Resilience is not enough for healthcare providers in this third year of the COVID-19 pandemic. New challenges — particularly, staffing shortages and record-high inflation— are hitting medical groups, health systems and hospitals hard in 2022.
Rising expenses and the persistent challenges to restore productivity and revenue in healthcare organizations has led to several health systems reporting significant losses and others with many operating margins under 1%. “It is getting harder to pay the bills or even break even,” one practice leader told MGMA in recent polling about inflation and surging expenses.
The 2022 MGMA Cost and Revenue survey report collected data on more than 4,000 organizations from a variety of specialties and practice types, serving as a baseline for benchmarking 2022 operations. This data report presents key findings on the challenges and successes of medical practices that participated in the survey, along with expert insights from our reporting and recent polling via MGMA Stat to show the ongoing impacts from:
- Productivity gaps compared to pre-pandemic benchmarks
- The uneven recoveries of physician-owned and hospital-owned practices
- Trends in total medical revenue by ownership and specialty type
- Growth in operating expenses before inflation’s record-setting surge
- Declines in support staffing levels amid the Great Reshuffle.
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Learn more: MGMA DataDive Cost and Revenue
MGMA DataDive Cost and Revenue offers precise focus on your comprehensive financial prosperity. This dataset includes benchmarks on expenses, charges and revenue to guide your medical practice in determining what, where and how to improve.