MedCentral Report: Facing challenges, physicians adapt with side gigs and new practice models; most not using AI

ARLINGTON, Va., June 18, 2024 /PRNewswire/ -- Facing the challenges of increased competition and lower reimbursement, physician practices are responding with added patient services and non-physician staffing, while they consider switching to new practice models to stay profitable, according to the results of a new survey from MedCentral. Nearly one in four physicians (23%) said their practice income decreased since 2023, while 61% said it had stayed the same.

The survey, How Is Medical Practice Evolving? featured responses from close to 900 US-based physicians on how current healthcare trends and challenges have impacted their medical practice, including staff and physician shortages, reimbursement issues, and competition from retail clinics, urgent care centers, and more.

The majority of respondents were internists and family physicians (70%), with 20% from other internal medicine subspecialties. More than half (52%) worked in suburban areas, with another 33% in urban areas and 14% in rural areas, and the majority (62%) practiced in a private medical office. 

The online survey was conducted from April 16 to May 19. 

Administrative Work Still a Burden; AI Yet to Break Through 

The burden of administrative work continued to be the top concern of physicians, with 66% ranking it as the most significant issue for their practice. Reimbursement and staffing issues also ranked high, at 57% and 56%, respectively.

And while the majority of physicians (66%) said they were not using artificial intelligence in their practices, those that were found it most helpful for medical documentation, followed by billing and coding automation, and differential diagnosis assistance. 

 New Practice Models, Side Gigs 

A substantial percentage of doctors said they either had switched or were considering switching to a new practice model. One in five said they were offering direct primary care (in DPC the physician does not take insurance and patients pay a monthly or annual retainer for medical care) and 23% were considering taking on DPC. Nearly one-third said they were considering getting into concierge or hybrid practice (patients utilize insurance, but also pay a retainer) and nearly one in five (17%) had incorporated urgent care in their practice.

Nearly half of respondents (44%) said they had a medical-related side gig, e.g., medical consulting or moonlighting at a part-time job to bring in extra income.

"The MedCentral survey results show that physicians remain resourceful in the face of staffing and reimbursement challenges," said JoAnn E. Manson, MD, MPH, DrPH, chief, Division of Preventive Medicine, Brigham and Women's Hospital, and professor at Harvard Medical School. "Physicians' administrative burdens have remained unaddressed for far too long, and demand attention and new solutions from the healthcare system." Dr. Manson serves on the editorial advisory board to MedCentral. 

Adding Staff, Services, Patient Conveniences 

More than half (56%) of the respondents had added non-physician practitioners (nurse practitioners, physician assistants, and others) and separately, 55% had added ancillary services to their practices, making it easier to see more patients and giving patients more scheduling flexibility and communication options. For instance: 

• 37% added telemedicine
• 34% added or upgraded their patient portal
• 32% modified their scheduling plan to include same-day or open scheduling
• 23% expanded office hours
• 21% added lab testing

Of the physicians who added non-physician practitioners, 60% said the staff additions had increased profitability. 

"Adding non-physician practitioners, leveraging the conveniences of patient portals and same-day appointments, and even taking on additional consulting work ensures that patients can get the care they need when they need it, and physicians can enjoy a more satisfying and rewarding career," noted Dr. Manson.

 Additional Survey Highlights 

• The majority (56%) said they made efforts in the past year to be more supportive and knowledgeable about LGBTQ+ health issues and concerns.
• Physicians said the three most challenging chronic conditions to treat were diabetes (65%), obesity (48%), and mental health (41%).
• Saving for retirement was the top financial concern (47%), regardless of how long they had been in practice.
• More than half of physicians (51%) reported an increase in patients who either didn't pay their bills or required repeated requests before they did so.
• Physicians shared that cultural and racial disparities rarely (11%) or never (26%) affect their practice, while 47% said they weren't sure.

About HealthCentral Corp.
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SOURCE HealthCentral Corporation