Eight percent of physicians have closed their practices as a result of COVID-19, totaling approximately 16,000 practices across the U.S., according to a new survey.  

The national Survey of America’s Physicians is conducted by HASC Endorsed Business Partner Merritt Hawkins on behalf of The Physicians Foundation, a nonprofit seeking to advance the work of practicing physicians and help them facilitate the delivery of high-quality health care to patients. Begun in 2008, the survey now is conducted on a biennial basis and is sent to hundreds of thousands of physicians nationwide.

The 2020 edition focuses on how physicians and their patients are being affected by the COVID-19 pandemic. In addition to the eight percent of physicians who have closed their practices in the last four months as a result of the virus, four percent plan to close in the next 12 months. Of those who have closed, the majority (72 percent) are private practice owners or partners.  

“The pandemic has had a devastating effect on many small businesses, including physician practices,” said Kurt Mosley, vice president of strategic alliances for Merritt Hawkins. “Many physicians have been compelled to give up private practice in recent years due to rising costs, regulations and other challenges.”

The majority of physicians (78 percent) indicated they had experienced a reduction in patient or RVU volumes in the last four months. Of these, 41 percent said they saw volume decreases of 26 percent or more.  

Decreases in practice volume can have a ripple effect that extends to hospitals, according to Mosley, who points to the fact that physicians, on average, generate $2.4 million in net revenue for their affiliated hospitals, as tracked by Merritt Hawkins.      

“Physicians are the economic engines of health care,” Mosley said.  “When they slow down, the whole health care system slows down. It’s in the best interest of everyone that physician practices remain strong and viable.”

The majority of physicians surveyed believe that the pandemic will be long-lasting and will have significant effects on how physicians practice and how health care is delivered. Eighty-six percent believe that COVID-19 will not be under control until after January 2021.

Other findings of the survey include:

• 43 percent of physicians have reduced their staffs as a result of COVID-19.
• 12 percent – approximately 100,000 physicians — have switched to a primarily telemedicine practice.
• 59 percent said the pandemic will result in fewer independent physician practices.
• 50 percent said hospitals will exert more control over the organization and delivery of health care as a result of the pandemic.
• 59 percent said opening public places presents a greater risk to patients than prolonging social distancing.

The survey includes a number of additional data points as well as an analysis that explores the implications of the data for physicians, patients, hospitals and other stakeholders.

HASC Members can obtain a copy of the survey report by contacting Merritt Hawkins Director of Marketing Ben Adams at ben.adams@merritthawkins.com.

Contact HASC Member Relations & Association Services Director Darryl Sanford for more on Merritt Hawkins or on HASC’s Endorsed Business Partner program. 

Contact:
Darryl Sanford
(213) 538-0772
dsanford@hasc.org​