Here are 11 key statistics about private practice physicians.
These statistics were drawn from Medical Economics' "2022 Physician Report," an April 2022 report from healthcare consulting firm Avalere, Medical Group Management Association's 2022 "Datadive Provider Compensation Report" and a study by researchers at Boston-based Brigham and Women's Hospital published in JAMA Network Open.
1. The number of physicians in private practice dropped to 26 percent in 2021.
2. There are now about 135,300 hospital or corporate-owned physician practices in the U.S.
3. Physicians now own about 46 percent of all practices.
4. About 108,700 physicians have left private practice since January 2019.
5. Physicians working in physician-owned practices are more likely to be satisfied with their EHRs, at 36 percent versus 26.7 percent.
6. Physician practice owners' annual malpractice insurance premium is $3,000 less than non-owners.
7. Physician practice owners work an average of two more hours a week than non-owners.
8. In 2021, 21 percent of physicians reported an improvement in practice finances compared to 2020.
9. Less than half of patient care physicians, 49.1 percent, work in a physician-owned practice.
10. Physician-owned practices are four times more likely to have a 100 percent productivity or equal share compensation system compared to hospital-owned practices.
11. From 2019 through 2021, hospitals and health systems saw a 9 percent growth in physician practice acquisitions.