Wow, I've got some awesome data today. So awesome, it even trumps a series of important pediatric RVU and H1N1 announcements (care of the helpful people at the AAP) and Jill Stoller's NBC debut.
What would trump that kind of information?
Igor and I (note how I take credit) have gone through all of the visits performed by PCC clients from 2003 through 2008 to help with some of our practice consulting, customer dashboards, etc. It's a couple billion dollars' worth, so a decent sample size. We've deliberately narrowed it down to pediatricians who have charged at least $300,000 in a year to try to examine the full-full-time providers. What did I learn?
- Immunizations alone accounted for 21% of the charges posted by our clients in 2008. This is up from 15% or so in 2005. Interestingly, vaccines themselves made up approximately 24% of the total revenue, so it would appear that PCC clients collect ~3% more for their vaccines than they charge, on average. Not anywhere close to the 17-28% the AAP suggests we need to cover real expenses, but at least it's close to invoice break-even. In fact, depending on how tightly our clients price their vaccines to their costs, this looks pretty good.
- PCC's providers averaged $816K in charges and $493K in revenue if we include immunizations for a collection rate of 61%. If we exclude immunizations, we're looking at $671K and $396K. The nerds among you will say, "Wait, that's a 59% collection rate, I thought your imms had a 3% margin!" Rounding errors, OK? But it means that each pediatrician carries an average of $100K in imms revenue and product every year - crazy!
- The average PCC provider produced 4107 office visits and 10,242 RVUs in 2008. This value has risen steadily from the ~2.0/vis we were seeing in 2003. Awesome. Worth of a chart (see below).
Depending on whose benchmark you use (ours or the MGMAs), the average PCC clients makes between $153 and $172K based on non-immunizations collections. Sure, we have folks making 5-8x that amount, and plenty who don't make nearly that. There's a $66K stddev.
- More nerds will say...wait, we have dollars collected and RVUs performed. Yup, PCC clients averaged approximately 108% of Medicare with their collections in 2008. Pathetic, especially when you consider we've got the best of the best.
OK, that's a start...there's plenty more in here. I even made a cool chart, click on it to zoom in!