Amidst the implementation of the Patient Protection and Affordable Care Act and other changes in the regulatory environment, more and more independent physicians are considering selling their practices, according to a report by CareCloud.
CareCloud's "Practice Profitability Index" report gathered data through an interactive online survey and discussion groups that included 5,064 physicians during March of 2014. The study found an increase in regulatory initiatives and administrative work, while at the same time a growing interest by independent physicians to sell their practices. In a similar report by Accenture referencing data from 2013, only about one in three physicians were expected to hold a practice ownership stake. Of the 792,594 practicing physicians in 2013, 36 percent of them were independent, according to the report.
Here are eight statistics from the PPI report:
1. The number of independent physicians looking to sell increased from 21 percent to 24 percent.
2.The number of physicians intent on staying independent declined form 60 percent to 53 percent between 2013 and 2014.
3. However, 53 percent of the independent physician participants in the study are not looking to sell their practice.
4. 12 percent of participants in the study are looking to sell.
5. 11 percent of participants in the study have already sold their practice.
6. The number of physicians spending more than one day a week on paperwork increased from 58 percent to 70 percent
7. 23 percent of physicians said they spend more than 40 percent of their time on administration.
8. Reluctant to accept new patients even amidst the PPACA, the percentage of physicians who will not be able to accept new patients is still high at 47 percent.
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