4 stats on rising practice costs

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.

34%: The percentage of healthcare leader respondents in a survey by Optum who said lowering the cost of care is a major challenge the industry faces. 

$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.

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