Brief Excerpt from Industry Overview Chapter:
Offices in this industry provide general or specialized medical care. No major companies dominate.
Globally, there are about 10 million physicians (not including midwives, dentists, or other health personnel), according to the World Health Organization. China has the largest number of physicians at around 2 million; followed by India, with around 880,000; and the US, with around 770,000. Countries with the most physicians per capita include Monaco and Qatar, with more than seven doctors per 1,000 population; Cuba, with more than six; and Austria and San Marino, with about five.
The US physicians industry includes about 220,000 offices with combined annual revenue of about $465 billion.
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 US industry is highly fragmented: the top 50 firms account for about 15% of industry revenue. About 75% of all physician offices are small, with fewer than 10 employees (including the doctors); only about 1% of offices have 100 or more employees.
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...
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