Medical practice management involves managing the daily operations of a medical practice, from patient scheduling and billing to medical records management and compliance.
As the healthcare industry evolves, medical practice management is becoming increasingly complex, and medical practices must adapt to changing patient needs, technological advancements, and regulatory requirements.
Here are medical practice management statistics to help medical practices stay up-to-date and make informed decisions:
Key Medical Practice Management Statistics 2023 – MY Choice
- According to a survey, the global medical practice management software market is expected to grow at a CAGR of 8.3% from 2020 to 2027, reaching a value of $27.6 billion by 2027.
- In the United States, the average medical practice spends around $32,500 per physician annually on administrative tasks.
- Medical practices using electronic health records (EHR) spend an average of 16.6 hours per week on EHR-related administrative tasks.
- A survey of medical practices found that 76% of practices use practice management software to streamline administrative tasks.
- On average, medical practices spend around 70% of their time on administrative tasks, such as billing and coding.
- Medical practices can save up to 50% of their time by automating administrative tasks using practice management software.
- A study found that medical practices that use practice management software see an average increase of 20% in revenue and 30% in efficiency.
- About 44% of medical practices still use manual methods for appointment scheduling, such as paper calendars and phone calls.
- The top three features that medical practices look for in practice management software are appointment scheduling, billing and claims management, and patient management.
- Medical practices that use patient portals see an average of 33% reduction in phone calls and a 21% reduction in administrative tasks.
Medical Practice Stats
Table 1: Medical Practice Management Market Statistics
| Statistics | Values |
|---|---|
| Market Size in 2023 | 3.6% increase |
| Market Size Growth (2017-2023) | 1.9% per year |
| Industry Revenue Growth (2016-2021) | 1.8% annualized rate |
| Industry Revenue (2021) | $367.9 billion |
Table 2: Medical Practice Management Business Statistics
| Statistics | Values |
|---|---|
| Market Size | $381 billion |
| Number of Businesses | 166,055 |
| Providing other medical and management services | 00.5% increase |
Table 3: Medical Practice Manager Demographics
| Statistics | Values |
|---|---|
| Gender | 80.3% female, 19.7% male |
| Ethnicity | White 67.8%, Hispanic or Latino 12.4%, Black or African American 10.6%, Asian 6.7%, Unknown 1.9%, American Indian and Alaska Native 0.6% |
| Age | Majority are 40+ years old, representing 73% of the population |
| Language | Spanish 48.3%, French 6.9%, Russian 6.9%, Carrier 6.9%, Filipino 3.4% |
| Degree | Bachelor’s Degree 52%, Associate Degree 20%, Master’s Degree 14%, Diploma 4%, Other Degrees 10% |
Table 4: Medical Practice Manager Employment Statistics
| Statistics | Values |
|---|---|
| Wage Gap (2021) | Women earned 92% of what men earned |
| Highest Paid Managers | Top 10% earn $102,000 or more |
| LGBT Managers | 10% |
| Company Size Preferences | < 50 employees, 50-100 employees, 100-500 employees, 500-1,000 employees, 1,000-10,000 employees, > 10,000 employees |
| Average Job Tenure | 1-2 years, 27% of the population |
| Provider Productivity Improvement | Roughly 15% |
| Schedule Template Utilization Improvement | 29% |
Table 5: Medical Practice Manager Performance Statistics
| Statistics | Values |
|---|---|
| Improved Performance Savings (2010-2019) | $20 million |
| Improved Physician Productivity | 15% increase |
| Improved Schedule Template Utilization | 29% increase |
| Provider Schedule Goal | 100% filled |
| Successful Utilization | 80-90% utilization considered successful |
Patient Engagement and Satisfaction
- 77% of patients use online reviews to find a new doctor or medical practice.
- 80% of patients say they would switch healthcare providers for a better online experience.
- 60% of patients prefer to book appointments online.
- 86% of patients who book appointments online are more likely to keep them.
- Patients who use online scheduling are 2.5 times more likely to keep their appointments.
- 85% of patients want to communicate with their healthcare providers via email.
- 67% of patients believe that healthcare providers who use mobile health technologies are more patient-centric.
- 71% of patients want the ability to view and update their health records online.
Practice Management and Operations
9. The global medical practice management software market is expected to reach $19.7 billion by 2027.
- The average revenue cycle management software cost per provider is $17,943 annually.
- The average cost of a denied claim is $25-$30.
- It takes an average of 28.2 days for medical practices to get paid for their services.
- 46% of medical practices experience significant billing and reimbursement challenges.
- The average cost per claim for medical billing services is $4.50-$7.50.
- 51% of medical practices have implemented automated patient appointment reminders.
- 43% of medical practices have implemented patient portals to access medical records.
- 82% of medical practices use electronic health records (EHRs).
- 63% of medical practices use EHRs to improve patient safety.
- 74% of medical practices believe EHRs have improved patient care.
- 63% of medical practices use EHRs to reduce paper records.
Telemedicine and Remote Patient Monitoring
21. The global telemedicine market is expected to reach $185.6 billion by 2026.
- The COVID-19 pandemic has increased the adoption of telemedicine by 33%.
- 90% of healthcare providers have started using telemedicine during the pandemic.
- 70% of patients prefer video consultations over phone consultations.
- 74% of patients are interested in using remote patient monitoring technologies.
- Remote patient monitoring can reduce hospital admissions by 33%.
- Remote patient monitoring can reduce healthcare costs by 26%.
Medical Practice Marketing
28. 72% of patients use Google to search for healthcare providers.
- 60% of patients use social media to find healthcare information.
- 88% of patients trust online reviews as much as personal recommendations.
- 77% of patients use online reviews as their first step in choosing a healthcare provider.
- Medical practices that use social media have 2.5 times more patients than those that don’t.
- 41% of patients say that social media content affects their choice of healthcare provider.
- 38% of patients share positive healthcare experiences on social media.
Patient Satisfaction
As a medical practice, it’s important to prioritize patient satisfaction. Here are some statistics related to patient satisfaction in medical practice management:
- 70% of patients said that they would consider switching to a different healthcare provider if they had a negative experience with a practice. (PatientPop)
- Patients who rated their doctor as “excellent” were four times more likely to remain loyal to that doctor than patients who rated their doctor as “poor.” (Zocdoc)
- A study found that patient satisfaction was positively associated with improved adherence to medication and better health outcomes. (The American Journal of Managed Care)
- Patients who have a positive experience with a medical practice are more likely to refer friends and family to that practice. In fact, one study found that 83% of patients would refer others to their healthcare provider after a positive experience. (PatientPop)
Staff Productivity
Efficient staff productivity is key to running a successful medical practice. Here are some statistics related to staff productivity in medical practice management:
- On average, medical practices spend 20 hours per week on administrative tasks. (Kareo)
- One study found that implementing an electronic health record (EHR) system increased staff efficiency by 5.6%. (The American Journal of Managed Care)
- Medical practices that implemented a patient portal saw a 40% increase in patient satisfaction and a 30% decrease in staff time spent on the phone. (Kareo)
- On average, medical practices spend 16 minutes per patient visit on documentation. (Medical Economics)
Financial Management
Managing finances is a crucial aspect of medical practice management. Here are some statistics related to financial management in medical practice management:
- Medical practices spend an average of $7,000 per physician per year on billing and collection costs. (Medical Economics)
- One study found that outsourcing medical billing can increase revenue by 5-10%. (Medical Economics)
- The average medical practice spends 60% of its revenue on staffing costs. (MGMA)
- In 2019, the average overhead cost per physician in a medical practice was $186,000. (MGMA)
Technology Adoption
Technology is rapidly advancing and medical practices need to keep up to remain competitive. Here are some statistics related to technology adoption in medical practice management:
- 96% of medical practices have implemented an electronic health record (EHR) system. (Kareo)
- Medical practices that implement a patient portal see a 25-30% increase in patient engagement. (Kareo)
- In 2019, the telemedicine market was valued at $45.5 billion and is expected to reach $175.5 billion by 2026. (MarketWatch)
- Medical practices that implement telemedicine can see an increase in patient satisfaction and a decrease in no-show rates. One study found that telemedicine visits had a no-show rate of just 4%, compared to an average no-show rate of 30% for in-person visits. (Kareo)
Practice Growth
Growing a medical practice takes effort and planning. Here are some statistics related to practice growth in medical practice management:
- Medical practices that use marketing tactics such as social media, email marketing, and online advertising see an average growth rate of 14%. (Medical Economics)
- One study found that practices that focus on patient retention and referrals have a growth rate of 9.4%, compared to just 4.4% for practices that don’t focus on those areas. (Medical Economics)
