Complete the form on this page to download this report Learn more: MGMA DataDive Provider Compensation Balance compensation with productivity with the most reliable data in the industry. You may unsubscribe at any time. However, pay gaps continue to be a problem for women and people of color. Thrive with our newsletter. Medical specialties with the LARGEST wage gaps between MEN and WOMEN in 2020, Medical specialties with the SMALLEST wage gaps between MEN and WOMEN in 2020. Physicians Thrive is a dynamic, full-service financial planning company helping doctors take control of their finances. The biggest salary decreases are in cardiology and dermatology. This is especially the case with cities on the eastern seaboard, such as D.C., Baltimore, Philadelphia, and Boston, as large groups of people are moving out of these more expensive cities in favor of more affordable cities in the South and Midwest. Give us a call at 800.453.3030 or view todays physician job opportunities. Additionally, post-residency. Meanwhile . Privacy Policy. All material on this website is protected by copyright, Copyright 1994-2023 by WebMD LLC. Spend your golden years stress-free when you plan properly for retirement. Physicians with the greatest compensation in their specialty category in physician-owned practices where there is a limited revenue pool to be distributed were paid under a compensation formula that rewarded productivity, Gans wrote. Cookie Policy. PDF Physician Compensation Report Rural areas, which tend to have a more difficult time recruiting top-tier talent, continue to pay some of the highest salaries in the country. Lower-paying metro areas tend to have older healthcare infrastructures and declining populations. } Retirements: more than two out of five current physicians will be over age 65 between now and 2034. CME offers remained relatively stable, with 94% of new offers receiving CME payments this year, down from 96% last year. The 2023 MGMA DataDive Provider Compensation data set reveals modest gains in physician and advanced practice provider (APP) productivity and compensation in 2022, as staffing shortages were a key hurdle to higher productivity for most healthcare providers. Weve broken down the compensation trends for physicians by specialty, region, gender, and by bonus incentives to provide insight into where salaries are increasing and where theyre decreasing. used physician salary survey in the United States for the eleventh year in a row. Pay does vary depending on location, so where do women earn the most and earn the least? average annual salary: Metro areas where female physicians were paid the Sample size: 17,903 physicians across 29+ specialties met the screening criteria. Sign up by texting STAT to 33550 or visit mgma.com/stat. Physician Compensation and Productivity Survey Largest Dataset of Its Kind For more than 30 years, this survey has been and continues to be the largest and most comprehensive physician compensation survey published. Data shows that many physicians dont feel as though they are being fairly compensated and that they are dissatisfied with many aspects of the job. The pandemic continues to affect the growth of medical practices. Highest and lowest offered base salary figures, as well as highest and lowest signing bonuses, are from the Merritt Hawkins "2021 Review of Physician and Advanced Practitioner Recruiting Incentives." Twenty-one physician specialties saw pay increases in 2023, according to Medscape's "Physician Compensation Report 2023.. Medscape surveyed 10,011 physicians across more than 29 specialties about their income, work hours, job satisfaction and more from Oct. 7, 2022, to Jan. 17, 2023.. burnout and depression, how it affects them, and what they're doing about it. In 2022, Nurse Practitioners became the most-requested hiring category. The following statistics provide a view of physician compensation. All higher-paying metro areas are over $400,000 a year in salary. Hows it going at your medical practices front desk? }); Compensation for U.S. doctors grew 1.5% on average between 2019 and 2020. PDF 2023 Physician Compensation Physician Thrive's Physician Compensation Report [2023 Report] MGMA DataDive survey data from 2020 found that building incentives into physician compensation plans tied to quality metrics can result in improved median total compensation. Our annual physician compensation report will save you time and money looking for the data and statistics you want to know. factors affect their professional and private lives. For physicians in four high-paying specialties, median salaries vary significantly, depending on the region in which they work: Median salaries in these specialties are beginning to show significant variations between specialty and regionally. Even with the immense challenges physicians faced treating patients during the pandemic, 73% would still choose medicine again. They have compiled data from nearly a dozen different sources from data made available in 2021 to offer you the Free Physicians Thrive 2022 Physician Compensation Report. Only full-time salaries were included in the report. Learn everything you need to start, build and manage your practice. How To Buy Long-Term Disability Insurance, Term vs. Physician Compensation Data, Surveys | Merritt Hawkins Data report: 2022 MGMA DataDive Provider Compensation Realizing Recovery New to MGMA? Hospital recruitment: 33% in 2021 (up from 26% in 2020), Medical group recruitment: 29% in 2021 (up from 28% in 2020), Academic medical center recruitment: 20% in 2021 (up from 18% in 2020), Federally qualified health center recruitment: 8% in 2021 (up from 6% in 2020). Copyright © 2023 Becker's Healthcare. Note that these are averages and are not set in stone. Over the past five years, the highest-earning specialties plastic surgery, orthopedics, cardiology, otolaryngology, and urology have remained the same. However, that number is down from the previous year (78%). Overall, the lowest and highest average physician salaries by metro rose slightly in 2020. The breakdown of how many hours physicians spend on patient care versus paperwork varies significantly depending on specialty. With a focus on mental health and the stress caused to so many by the pandemic, psychiatry saw the fourth-highest engagement of any medical specialty this year. in more than 29 specialties responded to this year's Medscape compensation survey. Ac fermentum tempus proin posuere interdum, varius mi sociosqu consequat gravida, ridiculus auctor primis lectus. The nationwide survey includes data from 398 medical groups, representing more than 190,000 providers from 168 physician, advanced practice clinician and other specialties. There are a variety of reasons for this variation in pay, and higher concentrations of qualified physicians in the Eastern region continue to be a significant influence on median annual earnings for many specialties. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); No matter where they practice or what their specialty is, physicians want and need to know how their salary compares to others. The new survey revealed that physician income is back on the rise, after stagnating in 2020 due to impacts from the COVID-19 pandemic. The presence of this website shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Nebraska, Arizona, California, Florida, Texas or where otherwise legally permitted. Hartford, CT appeared on the lowest-paying list in 2021 and rose to the highest-paying in 2022. Is employing physicians a smart strategy or a financial bubble? All information and ideas should be discussed in detail with your individual adviser prior to implementation. Many southern states have used higher salaries and other incentives to attract physicians to their area, especially in rural areas that have the highest need for quality medical care. THE 2023 PHYSICIAN COMPENSATION REPORT ANSWERS QUESTIONS ABOUT: Which physicians are highest-paid? Permanent: A Physicians Life Insurance Comparison Guide, Life Insurance for Retirement: The Right (and Wrong) Approach, Full Guide to Physicians Malpractice Insurance. Primary care physicians saw compensation gains slightly behind those seen in 2020, with median total compensation reaching $286,525 in 2021. All material on this website is protected by copyright, Copyright 1994-2023 by WebMD LLC. more. About to sign a physician contract for the first time? Family Physicians, which used to be in the highest demans, have not been the most recruited physicians since 2020. It is the most comprehensive and widely Benchmarks include: Our ability at MGMA to provide great resources, education and advocacy depends on a strong feedback loop with healthcare leaders. On average, female physicians earn 23.6% less than male physicians in the same specialty. As healthcare staffing woes linger, reduced capacity remains the biggest roadblock to productivity, Advanced practice providers remain key features of medical practice redesign, Physician shortages forcing medical group leaders to be more flexible in their staffing models, Medical groups moving cautiously as powerful generative AI tools emerge, Bottom line impacts from revenue cycle staffing challenges, Measuring the rising costs of health IT compliance in medical groups, Mask requirements remain in half of medical groups three years into COVID-19, Post-pandemic realities set in for screening patients social needs, Healthcares labor pains supplant COVID-19 as key reason for diversity work stalling, Healthcares staffing shortage sees ongoing demand for contract, locum tenens work in 2023, Just more than one in four (26%) medical groups tied quality performance to physician compensation in. Physicians in the Midwest earn the highest salaries; physicians in the East earn the least. Physicians in the infectious diseases field spend 24.2 hours per week on paperwork alone, and those in public health/preventative medicine spend 20.7 hours per week. Bonuses for Quality of Care increased from 23% to 58% between 2021 and 2022. Any person or entity that relies on any information obtained from these systems does so at her or his own risk. 111 statistics on physician compensation | 2021 - Becker's Hospital Review The poll had 513 applicable responses. While relocation expenses have been scaled back, the following benefits are up across the board for new hires: COVID-19 has had significant impacts on the healthcare industry. American College of Emergency Physicians | ACEP Physicians are working approximately the same number of hours now as they were prior to COVID-19, an average of 50 hours per week.