Here are four statistics offering insight on the rising costs of practicing medicine in 2023:
1.25%: The percentage by which CMS' physician fee schedule will cut physician pay in 2024. Inflation is expected to increase 4.5% next year.
$13,605,228: The average cost of contract labor paid by healthcare facilities in the West each year, the highest of any U.S. region.
92%: The percentage of physician practices who said in a survey by the Medical Group Management Association that their practice hired or redistributed staff to work on prior authorizations due to an increase in requests.