Your industry is becoming more and more competitive. Retail clinics, telemedicine options, and other local practices can threaten your bottom line. One way to overcome this concern is to grow your practice size.
In fact, a recent report by MGMA states that larger practices tend to be more profitable than small practices.
A quick review of the data points to the fact that larger practices are also more apt to include medical and surgical subspecialties that can be supported by the practice’s larger base of primary care physicians.
This leads to the practice having the ability to provide more services which have greater complexity and generate greater amounts of revenue.
“As practices grow in size and production units increase, those larger practices have better
opportunities to decrease costs as they become more spread out.”
This is reflected in the data provided:
What does this mean for your practice?
Ready to grow your practice? Talk to Provider Web today and see how our financial tools can help.