Overhead costs are dramatically up:
Here comes the most distressing part of digging into the data. The overhead costs associated with operating my clinic are UP 20.3%, in just the last 2 years alone.
This includes expenses for Staff Wages, computers, EMRs, technology, internet, Medical Supplies, Office Supplies, etc.
I am fortunate to practice in a small, rural, underserviced community that supports us and does not charge rent. I can only imagine the financial strain that most of the province’s family doctors are feeling with rising rent costs over the last few years!
What is more, when I dove into other areas of expenses, those too are up significantly in the last 2 years. For example, the invoices I pay accountants and lawyers to run my practice was also up 20%. Another example, the costs to run my website are up 65%!
Quite simply, family doctors are drowning in rising overhead costs at rates that surpass even the high inflation rates.