The National Society of Certified Healthcare Business Consultants (NSCHBC) (for which I have been a long standing member) has produced their annual Practice Statistics Report (2013). This statistics report contains practice data from 2,492 professional practices representing 5,252 FTE doctors. The aggregate data is reported on 60 dental and medical specialties.
Practices that utilize NSCHBC consultants are proven to produce more revenue and bottom line income, in most cases, than those practices that do not utilize expert professionals in assisting in the management and oversight of the business. Additionally, practices included in the NSCHBC statistics report continually exceed revenue and profits of those practices contained in the MGMA annual practice surveys. Here is a sampling of some of the 2013 report findings.
Family Medicine w/o Obstetrics ◦ Average annual revenue per practice grew by about $45,000 or 3.6% and $33,000 or 5.1% per FTE Doctor ◦ Avg income increased by 10.3% per practice and increased 13.4% per FTE Doctor ◦ Avg OH decreased by2.6% per practice and decreased 2.7% per FTE Doctor
Family Medicine w/ Obstetrics ◦ Average annual revenue per practice grew by about $120,000 or 10.2% and $120,000 or 18.4 % per FTE Doctor ◦ Avg income dropped by 1.7% per practice and grew by 8.0% per FTE Doctor ◦ Avg OH grew by 3% per practice and 2.3% per FTE Doctor
Internal Medicine ◦ Average annual revenue per practice grew by about $75,000 or 6.6% and $72,000 or 12.4% per FTE Doctor ◦ Avg income increase by 19.3% per practice and grew by 20.1% per FTE Doctor ◦ Avg OH decreased by 6% per practice and decreased by 4.7% per FTE Doctor
All primary care practices increased in the last 5 years, but Family Practice without OB increased the most, by 144%. Cardiology, OB/GYN and Plastic Surgery decreased over the same period by 46%, 2% and 12%, respectively. Of those three, OB/GYN and Plastic Surgery were down more than that but have shown an upswing in the last two years. During the same 5 years General Dentistry and Orthodontics have stayed even with a small increase. Periodontics, however, has seen relatively steady growth until 2012 where there was a drop. Overall, however, Periodontics is up 22% over the last 5 years. Overall, General Surgery has been the most consistent in the last 5 years. Plastic Surgery dropped in 2009 by over 32% but has slowly increased in the last 2 years to a net 12% loss.
Visit the NSCHBC website to find out more how your practice compares to like practices or contact a member consultant to assist you in benchmarking your practice today.