Information technology costs are on the rise, as physician practices adopt and optimize electronic health records (EHRs). Since 2008, medical practices' annual expenditures per full-time-equivalent (FTE) physician for information technology costs have climbed 27.8 percent, from a median of
"Implementing and optimizing information technology is a significant investment for physician practices," said
Physician practices also reported increases in median staffing costs as a result of adding business operations, clinical, and ancillary support professionals to the practice. Total business operations staff per 10,000 patients increased 8.69 percent since 2011, from 6.56 to 7.13. This indicates that physician practices and hospitals are investing in sophisticated, knowledgeable, and certified staff to manage physician services. Staff costs are also on the rise as additional personnel are hired to manage operations and contend with a complex regulatory environment. Increased staffing costs may have also been incurred as practices seek to improve their patients' experience and satisfaction with their visits beyond the time spent with the clinician (http://www.mgma.com/about-medical-practice-management/).
"The patient's experience extends far beyond the exam room (http://www.mgma.com/about-medical-practice-management/)," said
The MGMA Cost Survey Report: 2013 Report Based on 2012 Data (http://www.mgma.com/store/Surveys-and-Benchmarking/DataDive-2013-Cost-and-Revenue-Module-/) features data from 2,411 groups and is the largest and most robust cost survey and benchmarking tool in the industry. The report also includes data categorized by specialty, organization ownership, and geographic section. The report also features data on staffing ratios, medical revenue, total operating costs, and accounts receivable.
The information is available on DataDive (http://www.mgma.com/store/Surveys-and-Benchmarking/DataDive-2013-Cost-and-Revenue-Module-/), an easy-to-use Web-based format that allows users to access and drill down data for analysis as well as a printed report.
Additional resources for physicians and medical practice professionals on benchmarking costs:
MGMA Annual Conference (http://www.mgma.com/mgma13/),
MGMA In Practice blog: A step-by-step guide to improving your billing statements (http://www.mgma.com/blog/a-step-by-step-guide-to-improving-your-billing-statements/)
Additional cost specialty reports, including:
Note: MGMA-ACMPE surveys depend on voluntary participation and may not be representative of the industry. Readers are urged to review the entire survey report when making conclusions regarding trends or other observations.
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