The cost of business is going up for physicians, according to this year's Physicians Practice Physician Compensation survey.
Last year, 32.4 percent of physicians estimated that overhead was 41 percent to60 percent of their revenue. In this year's survey, which included 1,095 physician respondents across multiple specialties, that number shot up to 40.4 percent. The percent of those paying a low percentage of overhead (1 percent to20 percent) decreased from 24 percent last year to 16.6 percent this year. Furthermore, 32 percent said that the cost of overhead was greater for them than it was last year.
This rising financial burden may be a problem for many physicians, whose income has stagnated. Nearly 40 percent of respondents said their income was the same as last year, while 28.7 said it went down, and 31.8 percent said it went up. This has, of course, left many physicians disappointed (44.7 percent of respondents).
The Physicians Practice Physician Compensation reveals all of this information and more. For more on the rising costs of overhead, read: "Keeping Medical Practice Overhead Down."
Physicians Practice will have more results from the 2016 Physician Compensation survey and related content in the coming weeks, stay tuned.