Year-over-year data found that salaraies are up all around - and you can take that to the bank.
Prices are going up everywhere, and it seems that increase might be hitting your paycheck soon (if it hasn’t already).Data fromÂ MGMA’s 30th annualÂ Provider Compensation and Production ReportÂ found that the median compensation for established providers in most specialties increased from 2017 to 2018.Â 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.Â “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. Â
The median total compensation for established providers increased from 2017 to 2018 in most specialties.
Total compensation among all providers has increased between 7 to 11 percent over the last 5 years.
How does your wage compare to your peers?
COmpensation increases by specialty.
The highest increases in total compensation for established providers between 2017 and 2018 are:
Suppy and demand
As the physician shortage looms, demand continues to rise, resulting in new recruiting tactics.
practices are offering new doctors more salary in addition to other incentives.
Compensation for non-physician prvoiders increased, too:
Total 2018 compensation by geographic region for primary care physicians: