Medical group revenue per physician jumped 16.7% in 2023 but expenses are also on the rise, according to the AMGA Medical Group Operations and Finance Survey.
The median revenue per physician hit $719,901, which is up even 9.1% from pre-pandemic levels, while the median expense per physician soared 14.7%, hitting $1.03 million for the year.
System-affiliated medical groups reported an annual loss of $249,000 on average, according to the survey of more than 15,000 providers. Labor costs and changes to the CMS fee schedule in addition to other policy updates have driven financial trends for the last 12 months.
Medical group leaders are looking for more sophisticated tools and benchmarks to improve the revenue cycle and assessing payer mix, according to the report.