HIDA 2018 Physician Office Market Report
Americans make 990.8 million visits to physician offices every year; 51% with primary care doctors and 49% with specialists.
By 2026, spending on physician and clinical services is projected to exceed $1 trillion annually. The aging U.S. population and rising rates of obesity are projected to increase demand for primary care services over the next decade.
Financial Concerns Affect Practice And Physician Priorities
The top three challenges reported by physician practices are financial in nature: declining reimbursement, collecting co-payments and deductibles, and reducing operating costs. Practices have prioritized hiring office staff to meet these bureaucratic and financial challenges.
Government is the largest source of revenue for practices. Half of revenue comes from government sources, while 42% of revenue comes from private insurance.
Government and private reimbursement rates are falling, while payer expectations are rising. In 2018, more practices were penalized than rewarded for their performance on CMS quality goals. In fact, the leading frustration expressed by physicians with their profession is government and third-party influence in healthcare.
Physicians, Patients Have Positive Views On Technology’s Role in Healthcare
More than three-quarters of patients think electronic healthcare records (EHRs) can improve the quality of care overall and for themselves personally, and they would like all of their physicians to have access to their EHR. Currently, 70% of all physician offices have EHR software.
Physicians also see a role for technology in helping to manage practices more effectively, particularly with capturing patient data and scheduling appointments.
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