RESTON, Va., June 23, 2014 /PRNewswire/ -- The National Society of Certified Healthcare Business Consultants (NSCHBC) has released the 2013 Joint Statistics Report of Medical and Dental Statistics on Income and Expenses. Each year the NSCHBC and the Academy of Dental CPAs compiles this valuable statistics report on key cost and revenue components of medical/dental practices utilizing actual data from financial statements and income tax returns of its members. The report includes information on overhead percentages, average monthly charges in accounts receivables, full time equivalent staff ratios, and more.
"The cost and expense of running a business is a major concern of physicians in independent private practices today," said NSCHBC President Reed Tinsley. "Many physicians and practice managers don't know the cost of keeping their doors open to serve patients, much less know what those costs should appropriately be. Finance and business management is not something typically taught in medical schools."
The report features data from more than 2,492 professional practices representing more than 5,252 full time equivalent (FTE) doctors. It covers 60 dental and medical specialties including family practice, general dentistry, internal medicine, obstetrics and gynecology, and orthodontics.
Key findings of the report include:
- Net income for all primary care practices increased in the last five years (2009-2013), but family practice without OB increased the most at 144 percent
- Cardiology, OB/GYN and plastic surgery net income decreased over the same period by 46 percent, two percent and 12 percent, respectively
- OB/GYN and plastic surgery practice incomes were on a track to greater loss from 2009 to 2011 but have experienced an upswing in the last two years
- During the same five-year period, general dentistry and orthodontics have stayed relatively even with just a small increase in practice income
- Periodontics, however, saw relatively steady growth until 2012 when there was a drop; overall, however, periodontics is up 22 percent over the last five years
- General surgery practices have had the most consistent income in the last five years
- Plastic surgery practice income dropped in 2009 by more than 32 percent but has slowly increased in the last two years to a net 12 percent loss
"Physicians are accustomed to applying scientific methodology to patient care, but often fail to apply similar methodologies to monitor the 'business health' of their practices. The same physician that is closely monitoring a diabetic patient's lab-results against statistical norms may be ignoring her own practice's expenses versus specialty benchmarks, to the risk of her practice's financial health," stated Tinsley.
To order a Joint Statistics Report, call NSCHBC at 703-234-4099. Reports available for purchase include 2006-2013 reports. Note that each year's report is based on the prior year's data. For additional details, including the list of specialties, a sample report and pricing, visit the NSCHBC website at http://www.nschbc.org/statistics/index.cfm
NSCHBC is a national organization dedicated to serving the needs of consultants who provide ethical, confidential and professional advice to the healthcare industry. The Mission of the Society is to advance the profession of healthcare business consultants by setting standards for its members through education, certification and professional interaction.
Contact: Carol Wynne