A new report from PatientPoP, a software company specializing in patient engagement, examined what healthcare providers think of private practice, including their needs, successes, and desires to see and care for more patients.Here are the key findings:
Healthcare providers define practice growth as having more patients (70.5 percent) and more staff (30.5 percent), while greater profit was ranked third in importance (30.1 percent).
For providers that define growth as having more patients, 30.7 percent say they already achieve an ideal patient volume. For those focused on profit, only one in four say revenue is currently strong.
72.7 percent of providers are satisfied with their practice’s current level of success, while 11 percent are dissatisfied.
Providers’ wish list for their practices:
1) Easier workflow
2) Less administrative work
3) More revenue
4) Greater patient volume
5) Better patient communication
What providers find most important to practice success:
- Delivering a top in-person patient experience: 67.2 percent
- Communicating with patients digitally: 34.9 percent
- Having strong online patient reviews: 30.5 percent
- Ranking high in online search results: 26.7 percent
- Having a high-performing website: 22.3 percent
Providers who consider patient reviews important are:
- 29.9 percent more likely to report strong revenue
- 28.8 percent more likely to report effective patient communication
- 22.4 percent more likely to report strong market visibility
- 18.5 percent more likely to report efficient office workflow
- One in four practices ignore their online reputation, with 31.6 percent relying on a vendor or consultant to manage their reputation.
- Providers who don’t address online reputation are 52 percent less likely to report having strong revenue.
Biggest practice frustrations:
- Managing insurance tasks: 48.7 percent
- Collecting reimbursement: 33.1 percent
- No-shows and cancellations: 31.4 percent
- Complying with regulations: 31.4 percent
- 89.7 percent of providers consider their local market competitive, and more than one-third define it as highly competitive.
- However, only 24 percent say their practice has strong visibility in their market.
- 88.6 percent of healthcare providers have had a positive private practice experience.
- One in five describe their practice experience as excellent.
- Fewer than 2 percent have had a poor experience.
Provider outlook for the future of private practice is mixed:
- 15 percent are very optimistic
- 29 percent are optimistic
- 21.1 percent are pessimistic
- 4.7 percent are very pessimistic
Younger providers are more optimistic:
- More than half (51 percent) of providers 44 and younger express optimism about the future of private practice, while only 34 percent of providers 45 and older are optimistic.