often focus on obtaining contracts with hospitals and insurers for revenue, instead of building individual patient lists.
Globally, the number of pediatricians varies by country. More developed countries have more pediatricians, but emerging countries are training more doctors. Still, there is a severe shortage of trained pediatricians around the world.
The US physicians industry includes about 212,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $470 billion.
COMPETITIVE LANDSCAPE
Demand for pediatricians is driven primarily by demographics. The profitability of pediatrics practices depends on efficient operations and health care reimbursement rates. Large practices may be able to leverage the costs of administrative staff and equipment. Small or solo practices may provide a more personalized patient experience and allow doctors more control.
In US metropolitan areas, pediatricians generally have many direct competitors nearby, including family medicine physicians and general practitioners. Pediatric offices also compete with the growing number of walk-in clinics, sometimes located within chain pharmacies and mass merchandisers. These retail clinics offer limited medical services such as immunizations and treatment of minor conditions and are typically staffed by nurse practitioners and physician assistants.
PRODUCTS, OPERATIONS & TECHNOLOGY
Pediatricians diagnose and treat illnesses and injuries, provide immunizations, and track patients' growth to adulthood. Some specialize in surgery or treating particular conditions affecting children. Major services offered by pediatricians include patient care related to ICD-10 major, which accounts for more than 95% of the industry revenues.
Major concerns for pediatricians include early brain development, immunizations, oral health, obesity, poverty, media exposure, tobacco, gun violence, and household and community safety, according to the American Academy of Pediatrics. General pediatricians are responsible for screening infants, children, adolescents, and teens for physical, developmental, and mental health conditions and providing referrals for cases that require specialist care.
Pediatricians must undergo additional training to practice in a specialized field. Pediatric subspecialties include pediatric cardiology, oncology, immunology, allergy, endocrinology, and sports medicine. Subspecialists also treat ailments specific to children such as growth, behavioral, and developmental delays.
Pediatricians may own private practices while also providing services at hospitals and community health agencies. Working in multiple settings expands pediatricians' access to patients. Private practices often receive patients from hospitals, outpatient clinics, schools, and community health agencies. Building relationships with local hospitals also provides pediatricians greater access to labs, diagnostic equipment, and other medical professionals, such as oncologists, radiologists, immunologists, and surgeons.
Some pediatricians join large group practices, which can provide more affordable malpractice coverage, lower operating costs spread across a greater number of physicians, easy access to other physicians for consulting, and greater purchasing power to buy medical equipment and negotiate lower prices on medical and office supplies. Group practices tend to have slightly lower median operating costs than small or individual practices. Group practices often focus on obtaining contracts with hospitals and insurers for revenue, instead of building individual patient lists.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
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