Physicians report cautious optimism regarding their financial outlook improving despite ongoing industry challenges, according to the Third Annual Practice Profitability Index. Doctors are also taking action — investing in their practice operations to counter regulatory challenges, financial pressures, and administrative burdens.
In this year’s survey of 5,024 physicians nationwide, 31% predict a negative trend in their profitability in the coming year. Although still nearly 1 in 3 doctors, this pessimistic group decreased 9% compared to 2014.
Now the largest percentage, 35% of physicians, expects to maintain the same profitability, up 5% from last year. Both years, 10% of respondents remained unsure.
The good news – this year nearly 1 in 4 or 24% expect a positive upswing in profitability. This optimistic group appears to be growing, increasing 5% from the 2014 annual survey.
The data-rich Practice Profitability Index (PPI) report provides a wide range of insights into what physicians from all 50 states think about the financial health of their business.
Don’t have time to read the full PPI report? Check out our handy infographic, which walks you quickly through key findings, including:
* Top challenges to profitability
* What percentage of physician leaders is considering selling or merging
* How physicians plan to act to remain profitable
* Promising trends that could help offset profitability anxieties
* And more
Here’s a preview of the infographic:
See the full Practice Profitability Index Infographic and more on how physicians feel across the United States. The Third Annual PPI report is brought to you through a partnership between CareCloud and QuantiaMD.
