News & Insights

For decades, private practice has played a vital role in the U.S. healthcare system, enabling physicians to own and manage the businesses that provide care. However, the landscape of physician practices has changed significantly. According to the American Medical Association's 2024 Physician Practice Benchmark Survey, only 42.2% of physicians were working in private practice in 2024, down from 60.1% in 2012, marking an 18-percentage-point decline. This shift is crucial for physicians to consider as they look to build, grow, and sustain independent practices amid an increasingly complex healthcare environment.

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Healthcare organizations are facing increasing financial and operational pressures, making revenue cycle management (RCM) a strategic priority for many health systems and physician practices. According to the American Hospital Association (AHA), U.S. hospitals experienced a 5.1% increase in total expenses per patient between 2023 and 2024. This increase reflects the ongoing rise in costs related to labor, pharmaceuticals, and supplies. As reimbursement models become more complex and financial margins remain tight, many organizations are exploring artificial intelligence (AI) as one of several tools to enhance administrative efficiency.

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