Physicians are putting in more hours and working more productively than ever, but does their compensation reflect that?
From 2020 to 2023, productivity among physicians boomed, according to MGMA's "Provider Compensation and Productivity Data Report," published in May.
In 2020, the median work RVU (relative value units) among physicians was up by 10% compared to that of physicians in 2013, according to the report. In 2021, productivity was up by 23% compared to wRVU levels in 2013. In 2022, the median wRVU among physicians was 42% higher than the productivity levels of physicians in 2013, a jump of 19% year over year.
Ideally, these large increases in productivity among physicians would be matched by equally large compensation growth — however, that is not always the case.
In 2013, orthopedic specialists were the highest-paid physicians out of 25 specialties, according to Medscape's "Physician Compensation Report" for 2014, which used payment data from the previous year. They earned an average annual salary of $413,000.
In 2022, orthopedic specialists earned an average of $573,000 annually, according to Medscape's "Physician Compensation Report" for 2023. This equates to a salary increase of 38.7% compared to that of orthopedic physicians in 2013.
Among family medicine physicians, the lowest-paid specialty included on both reports, pay increased from $176,000 to $255,000 in 2022, an increase of 45%.
However, another factor to consider is that the consumer price index increased cumulatively by 27.5% from 2013 to 2022, according to data from the Bureau of Labor Statistics, meaning that not only has the cost of living increased, but one's salary may not go as far as it once did.
Many healthcare professionals, both physicians and nonphysicians alike, have taken notice of the compensation changes within the industry.
"Large healthcare organizations are making decisions based on income and profitability rather than the needs of the patient and the quality of healthcare," Leigh Wilson, the former manager of a neurotology practice in Portland, Ore., told Becker's.
"The value of the physician's residency training, fellowships, years of expertise is becoming less valued for less expensive, less compensated providers. In observation, the physician is getting moved aside to increase corporate income as well as federal reimbursement is decreasing for increased workload," Ms. Wilson said.