Physicians bill commercial healthcare insurance companies an average of $3.8 million a year, according to a new report from AMN Healthcare, parent company of Merritt Hawkins, an IHA Endorsed Business Partner.
The company's 2023 Physician Billing Report tracks claims submitted by physicians in 18 specialties, as well as claims submitted by nurse practitioners (NPs) and certified registered nurse anesthetists (CRNAs). On average, providers tracked in the report submit close to $4 million a year in billing to commercial health insurance companies. General surgeons submit the highest average annual claims among physicians included in the report at $11,669,016, while pediatricians submit the lowest average at $1,323,104.
The report indicates that physicians who practice in diagnostic, surgical and internal medicine subspecialties typically generate higher average billing to commercial payors than do primary care physicians. The average billing amount to commercial payors generated by specialist physicians is $4,650,750, according to the report, compared to $1,770,564 for primary care physicians. Under current healthcare reimbursement models, surgical, diagnostic and other procedures typically performed by specialists are compensated at higher levels than are the consultative services typically provided by primary care physicians. As a result, claims submitted by specialists are usually higher than those submitted by primary care physicians.
The report indicates that advanced practice professionals such as CRNAs and NPs also generate revenue. CRNAs submit an average of $1,750,281 in claims to commercial payors, according to the report, while NPs bill an average of $777,393, underscoring their economic importance.
Analysis in the report points to the continued key role of physicians and certain advanced practice professionals as revenue generators. The report tracks billing only for services provided by physicians, NPs and CRNAs directly, and does not include "downstream" revenue these providers may generate through the tests and hospital admissions they order and other activities. Factoring in this revenue would further underscore their importance as revenue drivers.
The report indicates that though payment models in healthcare are evolving, much of healthcare economics still is driven by the type and volume of services physicians and advanced practice professionals provide. They remain key catalysts of both care and revenue.
White Paper: Enhancing Retention
AMN Healthcare, the nation’s leading provider of healthcare talent solutions, is committed to assisting our clients with multiple staffing challenges, including executive, nurse, physician and allied professional retention.
Below is a new white paper produced by our Center for Workforce Research that examines the connection between the retention of clinical professionals and the retention of executive staff.
The white paper reviews methods by which healthcare facilities can enhance the retention of clinical staff members and thereby address one of the most pressing challenges facing healthcare executives.
Through our Leadership and Physician Solutions divisions (formerly B.E. Smith and Merritt Hawkins), AMN Healthcare offers a wide range of search and consulting services.
If you have questions about the white paper, or if you would like to discuss your current staffing needs, please reach out to Benjamin Jones, regional vice president at 469-524-1652 or
Benjamin.Jones@MerrittHawkins.com.
2022 Merritt Hawkins Physician Appointment Wait Time Survey
We have just released our latest version of this survey, which indicates average physician appointment wait times in major metropolitan areas have increased by 8% since 2017, when we last conducted the survey, and by 24% since 2004, when we first conducted the survey.
Increasing physician appointment wait times, particularly in major metropolitan areas where there are a comparatively large number of physicians, are a further sign of a persistent physician shortage that can make medical services difficult to access.
This
infographic shows some key findings of the survey along with the full survey.
Merritt Hawkins 2022 Annual Incentive Review
Every year for the last 29 years, Merritt Hawkins, a division of AMN Healthcare, has released its Review of Physician and Advanced Practice Practitioner Recruiting Incentives. Each Review is based on real-world physician and AP recruiting data Merritt Hawkins derives over a 12-month period from Apr. 1 of a given year through Mar. 31 of the following year.
The recently released 2022 Review is based on a representative sample of over 2,600 recruiting engagements and, like previous reviews, tracks physician and AP starting salaries, signing bonuses, relocation allowances, and related incentives. Over the years, the Review has provided benchmark data that many hospitals, medical groups, and others now use to determine if their recruiting packages offer customary and competitive incentives.
The new Review indicates that demand for physicians, and the salaries they are offered, have rebounded dramatically from COVID-19. Patient backlogs, an aging population, and widespread chronic medical conditions have caused a strong surge in physician demand.
IHA Members can obtain a copy of the review by contacting
Ben Jones at Merritt Hawkins.
Blog Post: Oct. 20, 2021 by Kurt Mosley
Healthcare, Poverty, and COVID-19
As my dear grandmother once told me, “money is honey, but health is wealth.”
Truer words have not been spoken, and today the connection between wealth (or the lack of it) and health is becoming more apparent.
When considering what makes people in the United States healthy or unhealthy, most Americans are likely to cite lifestyle choices, such as diet and exercise, and genetics as the determining factors, but not poverty.
Read on >>
Merritt Hawkins White Paper
Thought Leadership Resources
In addition to providing physician search and consulting services, Merritt Hawkins generates data and analyses that have become standard benchmarks and
reference points for health care professionals throughout the country. These resources are developed both in order to provide our associates with the information they need to be effective in the marketplace, and to help inform fellow health care professionals regarding trends in the health care staffing market.
Third parties such as federal government entities, non-profit groups, and universities now retain Merritt Hawkins to conduct thought leadership projects on their behalf.
Referenced in media outlets including
The Wall Street Journal, The New York Times, USA Today, Fortune, Forbes,
and many others, this information is derived from various surveys, white papers, educational programs, articles, and other sources, which are reviewed within
this document.
For more information, email
Ben Jones, Regional VP of Marketing.
Physician Revenue Generation Survey Shows $2.4 Million Average Annually Across All Specialties
How much revenue do physicians generate on behalf of their affiliated hospitals? Merritt Hawkins, an IHA Endorsed Business Partner and
the nation’s leading physician search firm, periodically tracks this key metric through
their Physician Inpatient/Outpatient Revenue Survey.
The 2019 version of this survey has just been released and includes timely data of importance to healthcare facility administrators, physicians and others who track emerging healthcare trends. Numbers from this survey have been referenced by leading publications such as
The Wall Street Journal and have become a standard benchmark used throughout the healthcare industry. An
infographic reveals the Top Ten physician specialties ranked by revenue generated.
If you would like a complete copy of the survey, please email
Ben Jones, regional vice president, or call 469-524-1652.
Social Impediments to Health Pervasive, Indiana Physicians Say
By Kurt Mosley
Eighty-eight percent of physicians nationally indicate that some, many or all patients are affected by a social condition such as poverty, unemployment, lack of education, or drug addiction that poses a serious impediment to their health, according to a new survey. Among Indiana physicians completing the survey, the number also is higher at 91%.
These are among key findings of a major new survey of 8,772 physicians commissioned by
The Physicians Foundation, a nonprofit organization that seeks to advance the work of practicing physicians and help facilitate the delivery of healthcare to patients. The survey was conducted for The Physicians Foundation by Merritt Hawkins, the nation's leading physician search and consulting firm. Titled
2018 Survey of America's Physicians: Practice Patterns and Perspectives, the research underscores the prevalence of social conditions undermining the health and well-being of many Americans.
The survey's findings align with
recent reports tying social determinants of health to declining life expectancy rates in the U.S. and to
research showing the connection between poverty and relatively high rates of healthcare spending in the U.S. compared to other developed nations.
Cracks in the Physician/Hospital Relationship.
The wide-ranging survey also asked physicians about their morale, practice metrics, practice plans and how they feel about the physician/hospital relationship. Over 57% of physicians nationally said they do not believe that the employment of physicians by hospitals is likely to enhance quality of care or decrease costs. For Indiana physicians, the number also was considerably higher at 68%.
Over 46% of physicians nationally described the physician/hospital relationship as somewhat or mostly negative. For Indiana physicians, the number was higher at 53%. These findings underscore the fact that physician/hospital alignment cannot always be achieved merely by employing physicians. More communication and cooperation may be necessary before this key relationship can be considered truly symbiotic (for more information on this topic see the Merritt Hawkins' white paper
Ten Keys to Enhancing Physician/Hospital Relations and Reducing Physician Burnout and Turnover).
At Capacity or Overextended
When asked to describe their practices, over 79% of physicians nationally said they are either at capacity or are overextended and therefore unable to see more patients or take on more duties. For Indiana physicians, the number also was 78%. Close to 62% of physicians nationally described their professional morale as somewhat or mostly negative. For Indiana physicians, the number was lower at 55%, a favorable metric compared to national averages but still a cause for concern.
The survey includes many other data points derived from dozens of questions that reveal the average number of hours physicians work, the average number of patients they see, what changes they plan to make in theirs practices and a variety of other topics. Results of the survey broken out by all physicians and by Indiana physicians are available to MHA members by contacting Ben Jones, Merritt Hawkins' Regional Vice President of Marketing, at
ben.jones@merritthawkins.com.
***
Kurt Mosley is Vice President of Strategic Alliances for Merritt Hawkins, the nation's leading physician search firm and an Endorsed Business Partner of the Indiana Hospital Association. He can be reached at
kurt.mosley@amnhealthcare.com.
RESOURCES:
New Merritt Hawkins White Paper Now Available
Merritt Hawkins, the nation's leading physician search and consulting firm and an Endorsed Business Partner of the Indiana Hospital Association, produces a regular series of white papers on a wide range of physician recruiting and related topics. The latest white paper in the series is entitled, Medical Education Loan Repayment and Resident Stipends: Emerging Trends in Physician Recruiting and examines the growing number of healthcare facilities that are incorporating medical education loan repayment into their physician recruiting incentive packages, and how these repayments typically are structured. The white paper also looks at typical resident stipend amounts and terms. If you would like to discuss your current recruiting needs, please contact Ben Jones, regional vice president, at 469-524-1652 or
Benjamin.Jones@MerrittHawkins.com.
New 2018 Physicians Foundation Survey Released
Every other year, Merritt
Hawkins, Endorsed Business Partner of the Indiana Hospital Association, is proud to conduct one of the largest, most comprehensive physician surveys undertaken in the United States. Completed on behalf of The Physicians Foundation (www.physiciansfoundation.org)
A Survey of America's Physicians: Practice Patterns and Perspectives offers invaluable insights into the practice patterns, practice plans, morale levels and perspectives of today's doctors. It is a key resource for anyone who recruits physicians, works with physicians or is impacted by who physicians are and what they do. Provided is an infographic featuring a few key findings from the survey – including the sobering number of physicians who indicate that their patients face a social condition such as poverty that poses a serious impediment to their health. Please contact Ben Jones, regional vice president at either 469-524-1652 or
Benjamin.Jones@MerrittHawkins.com if you would like a complete copy of the survey report. Indiana specific responses are also available.
Merritt Hawkins Survey of Physician Inpatient/Outpatient Revenue
In this periodic
survey of hospital chief financial officers, Merritt Hawkins tracks the average net inpatient and outpatient revenue physicians in 18 specialties generate each year on behalf of their affiliated hospitals. The survey report includes a cost benefits analysis showing revenue generated by physicians for hospitals versus the average salaries paid to physicians. The survey generates both national media interest and is highly anticipated by hospital administrators, physician recruiters, policy makers and others tracking the impact of physicians on hospital revenues.
2019 Merritt Hawkins Recruiting Incentives Report
As you may know, each year Merritt Hawkins completes its
Review of Physician and Advanced Practitioner Recruiting Incentives. This 54-page document takes a deep dive into the starting salaries, signing bonuses and other incentives commonly used to recruit physicians, physician assistants and nurse practitioners in today’s evolving healthcare market. Now in its 26th year, the Review has become a bench-marking source used by hospitals, medical groups, academics, policy makers, journalists, and others to determine which physician recruiting incentives are customary and competitive, as well as to track trends in physician supply, demand, and recruiting. We hope you find this information to be useful.
Merritt Hawkins Survey of Final-Year Medical Residents
Conducted every other year,
this survey captures the career preferences and the prevailing mindset of physicians about to complete their residency training. The survey provides insights that may be helpful to hospitals or other organizations interested in recruiting physicians about to enter the medical profession and reflects the interest and concerns of young physicians today.
The Economic Impact of Physicians
Physicians undoubtedly make a vital impact on the quality of care available in the communities they serve, but what is their economic impact? Merritt Hawkins, Endorsed Business Partner of the Indiana Hospital Association, addresses this question in its white paper entitled The Economic Impact of Physicians. An updated version of the white paper an
updated version of the white paper is now available. This new version includes numbers from the AMA’s recently released report which shows that the economic contributions physicians make have grown significantly over the last several years. For example, based on the most recent data, office-based physicians generate $3.1 million on average in economic output, up from $2.2 million based on previous data. The information included in this white paper may prove to be useful as you calculate the costs/benefits of physician recruiting.
The Cost of a Physician Vacancy
What is the “opportunity cost” for hospitals, medical groups and other healthcare facilities when a medical staff position goes unfilled? Using data derived from Merritt Hawkins’ Physicians Inpatient/Outpatient Revenue Survey,
this white paper answers that question, detailing the financial and operational impact of physician vacancies.
Demonstrating Community Need for Physicians
How many physicians does a community need? There is no quick answer to this question, which varies depending on the demographics, economics, and medical practice patterns of each community. This white paper explains the methods used to demonstrate
community need for physicians in various specialties, including but also going beyond physician-to-population ratios.
Rural Physician Recruiting Challenges and Solutions
There are now well over 6,000 federally designated Healthcare Professional Shortage Areas (HPSAs) in the United States, many of them in rural communities. Rural hospitals, community health centers, and other facilities continue to face steep challenges when it comes to identifying and recruiting physicians who are amenable to rural medical practice. This white paper offers a series of
recommendations and best practices rural facilities can implement to enhance their physician recruiting success.
Psychiatry: “The Silent Shortage”
The
shortage of psychiatrists and mental health coverage goes largely unnoticed, and is therefore referred to as a “silent shortage”. In this white paper, Merritt Hawkins outlines the growing gap between supply of psychiatrists and the need for increased mental health care.
Physician Generated Revenue Chart
Using data from its Survey of Physician Inpatient/Outpatient Revenue, Merritt Hawkins has developed a chart that indicates the amount of revenue physicians in various specialties generate on behalf of their affiliated hospitals pro-rated by month, from one month to 36 months. The chart allows hospital executives to quickly determine how much revenue is potentially lost when an orthopedic surgeon, cardiologist, family medicine doctor, or other type of medical staff position remains open for a given period of time. Contact
Ben Jones for the most current physician generated revenue data.
Additional Thought Leadership Resources
In addition to providing physician search and consulting services, Merritt Hawkins, an Endorsed Business Partner of the IHA, generates data and analyses that have become standard benchmarks and reference points for health care professionals throughout the county. These resources are developed both in order to provide Merritt Hawkins associates with the information they need to be effective in the market place, and to help inform fellow health care professionals regarding trends in the health care staffing market. Third parties such as federal government entities, non-profit groups, and universities now retain Merritt Hawkins to conduct thought leadership projects on their behalf. Referenced in media outlets including The Wall Street Journal, The New York Times, USA Today, Fortune, Forbes, and many others, this information is derived from various surveys, white papers, educational programs, articles, and other sources, which are reviewed here.
If you have questions about these resources, or would like to discuss your physician recruiting needs, email
Ben Jones or call 469-524-1652.
