Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "2022 US Physician Office Market Report" report has been added to ResearchAndMarkets.com's offering.
The physician and clinical services market rebounded in 2022 following a pandemic decline in both patient volumes and revenue. The market grew from $850 billion in 2021 to $903 billion in 2022.
The 2022 Physician Office Market Report analyzes major market trends impacting the industry including physician employment, technology innovation, and acquisition trends.
Key Findings
- 55% of physician offices reported exceeding patient visits volumes in 2022 compared to 2021.
- By 2025, 70.6 million patients are expected to use remote patient monitoring (RPM).
- The urgent care industry is valued at $45 billion in 2022.
Executive Summary:
Market At-A-Glance
The physician and clinical services market is projected to reach $1.4 trillion by 2030. In 2022, spending on physician services is 20.1% of all U.S. healthcare spending. Private health insurance is the largest payer for physician services at 38% of the payer mix. The industry remains dominated by specialty care. In 2022, there is an estimated 300,000 specialty physician offices and 150,000 primary care offices.
Primary Care Provider Shortage Worsened By Wage Gap
Primary care physicians (PCP) earn 42% less than specialists, a contributor to the primary care provider shortage. In 2022, only 46% of practicing physicians are primary care physicians. PCP turnover leads to roughly $979 million in additional healthcare expenditures for public and private payers each year.
In 2022, nurse practitioners (NP) and physician assistants (PA) have full practice authority in 26 states, the District of Columbia, and two U.S. territories. By 2026, the NP profession is projected to grow by 36%. NPs and PAs with full practice authority could reduce the primary care provider shortage by 70%.
Physician Visit Levels Increase Following Pandemic Decline
Nearly 55% of physician offices in 2022 reported exceeding their patient visit volumes of 2021. In 2022, patient visits have rose to one billion from 900 million in 2021. The overall percentage of patient visits declined in 2020 due to the pandemic and have since rose roughly 10%, with the projection to continue to increase in 2023.
Virtual And In-Person Hybrid Model Expands Physician Services
Sixty-three percent of physicians who used telehealth during the COVID-19 pandemic plan to move forward with both virtual and in-person visits in 2022. Patient expectations and regulatory requirements are fueling technology and physician office upgrades. Telehealth continues to play an essential role, with many providers planning to move forward with a hybrid use of virtual and in-person visits a well as remote patient monitoring (RPM) to reach more patients and achieve health equity.
Data Information Sharing Mandate Goes Into Effect October 2022
Only 36% of office-based physicians can access patient data from other institutions. On October 6, 2022 the Office of the National Coordinator for Health Information Technology (ONC) Interoperability Rule went into effect requiring healthcare providers to share all electronic health information for patients to easily share medical histories with other providers. Providers failing to comply may not be able to participate in Medicare or face financial penalties.
Key Topics Covered:
- Executive Summary
- Physician Office Market Overview
- Physician Visits Rebound From Pandemic Levels
- Specialists Continue To Earn More Than Primary Care Physicians
- Specialist And Primary Care Offices Grow After Pandemic Decline
- One-Third Of Physicians Are Reducing Work Hours
- Physician Turnover Caused Healthcare Costs To Increase
- Most Facilities Use Temporary Providers To Address Staffing Shortages
- Physician Shortage Expected To Worsen By 2024
- Technology Innovation Is The Top Physician Trend In 2022
- Hybrid Of Telehealth And In-Person Visits Expected In 2022
- Physicians And Patients Have Different Opinions On Telehealth
- Remote Patient Monitoring Seen As The Next Big Wave In Healthcare
- Over Half Of U.S
- Medical Practices Add NPs And PAs To Staff
- Physician Practice Acquisition Accelerated During Pandemic
- Providers Now Required To Exchange Patient Data Electronically
- Patients Prefer Traditional Doctors Offices Over Retail Health Clinics
- Urgent Care Sector Expected To See Continued Growth
- Urgent Care Patient Volumes Exceed Pre-Pandemic Levels
- Community Health Centers Serve An At-Risk, Diverse Population
- Clarivate Lists Top Physician Office Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/r/lnzfum
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