Missing Patient Opportunities Due to Administrative Overload
Are you aware that physicians are missing out on up to 16 patient opportunities daily due to administrative overload? Explore how strategic outsourcing can streamline operations and potentially boost your medical practice's profit margins by up to 55%.
The average physician spends approximately 8.7 hours per week, or 16.6% of their working hours, on administrative tasks. James Barnett, MD, noted, “For 9 months (August 2021-April 2022), I kept track of time spent in non-patient facing activities. For every 4-hour patient-facing clinic, there was an added 5 hours of non-patient facing administrative time. This incorporated not only activity on the day of clinic, but also time spread over days when not seeing patients.”
Similarly, a family practitioner in Los Angeles remarked, “Trying to basically do what’s right for the patient requires dealing way too much with bureaucracy and cuts away from my ability to spend more time with the patients.”
High Physician & Patient Turnover Driven by Administrative Burnout
Administrative burdens are not only reducing patient numbers but also increasing physician burnout and turnover,making them more likely to see fewer patients. Research consistently shows that doctors burdened with administrative duties experience lower career satisfaction and higher levels of burnout. A family practitioner in Miami highlighted this issue, stating, “I was trained to be a doctor, but now I feel like I spend half my time being a computer clerk.”
The cost of physician burnout due to administrative tasks can be substantial. As burnout increases, physicians are more likely to reduce their working hours or exit their positions altogether. It is estimated that the time spent on billing and insurance alone results in an annual revenue loss of $68,000 to $85,000 per physician.
Physician burnout can significantly drive up patient turnover. Approximately 67% of physicians report that administrative burdens detract from their ability to deliver high-quality care, which in turn compromises patient satisfaction and drives patients to seek care elsewhere.
Patient Volume and Talent Acquisition Creating Financial Strain
Stanford medical researcher Tait Shanafelt has identified burnout as a key factor in physician attrition. Alarmingly, this burnout can spread through a team, exacerbating stress levels and leading to a vicious cycle of high turnover. This cycle not only impacts team morale but also the financial health of a practice. Recruiting a physician can cost nearly $90,000, while the lost revenue from a departing physician can range from $500,000 to $1 million, especially in high-paying specialties.
The financial drain of recruiting and losing physicians, compounded by administrative burdens, can significantly erode profit margins. However, outsourcing non-core tasks offers a viable solution to alleviate these pressures.
Maximize Patient Capacity and Physician Retention Through Outsourcing
By outsourcing administrative duties, physicians can focus on patient care, enhancing job satisfaction and reducing the likelihood of turnover. This strategic move can lower staff turnover rates, mitigate recruitment challenges, and prevent the substantial revenue losses associated with physician departures.
For those concerned about the cost of hiring external agents, consider this: if one physician spends 8 hours per week on administrative work, a full-time outsourced medical agent, working 40 hours per week, can take over the equivalent of five doctors' below-license tasks. This reallocation of duties not only allows physicians to see more patients but also significantly boosts revenue. The cost of hiring an outsourcing agent, starting at around $1,600 per month, can be offset by the increased patient care time the associated rise in revenue, and a potential 55% boost in profit margins.
FYDI medical agents, located in South America, are English-Spanish bilingual and undergo systematic training to meet your specific needs. We are also HIPAA compliant, ensuring the security of patient information. With a flexible monthly payment structure and no long-term commitments, outsourcing offers a practical, cost-effective solution to enhance your practice's profitability and operational efficiency.
