Doctors’ practices are in a fight to stay financially viable as they battle against the COVID-19 pandemic. Results of a new nationwide physician survey, issued Oct. 28 by the American Medical Association (AMA) shows medical practices have been economically stressed by the public-health crisis with a 32-percent average decline in revenue. “Physician practices continue to be […]
Doctors’ practices are in a fight to stay financially viable as they battle against the COVID-19 pandemic. Results of a new nationwide physician survey, issued Oct. 28 by the American Medical Association (AMA) shows medical practices have been economically stressed by the public-health crisis with a 32-percent average decline in revenue.
“Physician practices continue to be under significant financial stress due to reductions in patient volume and revenue, in addition to higher expenses for supplies that are scarce for some physicians,” AMA President Susan R. Bailey, M.D. said in a release about the survey. “More economic relief is needed now from Congress as some medical practices contemplate the brink of viability, particularly smaller practices that are facing a difficult road to recovery,” she contends.
The AMA’s nationally representative survey of 3,500 physicians, administered from mid-July through August 2020, “illustrates precarious trends and realities that physicians face as they continue to respond to the COVID-19 pandemic,” per the release.”
Financial impact
• 81 percent of physicians surveyed said revenue was lower than in February. Revenue reductions were 50 percent or more for nearly 1 out of 5 physicians.
Patient volume
• 81 percent of doctors were providing fewer in-person patient visits than in February. In-person patient visits fell 50 percent or more for greater than one-third of physicians.
• Despite increased telehealth visits since February, almost 7 out of 10 physicians were providing fewer total visits (in-person plus telehealth). Total patient visits fell 50 percent or more for greater than 1 out of 5 physicians.
Practice expenses
• Spending on personal protective equipment (PPE) since February increased 50 percent or more for nearly 2 out of 5 medical-practice owners.
• 36 percent of physicians said that acquiring PPE was very or extremely difficult, especially for smaller practices that lack purchasing power to compete with larger health systems.
According to the AMA survey, most medical-practice owners reported that the federal financial-assistance programs offered early in the pandemic were very or extremely helpful.
You can check out the full AMA survey results at https://www.ama-assn.org/system/files/2020-10/covid-19-physician-practice-financial-impact-survey-results.pdf