Volume losses, revenue reductions and supply expenses are making it hard for small physician practices to survive the public health crisis, American Medical Association President Susan Bailey, MD, said in a USA Today article published Nov. 9.
Dr. Bailey's comment comes on the heels of a recent AMA survey. The industry group surveyed 3,500 physicians from mid-July through August.
What you should know:
1. For one-third of respondents, in-person visits decreased by at least 50 percent during the pandemic.
2. Medical practices' average revenue was down 32 percent, and nearly 1 in 5 physicians saw a revenue reduction of at least 50 percent.
3. Nearly half of medical practice owners said spending on personal protective equipment was up at least 50 percent since February.
4. Obtaining PPE was "very" or "extremely" difficult for smaller practices without the purchasing power to compete with larger health systems, according to 36 percent of physician respondents.
5. Despite a drastic increase in telehealth utilization since February, nearly 70 percent of physicians said they were still providing fewer total visits.
6. These survey results reveal the need for additional economic relief from Congress, the AMA said.