81% of practices say revenues still short of pre-pandemic levels, with some on ‘brink’
About 81% of physician practices say revenues are still short of where they were prior to the pandemic, with some teetering on the “brink of viability.”
That’s according to a new nationwide survey of physicians, released Wednesday. The American Medical Association said the “viability of physician practices is under threat,” and it’s pushing hard for support. On average, doc groups are recording a roughly 32% drop 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 Bailey, MD, said in a statement. “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.”
All told, the AMA included 3,500 physicians in its survey, administered between July and August. About 81% of respondents said they were providing fewer in-person visits than February, while 70% said even when factoring in telehealth, volumes were still down. Another 36% said they continue to struggle with obtaining PPE.
The association said Wednesday that it continues to press lawmakers for further aid, including additional dollars for the Paycheck Protection Program and the HHS Public Health Emergency Fund. AMA is also lobbying against planned Medicare cuts set to hit radiology and other specialties in 2021 to offset corresponding pay increases for evaluation and management services.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.