Three-quarters of the more than 500 doctors contacted in an online survey by McKinsey & Co. said they expected their practices would not make a profit in 2020.
A study in the journal Health Affairs, published in June, put a hard number on that. It estimated that primary care practices would lose an average of $68,000, or 13%, in gross revenues per full-time physician in 2020. That works out to a loss of about $15 billion nationwide.
A study in the journal Health Affairs, published in June, put a hard number on that. It estimated that primary care practices would lose an average of $68,000, or 13%, in gross revenues per full-time physician in 2020. That works out to a loss of about $15 billion nationwide.
The pandemic impacted an already festering economic climate for primary care physicians as well as specialty physicians. Surgical and other specialists such as Radiologists who depend upon referrals, and the ability to perform routine procedures also saw a precipitous decrease in volume and income.
The addition of telehealth worked well for patients, however, it did not offset the decrease in-office visits. The saving grace was emergency authorization for reimbursement of telehealth visits by CMS, Medicaid, and private payers.
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