In the healthcare systems of the business, various specialties can greatly depend on hospitals to make sales. From the Merritt Hawkins 2019 Inpatient /Outpatient Revenue Survey results, it was evident that some specialty areas generate more revenues than others. This information is important to be aware of since it is important to identify which of the revenue-generating specialties for hospitals are the most profitable. It can be informative of the functioning of a hospital and the process of attracting physicians to work there.
Top Revenue-Generating Specialties for Hospitals
Specific divisions are known to generate large proportions of the total income in hospitals. They usually include medical procedures that often take a long duration of hospitalization and the use of special equipment. Here are the top 10 revenue-generating specialties for hospitals:
Cardiovascular Surgery: $3,697,916
The most revolutionary is cardiovascular surgery, which provides the greatest income for hospitals. With the increasing need for surgical solutions to heart ailments and other cardiovascular disorders, it remains an unignorable force in the hospital business.
Invasive Cardiology: $3,484,375
Invasive cardiologists, who perform procedures like stenting and angioplasty, come in a close second. Their work is vital to diagnosing and treating complex heart conditions.
Neurosurgery: $3,437,500
Another lucrative specialty is neurosurgery that involves important operations in the head and spine areas. Such complicated operations result into longer hospitalization rates and several additional post-surgical treatments.
Orthopedic Surgery: $3,286,764
Joint replacements and spine procedures are most crucial surgeries generating hospital operating revenue since many patients of age present with the conditions.
Gastroenterology: $2,965,277
Gastroenterology is crucial for the identification of the digestive system abnormalities and management of diseases that result in high inpatient and outpatient earnings.
Hematology/Oncology: $2,855,000
The treatment of cancer remains one of the largest income-generating activities. Hematology/oncology is a major source of hospital revenue, but it is expensive, as chemotherapy, radiation, and specialized care are involved.
General Surgery: $2,707,317
In this study, general surgeons carry out many vital operations and they equally statistically contribute to hospital income across the specialties.
Internal Medicine: $2,675,387
Internists take a major responsibility in the treatment of systemic and persistent illnesses, which makes them crucial to a hospital.
Pulmonology: $2,361,111
Currently, with the development of respiratory diseases as well as with the current pandemic of COVID-19, pulmonology services are more relevant for hospitals.
Non-Invasive Cardiology: $2,310,000
Despite earning less in terms of revenue unlike invasive cardiologists, non-invasive cardiologists play a vital contribution particularly in service provision like echocardiograms and stress tests.
Bottom Revenue-Generating Specialties for Hospitals
These specialties are crucial to healthcare but they do not bring in as much revenue as surgical specialties. Here are the nine least revenue-generating specialties:
Urology: $2,161,458
They are physicians who specialise in diagnosis and treatment of diseases, disorders, injuries and conditions of the urinary tract and reproductive system but yet earn lower revenues than top surgical specialties.
Family Practice: $2,111,931
Family practitioners are the primary offerings of First care and normally their revenue is relatively low because most of their services are annual physicals and annual checkups amongst patients.
Neurology: $2,052,884
Neurology is a medical specialty dealing with the nervous system including the brain and it has less revenue streams as compared to high risk specialty such as neurosurgery.
OB-GYN: $2,024,193
OB-GYNs are essential for maternal and reproductive services, but they bring lower revenue as compared to the specializations with more complicated surgeries.
Otolaryngology (ENT): $1,937,500
These specialists treat diseases of the head and neck but do not do many operations, which results in a low hospital income.
Psychiatry: $1,820,512
Despite being critical, mental health services often offer low revenues due to short hospital stays and outpatient services.
Nephrology: $1,789,062
Kidney disease specialists diagnose and manage kidney diseases, with long-term patients who need follow-up care and outpatient services, resulting in relatively less income than other medical professionals.
Pediatrics: $1,612,500
Pediatric care is of significant importance for children’s health but yields lesser revenue to hospitals and involves fewer expensive treatments due to the short stay.
Ophthalmology: $1,440,217
Ophthalmologists oversee patients with eye diseases, but most operations, including cataracts, are done on an opiate basis, ignoring their relevance in contributing to the incomes of the hospital’s units.
Conclusion
Knowledge of which specialties generate the highest and lowest returns for hospitals can be useful in financial planning in organizations within the health sector. Cardiac surgery, interventional cardiology, and neurosurgery are among the most profitable departments, in contrast to those ones which are necessary but not so profitable as cardiac ones: family medicine, psychiatry, and pediatrics.
