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Comparing Physician Benefits

Article

In Physicians Practice’s Pearls e-mail newsletter, there was a comment that the median amount spent by a medical group for “physicians benefits package” was 15 percent, according to the Medical Group Management Association (MGMA). Do you have a short summary of what was included in this benefits package?

Question: In Physicians Practice’s Pearls e-mail newsletter, there was a comment that the median amount spent by a medical group for “physicians benefits package” was 15 percent, according to the Medical Group Management Association (MGMA). Do you have a short summary of what was included in this benefits package?

Answer: The MGMA survey question reads: “Report all employer contributions to retirement plans including defined benefit and contribution plans, 401(k), 403(b) and Keogh Plans, and any nonqualified funded retirement plan. For defined benefit plans, estimate the employer’s contribution made on behalf of each plan participant by multiplying the employer total contribution by each plan participants’ compensation divided by the total compensation of all of the plan participants. Do not include:

  • Employer contributions to Social Security-mandated by FICA;

  • Voluntary employee contributions that are an allocation of salary to a 401(k), 403(b) or Keogh Plans; or

  • The dollar value of any other fringe benefits paid by the practice such as life and health insurance or automobile insurance.”
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