2009 Financial Survey Results

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  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt
  • G:aaaai/committees/medical informatics/master ppt setup 03.ppt

Transcript

  • 1. AAAAI Practice Management Financial Survey Results December 2009
  • 2. Purpose
    • Allows us to monitor practicing allergist’s average performances over time
    • Allows us to establish benchmarks that we can use for internal comparisons
    • Educates all so that we can eliminate the uncertainty and confusion when negotiating with a new associate
  • 3. 2009 Financial Data Survey:
    • Survey data was collected over the internet on the Academy web site at www.aaaai.org from April to September, 2009.
    • Followed same format done in 2006-2008.
    • Responses for 2009 were significantly less than in previous years making analysis difficult.
  • 4. 2009 Financial Data Survey:
    • Members logged into members only area, then clicked on link to survey. ID number is only used as an automated mechanism to prevent duplication of data entry. Strict anonymity of respondents in data review is insured.
    • Only 17 practices representing 62 physicians responded to the survey, and only 10 practices representing 39 physicians gave collection & expenses data for analysis.
  • 5. 2008 Financial Data Survey:
    • 26 questions on practice demographics and manpower utilization asked along with information on charges, collections, and expenses
    • 76 practices representing 237 physicians responded. Several did not adequately fill out charge, collection, and expense data, although all responded to manpower questions.
  • 6. 2008 Physician Hours
    • Of the 237 physicians reporting:
    34 (14.35%) See patients < 24 hrs / week 49 (20.68%) See pts 24 hrs – 32 hrs/ week 99 ( 41.77%) See pts 32 hrs – 38 hrs/ week 61 (25.74%) See patients > 38 hrs / week
  • 7. Work Hours
    • 23.7% ( 18 of 76) practices report working Saturday hours.
    • 27.6% (21 / 76) report starting hours <8 AM an average of 2.48 + 1.84 days/week
    • 32.9% (25/ 76) report working past 6 PM an average of 1.90 + 1.26 days/wk
  • 8. Manpower Utilization Job Description % practices 2007 response Practice Administrator 39.5% 36.5 % Office Manager 61.8% 61.5 % (Employ both) 19.7% 18.7 % Clinical Supervisor 51.3% 47.1 % Asthma Educator 34.2% 20.2 % Billing Supervisor 55.3% 57.7 % Bookkeeper 47.4% 41.0 %
  • 9. Manpower Needs:
    • Dramatically varies
    • Mean result 6.0434 FTE/physician with S.D. of 4.0704 (Median: 4.9458 FTE/phys ). For FTE physician correction Mean = 6.9843 FTE/phys.
    • 2006 Data results= Mean result 5.2671 FTE/physician with S.D. of 2.1528 ( Median: 4.850 FTE/phys)
  • 10. Employ Physician Extenders
    • 43.4% of practices (33/76) report employing physician extenders (PA or APRN), (compared to 38.9% response in 2007).
    • 20/33 practices employ more than 1 extender (total of 74 extenders reported employed). In 2007, 15/43 practices employed multiple extenders (66 total)
    • 41.4% (12/29) of solo practices employ extenders. (versus 32.5% of solo practices in 2007.)
  • 11. Who’s Giving Immunotherapy % of practices reporting uses this staffer Physicians 26.3 % (20/76 practices) RNs 69.7% (53/76 practices) LPNs 60.5% (46/76 practices) Medical Assistants 53.9% (41/76 practices) Physician Extenders 1.3% ( 1/76 practices)
  • 12. Who’s Giving Immunotherapy 2007 results % of practices reporting uses this staffer Physicians 26.2 % (28/111 practices) RNs 67.3% (72/111 practices) LPNs 54.2% (58/111 practices) Medical Assistants 41.1% (44/111 practices) Physician Extenders 3.7% ( 4/111 practices)
  • 13. Performance Evaluations
    • 64/76 practices report completing regular staff performance evaluations. 52 report giving written evaluations, and 43 give verbal reports.
    • 52 of the evaluations were done annually, while 10 are twice yearly. 2 reported quarterly.
  • 14. Benefits given Personal time range from 1 to 30 days per year. Mean was 9.709 + 7.32 days per year. Median Value was 6 days. % responses Health Insurance 88.2% (67/76) Retirement plan contribution 88.2% (67/76) Continuing Educational 76.3% (58/76) Paid personal time 85.5% (65/76) Other: Life Insurance or Dental 5.3% (4/76)
  • 15. Salary increases % responses Performance Based 76.3% (58/76) Cost of Living 67.1% (51/76) Attendance 46.1% (35/76) Seniority 32.9% (25/76) Other: regional wage level incentive/practice profit 5/76 2/76
  • 16. Bonuses:
    • Productivity Bonuses given to:
    • Employed physicians: 33/76 (43.4%)
    • Physician extenders: 14/33 (42.4%)
    • Supervisory staff: 12/70 (17.1%)
    • Nurses: 9/75 (11.8%)
    • Receptionists: 11/76 (14.5%)
    • Billers: 8/76 (10.5%)
    • 8 Practices report giving employees bonuses for employment referrals.
  • 17. 2009 AAAAI Practice Management Financial Survey Data
    • 10 practices of 39 physicians
    Median Mean Ranges Charges 675,000 599,440 + 567,127 225,000 to 2,000,000 Collections 650,000 597,992 + 241,366 150,000 to 1,000,000 Expenses 455,006 419,215 + 98,180 247,658 to 550,000 Profit 260,761 274,900 + 76,631 200,000 to 450,000
  • 18. Result Comparison 2006, 2007, & 2008 (median values) 2006 (n= 53 pract/139 phys) 2007 (n=89 pract/210 phys) 2008 (n= 57 pract/180 phys) Collections 695,101 736,930 714,896 Expenses 387,500 420,000 400,000 Profit 270,000 319,717 291,198
  • 19. Collection Ratio Results
    • Collection ratio (collections/charges):
    2007 results showed Median value of 0.70416 Median: 0.68501 Mean: 0.68527 Range: 0.4444 - 1.0020
  • 20. Expense Ratio Results
    • Expense ratio (expenses/collections):
    2007 Expense Ratio Median value was 0.57692 Median: 0.590005 Mean + SD: 0.618638 + 0.282343 Range: 0.0800 to 1.9554
  • 21. 2008 Group Versus Solo Breakdown (mean) Solo (n=29) Group 2 & 3 (23 for 52) Group > 4 (14 for 103) Charges 1,366,533 + 1,047,220 1,037,963 + 498,336 1,145,560 + 594,557 Collections 915,272 + 663,103 697,367 + 305,490 709,162 + 292,047 Expenses 588,484 + 461,142 359,282 + 147,234 446,052 + 283,956 Profit 394,332 + 332,168 338,086 + 225,595 326,140 + 255,344
  • 22. Group Versus Solo Breakdown 2007 results (mean) Solo (n=50) Group 2 & 3 (21 for 47) Group > 4 (18 for 113) Charges 1,181,307 + 716,304 932,021 + 401,864 1,439,263 + 802,929 Collections 804,985 + 477,495 643,826 + 238,435 1,058,601 + 531,425 Expenses 469,028 + 255,987 355,371 + 176,239 576,726 + 293,626 Profit 354,063 + 232,213 301,390 + 111,952 404,012 + 164,298
  • 23. Group Versus Solo Breakdown (median) Solo (n=29) Group 2 & 3 (23 for 52) Group > 4 (14 for 103) Charges 1,014,387 983,481 1,062,197 Collections 714,896 680,750 730,497 Expenses 441,860 344,743 454,220 Profit 297,480 331,827 255,771
  • 24. Group Versus Solo Breakdown 2007 results (median) Solo (n=50) Group 2 & 3 (21 for 47) Group > 4 (18 for 113) Charges 951,319 888,306 1,156,002 Collections 692,551 675,000 874,060 Expenses 400,000 365,544 517,446 Profit 300,000 274,891 403,342
  • 25. Breakdown by Region ( median ) Charges Collect Expense Profit Northeast (16 for 46) 852,793 664,954 395,145 242,787 South (8 for 16) 1,244,641 868,442 478,975 403,360 Central (12 for 60) 1,160,000 700,000 400,000 214,286 Mideast (13 for 30) 970,801 677,396 302,625 325,000 West (8 for 30) 1,066,189 792,910 419,089 289,604
  • 26. 2007 Regional breakdown ( median ) Charges Collect Expense Profit Northeast (25 for 46) 866,829 604,263 400,000 335,539 South (23 for 58) 1,131,412 780,067 478,562 322,800 Central (16 for 54) 950,937 1,138,793 555,654 319,717 Mideast (16 for 32) 1,183,712 757,192 455,464 340,980 West (9 for 20) 900,000 675,000 257,350 252,800
  • 27. Physician Extender Effect Practices with (27 of 111 phys) Practices without (39 of 83 phys) Charges (median/mean) 1,263,896 1,454,852 970,801 973,937 Collections (median/mean) 814,650 950,117 644,798 649,798 Expenses (median/mean) 459,372 572,709 350,000 384,155 Profit (median/mean) 323,579 428,054 247,809 302,999
  • 28. Preliminary Results Immunotherapy % in Billing 2007 Mean results were 0.3524 + 15938 Median 0.32955 Mean 0.31000 St. Dev. + 0.15454 Range 0.01000 to 0.58148