Take care: Healthcare reform and a trend toward group practices will drive industry growth

Over the five years to 2018, the Medical Group Practice Management industry grew as more physicians integrated into larger provider networks. Over the past decade, the traditional model of healthcare delivery has been gradually transforming. Burdened by medical school debt and seeking regular hours, more young physicians are opting out of private practices and instead joining hospitals or other medical groups. Moreover, the shift away from small practices is also being driven by growing concerns over rising healthcare costs, medical errors and changes in payment systems. Over the next five years, industry revenue is forecast to rise, driven by healthcare reform provisions and aging demographics...purchase to read more.

Industry Statistics & Market Size
Revenue
$323bn
Annual Growth 13-18
1.9%
Forecast Growth 18-23
Profit
Employment
1.8m
Businesses
165,097
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The shift away from small practices is being driven by growing concerns over rising healthcare costs
  • The shift away from small practices is further driven by growing concerns over medical errors
  • Healthcare reform will continue to push doctors toward group practices
  • Industry Report - Starting a New Business Chapter

    Medical group practice management companies depend on physicians to provide the primary patient medical care. Therefore, the most notable barrier to entry is the educational requirements, residency review committees and regulation for doctors. Education includes four years of undergraduate school, four years of medical school and three to 11 years of internship, residency and fellowship, depending on the specialty selected. Further, all states, the District of Columbia and US territories license physicians. To be licensed, physicians must graduate from an accredited medical school, pass a licensing examination and complete one to seven years of graduate medical education. Alt...purchase to read more.

    Additional Insights for the Medical Group Practice Management Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Medical Group Practice Management Industry are

  • Proximity to key markets
  • Understanding government policies and their implications
  • Having a loyal customer base
  • IBISWorld analysts also discuss how external factors such as Number of people with private health insurance and Federal funding for Medicare and Medicaid in the Medical Group Practice Management industry impact industry performance..

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    What's in this report

    What is the Medical Group Practice Management Industry?

    This industry comprises medical groups of physicians of various disciplines, including primary care physicians and specialist doctors. Medical group practices are defined as three or more physicians engaged in the practice of medicine as a legal entity sharing business management, facilities, records and personnel.

    Industry Products
  • Family practice services
  • Internal medicine services
  • Pediatric services
  • Surgery services
  • Obstetrics or gynecology services
  • Other services
  • Industry Activities
  • Providing family practice services
  • Providing internal medicine services
  • Providing pediatric services
  • Providing other medical and management services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of people with private health insurance
  • Federal funding for Medicare and Medicaid
  • Number of adults aged 65 and older
  • Number of births
  • Per capita disposable income

  • Current Performance
  • More doctors giving up private practices
  • Reducing errors, improving outcomes
  • Shortage of providers
  • Chart: Revenue Growth

  • Industry Outlook
  • Healthcare reform benefits the industry
  • Healthcare still short on physicians
  • Table: Medical Group Practice Management Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Medical Group Practice Management Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Health & Welfare Funds
  • Home Care Providers
  • Hospitals
  • Psychiatric Hospitals
  • Nursing Care Facilities

  • Key Selling Industries
  • Brand Name Pharmaceutical Manufacturing
  • Diagnostic & Medical Laboratories
  • Generic Pharmaceutical Manufacturing
  • Hospitals
  • Medical Instrument & Supply Manufacturing
  • Medical Supplies Wholesaling
  • Over-the-Counter Medicine Manufacturing

  • Products & Services
  • Other services
  • Family practice services
  • Internal medicine services
  • Pediatric services
  • Obstetrics or gynecology services
  • Surgery services
  • Chart: Medical Group Practice Management Industry Products and Services Segmentation

  • Demand Determinants
  • Number of people with health insurance
  • Incidence of chronic health problems

  • Major Markets
  • Patients aged 45 to 64
  • Patients aged 65 and older
  • Patients aged 25 to 44
  • Patients aged under 15
  • Patients aged 15 to 24
  • Chart: Major Market Segmentation for the Medical Group Practice Management Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchasesOther
  • Chart: Cost Structure Benchmarking – Sector vs Medical Group Practice Management

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Medical Group Practice Management Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Medical Group Practice Management Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Medical Group Practice Management Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of people with private health insurance (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Accountable Care Organization (Aco)
  • A health care provider group that is accountable for the quality, cost and overall care of Medicare beneficiaries who are enrolled in the traditional fee-for-service program assigned to it.
  • Electronic Health Records (Ehr)
  • A system that gives patients, physicians and other healthcare providers, employers and payers or insurers access to a patient's medical records across facilities.
  • Medical Group Practice
  • A group of three or more physicians practicing medicine who share their premises and other resources.
  • What Our Customers Say

    Why buy this report?

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    This report on Medical Group Practice Management:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Medical Group Practice Management market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Medical Group Practice Management, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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