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Economic Survey Results

Economic Survey Results March 2009
How is your practice performing during the recession in 2008/2009?
Answer Options March '09 December '08 Aug '08 April '08
No change 24.8% 27.30% 16.70% 16.90%
Decreased by 1-10% 29.0% 29.90% 29.80% 26.20%
Decreased by 11-20% 14.2% 15.20% 14.30% 20.00%
Decreased by more than 20% 9.7% 8.60% 3.60% 9.20%
Improved by 1-10% 18.4% 11.90% 25.00% 20.80%
Improved by 11-20% 2.4% 5.40% 9.50% 3.10%
Improved by more than 20% 1.5% 1.70% 1.20% 3.80%
Is your competition increasing?
Answer Options March '09 December '08 Aug '08 April '08
Yes 37.3% 42.70% 55.40% N/A
No 62.7% 57.30% 44.60% N/A
Have your inquiry calls decreased?
Answer Options March '09 December '08 Aug '08 April '08
Yes 35.3% 39.10% 39.80% N/A
No 64.7% 60.90% 60.20% N/A
If yes, by how much?
Answer Options March '09 December '08 Aug '08 April '08
1-10% 55.5% 53.90% 61.10% N/A
11-20% 25.0% 29.30% 27.80% N/A
21-30% 9.4% 12.30% 8.30% N/A
31-40% 5.5% 2.40% 2.80% N/A
More than 40% 4.7% 2.10% 0.00% N/A
If you have seen a decrease in practice revenue, has it been more or less than during previous recessions?
Answer Options March '09 December '08 Aug '08 April '08
Larger decrease 34.6% 28.90% 25.90% 39.60%
Same 50.8% 57.20% 55.20% 44.80%
Less of a decrease 14.7% 13.90% 19.00% 15.60%
How many of your colleagues and competitors have closed their practices in the past year?
Answer Options March '09 December '08 Aug '08 April '08
0 60.2% 60.80% 60.50% N/A
1 18.7% 21.40% 19.80% N/A
2 13.5% 11.90% 12.30% N/A
3 4.3% 3.50% 2.50% N/A
4 0.9% 0.90% 0.00% N/A
5 or more 2.4% 1.50% 4.90% N/A
If you have seen an improvement in practice revenue, to what do you attribute this?
Answer Options March '09 December '08 Aug '08 April '08
Increased marketing 21.7% 26.20% 30.80% 33.90%
Type of practice 32.1% 33.60% 26.90% 17.70%
Patients not affected by downturn 15.2% 14.00% 11.50% 9.70%
Community not affected by downturn 8.7% 10.00% 5.80% 8.10%
Other: 22.3% 16.20% 25.00% 30.60%
What are you doing during the recession to protect your practice?
Answer Options March '09 December '08 Aug '08 April '08
No change 32.0% 35.30% 29.80% 24.80%
Increased marketing 52.4% 49.70% 56.00% 50.40%
Decreased marketing 1.8% 2.90% 3.60% 3.10%
Other (lowering prices, doing special offers) 13.7% 12.10% 10.70% 21.70%
How has your community been affected by the recession?
Answer Options March '09 December '08 Aug '08 April '08
No change 2.4% 4.50% 6.00% 7.00%
Slightly affected 40.9% 43.90% 42.20% 49.60%
Moderately affected 41.2% 42.00% 41.00% 35.70%
Heavily affected 15.5% 9.60% 10.80% 7.80%
Have you changed expansion plans due to the recession?
Answer Options March '09 December '08 Aug '08 April '08
Yes, decided not to add an associate 14.8% 16.20% 13.00% 5.80%
Yes, decided not to open another location 11.7% 13.50% 4.30% 8.70%
Yes, decided not to add a new service (medspa, lasik, etc.) 9.5% 8.80% 7.20% 8.70%
Yes, delayed other expansion plans (please describe): 11.0% 10.50% 7.20% 6.70%
No, planning to add an associate 15.2% 15.50% 30.40% 23.30%
No, planning to open another location 12.4% 12.30% 10.10% 11.60%
No, planning to add a new service (medspa, lasik, etc.) 8.1% 7.90% 10.10% 15.50%
No, developing other expansion plans (please describe): 17.3% 15.40% 17.40% 19.40%
Have you had to lay off staff or close a location in the past year, or do you expect to have to do this?
Answer Options March '09 December '08 Aug '08 April '08
Yes 18.2% 19.50% 18.50% N/A
No 81.8% 80.50% 81.50% N/A
How has your patient mix/types of cases changed as a result of the economy?
Answer Options March '09 December '08 Aug '08 April '08
Not at all N/A N/A N/A 59.00%
Seeing more Medicare patients, fewer discretionary spenders 54.6% 53.80% 40.30% 19.70%
Seeing more discretionary spenders, fewer Medicare patients 16.2% 18.10% 29.00% 8.20%
Other: 29.2% 28.20% 30.60% 13.10%
What is your outlook for your practice's future?
Answer Options March '09 December '08 Aug '08 April '08
Positive 63.4% 55.10% N/A N/A
Neutral 30.2% 37.60% N/A N/A
Negative 6.3% 7.30% N/A N/A
What type of practice do you have?
Answer Options March '09 December '08 Aug '08 April '08
Allergist 0.3% 0.30% 0.00% 0.90%
Anesthesiologist 0.0% 0.00% 0.00% 5.00%
Audiologist 6.7% 6.80% 0.00% 6.50%
Bariatrician 0.3% 0.00% 4.20% 5.00%
Cardiologist 0.0% 0.60% 1.40% 0.90%
General Dentist 3.9% 3.40% 15.50% 15.70%
Dermatologist 0.6% 0.80% 2.80% 0.90%
Endodontist 0.3% 0.50% 2.80% 2.80%
ENT 1.8% 1.50% 0.00% 1.90%
Family Practitioner 3.0% 2.30% 11.30% 2.80%
Gastroenterologist 0.0% 0.40% 2.80% 0.00%
General Practitioner 2.1% 1.80% 8.50% 4.60%
General Surgeon 0.3% 0.60% 4.20% 3.70%
Hearing Specialist 1.8% 4.30% 1.40% 0.00%
Neurologist 0.9% 1.60% 1.40% 2.80%
OB/GYN 2.7% 1.50% 4.20% 1.90%
Ophthalmologist 0.9% 0.60% 5.60% 4.60%
Orthodontist 4.2% 2.40% 5.60% 7.40%
Orthopedic Surgeon 0.9% 1.00% 5.60% 3.70%
Pain Management Specialist 0.9% 0.80% 4.20% 4.60%
Periodontist 0.3% 0.30% 1.40% 1.90%
Physiatrist 0.0% 0.30% 0.00% 0.90%
Physical Therapist 12.4% 9.50% 7.00% 13.90%
Plastic Surgeon 4.8% 3.00% 2.80% 4.60%
Podiatrist 0.9% 0.50% 2.80% 7.40%
Pulmonologist 6.4% 3.40% 0.00% 0.00%
Radiation Oncologist 0.3% 0.60% 1.40% 1.90%
Sleep 8.5% 13.80% 1.40% 0.90%
Urologist 0.6% 0.40% 0.00% 0.90%
Veterinarian 0.3% 0.10% 1.40% 0.00%
Other (please specify) 33.6% 37.10% N/A N/A
Your age is:
Answer Options March '09 December '08 Aug '08 April '08
30-35 10.5% 13.20%   5.2% 8.20%
36-40 9.5% 11.80% 15.60% 18.00%
41-45 16.0% 17.90% 15.60% 23.80%
46-50 17.8% 18.00% 28.60% 17.20%
51-55 23.7% 19.00% 11.70% 18.00%
56-60 12.9% 10.70% 16.90% 10.70%
61-65 5.5% 6.60%   6.5% 3.30%
Over 65 4.0% 2.80%   0.0% 0.80%
Your practice is located in what state?
Answer Options March '09 December '08 Aug '08 April '08
Alabama 1.2% 1.60%  0.0% 1.70%
Alaska 0.0% 0.00%  0.0% 0.00%
Arizona 1.2% 2.40%  2.6% 0.80%
Arkansas 0.9% 1.00%  0.0% 0.00%
California 7.1% 8.60% 17.90% 10.80%
Colorado 2.5% 3.00%  3.8% 6.70%
Connecticut 1.8% 1.30%  0.0% 1.70%
Delaware 0.9% 0.60%  0.0% 0.80%
Florida 7.1% 7.20%  7.7% 7.50%
Georgia 3.1% 3.40%  5.1% 5.00%
Hawaii 0.0% 0.50%  1.3% 0.80%
Idaho 1.2% 1.00%  2.6% 1.70%
Illinois 4.9% 4.30%  2.6% 5.00%
Indiana 2.2% 1.40%  1.3% 2.50%
Iowa 1.8% 1.00%  1.3% 0.80%
Kansas 1.2% 1.30%  1.3% 4.20%
Kentucky 1.5% 1.80%  1.3% 1.70%
Louisiana 0.9% 0.50%  5.1% 2.50%
Maine 1.2% 0.40%  0.0% 0.00%
Maryland 1.8% 1.60%  0.0% 0.00%
Massachusetts 2.5% 2.80%  0.0% 1.70%
Michigan 3.7% 3.30%  2.6% 0.00%
Minnesota 1.2% 1.80%  0.0% 0.00%
Mississippi 1.2% 0.80%  1.3% 0.00%
Missouri 1.8% 3.40%  2.6% 0.00%
Montana 0.6% 0.50%  0.0% 0.00%
Nebraska 0.9% 0.30%  0.0% 0.00%
Nevada 1.2% 0.60%  0.0% 1.70%
New Hampshire 0.3% 0.50%  1.3% 0.80%
New Jersey 3.1% 2.80%  1.3% 2.50%
New Mexico 0.0% 0.10%  0.0% 0.00%
New York 6.2% 4.40%  1.3% 5.80%
North Carolina 2.8% 3.80%  3.8% 0.00%
North Dakota 0.3% 0.10%  0.0% 0.00%
Ohio 4.3% 4.00%  3.8% 0.80%
Oklahoma 0.0% 0.80%  1.3% 0.00%
Oregon 2.5% 2.00%  0.0% 1.75%
Pennsylvania 5.2% 5.40%  1.3% 2.50%
Rhode Island 0.3% 0.40%  0.0% 0.80%
South Carolina 1.5% 1.30%  3.8% 0.80%
South Dakota 0.6% 0.40%  1.3% 2.50%
Tennessee 2.5% 1.50%  5.1% 0.80%
Texas 4.9% 6.40%  7.7% 8.30%
Utah 0.6% 0.50%  1.3% 1.70%
Vermont 0.6% 1.10%  0.0% 0.00%
Virginia 1.5% 1.80%  2.6% 0.00%
Washington 3.4% 3.00%  1.3% 0.80%
West Virginia 0.9% 0.60%  0.0% 0.00%
Wisconsin 2.5% 2.40%  2.6% 2.50%
Wyoming 0.0% 0.30%  0.0% 0.00%
That concludes our economic survey results.
What's your next step for protecting your practice during a recession?
Partner with Practice Builders to market and grow your practice.
Practice Builders™ has helped thousands of physicians grow their practices for 30 years — through several recessions — and is North America's leading partner in healthcare practice success.
Practice Builders can help you gain:
  • More patients
  • Better cases
  • Increased revenue
  • Greater professional satisfaction
  • And more…
      Call Practice Builders toll-free at 800.679.1262 and tell us what you'd like to achieve.