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Economic Survey Results

Economic Survey Results June 2009
How is your practice performing during the recession in 2008/2009?
Answer Options June '09 March '09 December '08 Aug '08 April '08
No change 23.4% 24.80% 27.30% 16.70% 16.90%
Decreased by 1-10% 23.4% 29.00% 29.90% 29.80% 26.20%
Decreased by 11-20% 18.8% 14.20% 15.20% 14.30% 20.00%
Decreased by more than 20% 10.1% 9.70% 8.60% 3.60% 9.20%
Improved by 1-10% 15.3% 18.40% 11.90% 25.00% 20.80%
Improved by 11-20% 6.4% 2.40% 5.40% 9.50% 3.10%
Improved by more than 20% 2.6% 1.50% 1.70% 1.20% 3.80%
June 2009 Results Chart
Is your competition increasing?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Yes 45.8% 37.30% 42.70% 55.40% N/A
No 54.2% 62.70% 57.30% 44.60% N/A
Have your inquiry calls decreased?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Yes 40.9% 35.30% 39.10% 39.80% N/A
No 59.1% 64.70% 60.90% 60.20% N/A
If yes, by how much?
Answer Options June '09 March '09 December '08 Aug '08 April '08
1-10% 45.0% 55.50% 53.90% 61.10% N/A
11-20% 34.4% 25.00% 29.30% 27.80% N/A
21-30% 13.9% 9.40% 12.30% 8.30% N/A
31-40% 1.3% 5.50% 2.40% 2.80% N/A
More than 40% 5.3% 4.70% 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 June '09 March '09 December '08 Aug '08 April '08
Larger decrease 34.9% 34.60% 28.90% 25.90% 39.60%
Same 50.4% 50.80% 57.20% 55.20% 44.80%
Less of a decrease 14.7% 14.70% 13.90% 19.00% 15.60%
June 2009 Results Chart
How many of your colleagues and competitors have closed their practices in the past year?
Answer Options June '09 March '09 December '08 Aug '08 April '08
0 61.2% 60.20% 60.80% 60.50% N/A
1 19.7% 18.70% 21.40% 19.80% N/A
2 10.4% 13.50% 11.90% 12.30% N/A
3 4.6% 4.30% 3.50% 2.50% N/A
4 1.7% 0.90% 0.90% 0.00% N/A
5 or more 2.3% 2.40% 1.50% 4.90% N/A
If you have seen an improvement in practice revenue, to what do you attribute this?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Increased marketing 20.8% 21.70% 26.20% 30.80% 33.90%
Type of practice 35.4% 32.10% 33.60% 26.90% 17.70%
Patients not affected by downturn 13.5% 15.20% 14.00% 11.50% 9.70%
Community not affected by downturn 7.3% 8.70% 10.00% 5.80% 8.10%
Other: 23.0% 22.30% 16.20% 25.00% 30.60%
What are you doing during the recession to protect your practice?
Answer Options June '09 March '09 December '08 Aug '08 April '08
No change 32.1% 32.00% 35.30% 29.80% 24.80%
Increased marketing 56.4% 52.40% 49.70% 56.00% 50.40%
Decreased marketing 0.3% 1.80% 2.90% 3.60% 3.10%
Other (lowering prices, doing special offers) 11.3% 13.70% 12.10% 10.70% 21.70%
June 2009 Results Chart
How has your community been affected by the recession?
Answer Options June '09 March '09 December '08 Aug '08 April '08
No change 2.9% 2.40% 4.50% 6.00% 7.00%
Slightly affected 41.4% 40.90% 43.90% 42.20% 49.60%
Moderately affected 44.0% 41.20% 42.00% 41.00% 35.70%
Heavily affected 11.7% 15.50% 9.60% 10.80% 7.80%
Have you changed expansion plans due to the recession?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Yes, decided not to add an associate 19.0% 14.80% 16.20% 13.00% 5.80%
Yes, decided not to open another location 10.6% 11.70% 13.50% 4.30% 8.70%
Yes, decided not to add a new service (medspa, lasik, etc.) 11.3% 9.50% 8.80% 7.20% 8.70%
Yes, delayed other expansion plans (please describe): 12.5% 11.00% 10.50% 7.20% 6.70%
No, planning to add an associate 16.7% 15.20% 15.50% 30.40% 23.30%
No, planning to open another location 10.3% 12.40% 12.30% 10.10% 11.60%
No, planning to add a new service (medspa, lasik, etc.) 8.0% 8.10% 7.90% 10.10% 15.50%
No, developing other expansion plans (please describe): 11.6% 17.30% 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 June '09 March '09 December '08 Aug '08 April '08
Yes 21.3% 18.20% 19.50% 18.50% N/A
No 78.7% 81.80% 80.50% 81.50% N/A
How has your patient mix/types of cases changed as a result of the economy?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Not at all N/A N/A N/A N/A 59.00%
Seeing more Medicare patients, fewer discretionary spenders 50.3% 54.60% 53.80% 40.30% 19.70%
Seeing more discretionary spenders, fewer Medicare patients 18.1% 16.20% 18.10% 29.00% 8.20%
Other: 31.6% 29.20% 28.20% 30.60% 13.10%
   
June 2009 Results Chart
What is your outlook for your practice's future?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Positive 59.2% 63.40% 55.10% N/A N/A
Neutral 35.0% 30.20% 37.60% N/A N/A
Negative 5.8% 6.30% 7.30% N/A N/A
What type of practice do you have?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Allergist 1.4% 0.30% 0.30% 0.00% 0.90%
Anesthesiologist 0.0% 0.00% 0.00% 0.00% 5.00%
Audiologist 6.4% 6.70% 6.80% 0.00% 6.50%
Bariatrician 0.3% 0.30% 0.00% 4.20% 5.00%
Cardiologist 0.9% 0.00% 0.60% 1.40% 0.90%
General Dentist 6.1% 3.90% 3.40% 15.50% 15.70%
Dermatologist 1.4% 0.60% 0.80% 2.80% 0.90%
Endodontist 0.3% 0.30% 0.50% 2.80% 2.80%
ENT 0.9% 1.80% 1.50% 0.00% 1.90%
Family Practitioner 2.3% 3.00% 2.30% 11.30% 2.80%
Gastroenterologist 0.6% 0.00% 0.40% 2.80% 0.00%
General Practitioner 2.0% 2.10% 1.80% 8.50% 4.60%
General Surgeon 1.7% 0.30% 0.60% 4.20% 3.70%
Hearing Specialist 2.3% 1.80% 4.30% 1.40% 0.00%
Neurologist 0.0% 0.90% 1.60% 1.40% 2.80%
OB/GYN 1.7% 2.70% 1.50% 4.20% 1.90%
Ophthalmologist 0.0% 0.90% 0.60% 5.60% 4.60%
Orthodontist 5.2% 4.20% 2.40% 5.60% 7.40%
Orthopedic Surgeon 1.7% 0.90% 1.00% 5.60% 3.70%
Pain Management Specialist 0.9% 0.90% 0.80% 4.20% 4.60%
Periodontist 0.0% 0.30% 0.30% 1.40% 1.90%
Physiatrist 0.3% 0.00% 0.30% 0.00% 0.90%
Physical Therapist 9.6% 12.40% 9.50% 7.00% 13.90%
Plastic Surgeon 4.3% 4.80% 3.00% 2.80% 4.60%
Podiatrist 0.6% 0.90% 0.50% 2.80% 7.40%
Pulmonologist 2.0% 6.40% 3.40% 0.00% 0.00%
Radiation Oncologist 0.6% 0.30% 0.60% 1.40% 1.90%
Sleep 9.6% 8.50% 13.80% 1.40% 0.90%
Urologist 0.0% 0.60% 0.40% 0.00% 0.90%
Veterinarian 0.3% 0.30% 0.10% 1.40% 0.00%
Other (please specify) 36.5% 33.60% 37.10% N/A N/A
Your age is:
Answer Options June '09 March '09 December '08 Aug '08 April '08
30-35 11.3% 10.50% 13.20%   5.2% 8.20%
36-40 11.6% 9.50% 11.80% 15.60% 18.00%
41-45 14.5% 16.00% 17.90% 15.60% 23.80%
46-50 17.7% 17.80% 18.00% 28.60% 17.20%
51-55 23.3% 23.70% 19.00% 11.70% 18.00%
56-60 11.3% 12.90% 10.70% 16.90% 10.70%
61-65 6.7% 5.50% 6.60%   6.5% 3.30%
Over 65 3.5% 4.00% 2.80%   0.0% 0.80%
Your practice is located in what state?
Answer Options June '09 March '09 December '08 Aug '08 April '08
Alabama 2.6% 1.20% 1.60%  0.0% 1.70%
Alaska 0.0% 0.00% 0.00%  0.0% 0.00%
Arizona 1.5% 1.20% 2.40%  2.6% 0.80%
Arkansas 1.2% 0.90% 1.00%  0.0% 0.00%
California 10.8% 7.10% 8.60% 17.90% 10.80%
Colorado 1.2% 2.50% 3.00%  3.8% 6.70%
Connecticut 2.0% 1.80% 1.30%  0.0% 1.70%
Delaware 0.3% 0.90% 0.60%  0.0% 0.80%
Florida 6.4% 7.10% 7.20%  7.7% 7.50%
Georgia 1.5% 3.10% 3.40%  5.1% 5.00%
Hawaii 0.6% 0.00% 0.50%  1.3% 0.80%
Idaho 0.3% 1.20% 1.00%  2.6% 1.70%
Illinois 3.2% 4.90% 4.30%  2.6% 5.00%
Indiana 1.2% 2.20% 1.40%  1.3% 2.50%
Iowa 0.9% 1.80% 1.00%  1.3% 0.80%
Kansas 0.9% 1.20% 1.30%  1.3% 4.20%
Kentucky 1.5% 1.50% 1.80%  1.3% 1.70%
Louisiana 1.8% 0.90% 0.50%  5.1% 2.50%
Maine 0.9% 1.20% 0.40%  0.0% 0.00%
Maryland 2.6% 1.80% 1.60%  0.0% 0.00%
Massachusetts 3.5% 2.50% 2.80%  0.0% 1.70%
Michigan 3.2% 3.70% 3.30%  2.6% 0.00%
Minnesota 1.2% 1.20% 1.80%  0.0% 0.00%
Mississippi 0.6% 1.20% 0.80%  1.3% 0.00%
Missouri 2.0% 1.80% 3.40%  2.6% 0.00%
Montana 0.9% 0.60% 0.50%  0.0% 0.00%
Nebraska 1.5% 0.90% 0.30%  0.0% 0.00%
Nevada 0.6% 1.20% 0.60%  0.0% 1.70%
New Hampshire 1.2% 0.30% 0.50%  1.3% 0.80%
New Jersey 2.9% 3.10% 2.80%  1.3% 2.50%
New Mexico 0.3% 0.00% 0.10%  0.0% 0.00%
New York 7.0% 6.20% 4.40%  1.3% 5.80%
North Carolina 3.8% 2.80% 3.80%  3.8% 0.00%
North Dakota 0.0% 0.30% 0.10%  0.0% 0.00%
Ohio 3.8% 4.30% 4.00%  3.8% 0.80%
Oklahoma 0.6% 0.00% 0.80%  1.3% 0.00%
Oregon 1.2% 2.50% 2.00%  0.0% 1.75%
Pennsylvania 6.1% 5.20% 5.40%  1.3% 2.50%
Rhode Island 0.3% 0.30% 0.40%  0.0% 0.80%
South Carolina 2.9% 1.50% 1.30%  3.8% 0.80%
South Dakota 0.3% 0.60% 0.40%  1.3% 2.50%
Tennessee 1.8% 2.50% 1.50%  5.1% 0.80%
Texas 5.6% 4.90% 6.40%  7.7% 8.30%
Utah 0.3% 0.60% 0.50%  1.3% 1.70%
Vermont 0.9% 0.60% 1.10%  0.0% 0.00%
Virginia 1.8% 1.50% 1.80%  2.6% 0.00%
Washington 1.8% 3.40% 3.00%  1.3% 0.80%
West Virginia 0.0% 0.90% 0.60%  0.0% 0.00%
Wisconsin 2.6% 2.50% 2.40%  2.6% 2.50%
Wyoming 0.3% 0.00% 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.