First Research US Industry Profile

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Physicians
SIC Codes: 8011, 8031
NAICS Codes: 6211
Last Quarterly Update: 7/29/2019
Offices in this industry provide general or specialized medical care. No major companies dominate.
Globally, there are about 10 million physicians (not including midwives, dentists, or other health personnel), according to the World Health Organization. China has the largest number of physicians at around 2.5 million; followed by India, with around 1 million; and the US, with around 800,000. Countries with the most physicians per capita include Cuba, with more than seven doctors per 1,000 population; Monaco, San Marino, and Greece, with more than six; and Austria, with about five.
The US physicians industry includes about 225,000 offices with combined annual revenue of about $495 billion.
Competitive Landscape
Physicians are under pressure from government payers and insurers to lower costs while improving quality of care. The profitability of individual practices depends on the reputation, cost, operational efficiencies, and expertise of the physician and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment. Small practices compete effectively by providing specialized skills and good customer service. Population growth, injury and illness rates, and demographics play a role in demand for services. Physicians practicing in urban areas generally have several direct competitors in the immediate geographic area, while access to care may be restricted in rural communities.
The US industry is highly fragmented: the top 50 firms account for about 15% of industry revenue. About 75% of all physician offices are small, with fewer than 10 employees (including the doctors); about 1% of offices have 100 or more employees. However, as reimbursements shift toward pay-for-performance protocols, more physicians are responding by joining group practices or health care networks.
Products, Operations & Technology
Operations of physician offices revolve around patient care, appointment scheduling, records management, and insurance processing. Typically, a patient ... plus:
Sales & Marketing
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Finance & Regulation
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Regional & International Issues
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Human Resources
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms

Historical Profiles (PDF format)

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04/29/2013
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10/29/2012
08/06/2012
05/14/2012
02/13/2012
10/31/2011
08/01/2011
04/11/2011
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07/12/2010
04/05/2010
01/04/2010