Is Physician Pay Keeping Up With Inflation? June 8, 2023
Written by MSDC Staff
A recent survey by the MGMA found mixed news on physician salary. The good news is that physician compensation has risen on a national basis. In fact, primary care physicians saw pay growth double between 2021 and 2022, jumping from 2.13% to 4.41%. In 2022, surgical specialists reported a one-year 2.54% pay increase and non-surgical specialists reported a 2.36% increase. Unfortunately, none of those increases have kept up with inflation of 6.5% in 2022.
The report identified an ongoing shift towards salary-based versus production-based compensation, reflecting a pattern of practice consolidation and hospital-based employment. Interestingly, physician-owned practices reported higher levels of productivity in collections, total encounters, and work Relative Value Units (RVUs) compared to their colleagues at hospital-owned practices.
The survey did not consider demographic differences, such as gender and race. If you are interested in gender equity, especially as it relates to compensation, join the MSDC Task Force on Gender Equity.