Prices are going up everywhere, and it seems that increase might be hitting your paycheck soon (if it hasn’t already).
Primary care physicians saw a 3.4 percent year-over-year increase, specialty physicians saw a 4.4 percent increase and advance practice providers saw a 2.9 percent increase.
Compensation for all physicians and providers has grown over the last five years at a rate of 7 to 11 percent.
“These compensation specifics allow medical practices to remain competitive and informed on the ever-evolving trends that continue to occur in the healthcare industry,” said Halee Fischer-Wright, MD, MMM, FAAP, FACMPE, president and chief executive officer at MGMA. “Practices are staying ahead of the curve by monitoring these trends, and in this case, offering higher wages and more incentives to attract and retain the talent they need.
“While the healthcare industry is faced with a shortage of physicians, demand continues to rise, likely resulting in changes in compensation for new hires. In this time of shortage, practices recruiting new doctors are offering more salary, in addition to other incentives, particularly in specialties where there may be a shortage.”
The median guaranteed compensation for newly-hired providers also increased but varied by specialty.
More than 147,000 physicians and non-physician providers from more than 5,500 organizations contributed to the annual report.