More physicians reported the financial state of their practices worsening in 2023 than 2022, according to Medical Economics' 2024 Physician Report published Aug. 14.
Medical Economics collected data from its physician audience on salaries, productivity, malpractice rates and the state of the profession. The data covers 2023 and was collected during the first and second quarter of 2024.
Here are four notes:
1. Thirty-nine percent of physicians reported their practice's financial state worsening in 2023, compared to 33% in 2022 and 29% in 2022.
2. Forty-nine percent said their practice's financial state was about the same, and 13% said it was better than a year ago.
3. Seven out of 10 physicians said higher overhead and staff costs were the reason practice finances went negative in 2023.
4. Other top reasons financial states worsened included lower reimbursements, more time spent on uncompensated tasks, greater technology costs and difficulty collecting from patients.