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Title: Multifactor Productivity in Physicians' Offices

Citation Type: Working Paper

Publication Year: 2006

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Abstract: This paper constructs a measure of multi-factor productivity (MFP) for physicians offices. Using productivity methodology developed by the Bureau of Labor Statistics (BLS) for other industries, and data from various sources including the BLS and the Bureau of Economic Analysis (BEA). Two scenarios for physicians office MFP which yield similar outcomes. The two scenarios, based on independently derived back-casted physicians office Producer Price Indexes, yield positive increases in physicians office MFP over the study period. This result is a composite of positive physician MFP in early periods which exceeded general economy (non-farm business) MFP, negative physician MFP in middle periods that fell far below general economy rates, and positive physician MFP in recent periods that were approximately equal to general economy rates. Ten-year moving average changes in physicians office MFP, which incorporate historical variable rates of change, exceeded general economy MFP in early periods but have lagged behind general economy MFP more recently. Real physician incomes (i.e., inflation adjusted nominal income), which rose rapidly in early periods, declined in the mid 1990s and have not yet recovered their historical levels.

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Authors: Fisher, Charles

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Institution: Center for Medicaid and Medicare Services

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Data Collections: IPUMS CPS

Topics: Other

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