Medicare physician reimbursement rates have been declining over the last decade, but some specialties have been hit harder than others.
According to an April report by the Harvey L. Neiman Health Policy Institute, physician reimbursement amount per Medicare patient decreased around 2.3% between 2005 and 2021 when accounting for inflation. Sixteen specialties saw physician reimbursement declines despite increased volume per beneficiary. This included psychiatrists, cardiologists, urologists, OB-GYN, internal medicine, internists, pulmonologists, radiologists, gastroenterologists and anesthesiologists.
Of these specialties, radiology and anesthesiology both saw over 3% declines in Medicare payments. Interventional radiology saw a 4% decline, according to Radiology Business and anesthesiology saw a 3.27% reduction –– a particularly concerning trend for some physicians given the ongoing shortage of anesthesia providers.
"Physician service reimbursement has declined year over year for decades, and inflation-adjusted compensation has drastically been reduced," Matt Mazurek, MD, assistant clinical professor of anesthesiology and director of quality and safety at St. Raphael's Campus of Yale New Haven (Conn.) Hospital, told Becker's in 2023.
"Around 140,000 physicians quit or retired over the past three years and many physicians are looking for a way out of the healthcare system. Part of the problem is consistent downward pressure on reimbursement," he added.