Doing more with less doesn't always leave you with a better bottom line.
The 2023 MGMA DataDive Cost and Revenue data set reveals the enormity of the impacts from reduced staffing in some medical groups following The Great Resignation, particularly in decreased total medical revenue at a time when operating expenses remain inflated and fewer providers are handling the job of maintaining productivity.
In our new data summary report, Missing Pieces for Revenue Recovery in the Post-Pandemic Era, key trends and benchmarks from MGMA DataDive are examined through the lines of recent MGMA Stat polling and research, to reveal a comprehensive picture of the financial performance of medical groups in the post-pandemic era, with metrics to help healthcare leaders revise staffing models and budgets to succeed in a new market dominated by labor challenges and inflation.
Key insights from the report:
- Median support staff in physician-owned primary care practices have dropped by more than three full-time-equivalent (FTE) roles since the start of the COVID-19 pandemic.
- While some practices report total encounters are on the rise, most practices — with the exception of independent surgical practices — have experienced a decrease in the number of unique patients.
- Hospital-owned practices reported gains in total medical revenue for the past year, with many now solidly above their pre-pandemic benchmarks.
- Many practices reported increases in outstanding A/R in 2022 and subsequent bad debts.
Complete the form on this page for free access to the full summary report. If you’re already an MGMA DataDive subscriber, log in to take advantage of the new data set.
Click here to learn more about MGMA DataDive Cost and Revenue.