According to new data from Medical Group Management Association, physician-owned multispecialty practices spent more than $32,500 per full-time physician on information technology equipment, staff, maintenance, and other related expenses in 2015, as noted by a press release from MGMA.
Since 2009, technology costs at physician-owned multispecialty practices have increased by more than 40%, the MGMA press release notes. The largest increase in technology costs occurred between 2010 and 2011, corresponding to implementation of the 2009 Health Information Technology for Economic and Clinical Health (HITECH) Act, which incentivized physicians and others to use certified electronic health records.
Physician-owned multispecialty practices have seen steady year-over-year increases in IT staff expenses, which have escalated by nearly 47 percent per full-time physician since 2009.
As highlighted on the press release, additional data highlights include:
- Physician-owned multispecialty practices that are part of an accountable care organization (ACO) enjoyed lower costs and higher total medical revenue after operating costs last year than in 2014.
- Physician-owned specialties reported having a higher total number of full-time support staff on payroll – including personnel who oversee business operations, the front office, and clinical support – than their hospital-owned counterparts did in 2015.