The COVID-19 pandemic has left its mark on physician compensation and the industry as a whole. Here's a collection of recently published pieces on salaries, compensation and COVID-19's effects:
How providers expect income to change in 2020, according to The Medicus Firm's "2020 Practice Preference & Relocation Survey:
1. Remain flat/approximately the same: 35.7 percent
2. Increase somewhat: 16.9 percent
3. Increase substantially: 5.7 percent
4. Decrease substantially: 16.4 percent
5. Decrease somewhat: 24.2 percent
The Medicus Firm also surveyed providers on what caused their income limitations in 2020:
1. The pandemic: 50.5 percent
2. Personal choice: 10 percent
3. Patient volume/load: 8.1 percent
4. Other: 7.3 percent
5. Reimbursement decreases: 6.4 percent
6. Administrative work: 4.5 percent
7. Competition with other physicians: 3.3 percent
8. Overhead increases: 2.6 percent
9. No impact to income: 2.6 percent
10. Payer mix: 2.3 percent
11. Employer issue: 1.6 percent
12. Contract: 0.7 percent
13. Malpractice premium costs: 0.4 percent
Medscape released its "US and International Physicians' COVID-19 Experience Report" to highlight how practices are weathering the pandemic. Here's how the pandemic affected income:
1. 1 percent to 10 percent drop: 15 percent of physicians
2. 11 percent to 25 percent drop: 33 percent
3. 26 percent to 50 percent drop: 28 percent
4. 51 percent to 75 percent drop: 14 percent
5. 76 percent to 100 percent drop: 9 percent
OR Manager's "2020 Career & Salary Survey" collected responses from 57 ASC leaders to offer insights into the state of the industry. Here's how operating budgets changed from 2019-20:
1. Less than $1 million: 5 percent (up from 4 percent in 2019)
2. $1 million to $1.9 million: 9 percent (up from 5 percent in 2019)
3. $2 million to $2.9 million: 5 percent (down from 7 percent in 2019)
4. $3 million to $4.9 million: 11 percent (down from 12 percent in 2019)
5. $5 million to $9.9 million: 12 percent (up from 10 percent in 2019)
6. $10 million to $14.9 million: 12 percent (down from 18 percent in 2019)
7. $15 million or more: 9 percent (up from 7 percent in 2019)
OR Manager also examined ASC leaders' total annual compensation:
1. Less than $80,000: 11 percent
2. $80,000-$89,999: 6 percent
3. $90,000-$99,999: 9 percent
4. $100,000-$119,999: 20 percent
5. $120,000-$149,999: 33 percent
6. $150,000-$174,999: 7 percent
7. $175,000-$199,999: 6 percent
8. More than $200,000: 7 percent
The American Medical Group Association also examined how compensation increased between 2019-20. Here are the median compensation increases for 12 specialties:
1. Orthopedic surgery: 6.88 percent
2. OB-GYN: 5.65 percent
3. Internal medicine: 5.65 percent
4. Pediatrics: 5.06 percent
5. General surgery: 4.68 percent
6. All primary care: 4.46 percent
7. Hematology and medical oncology: 4.14 percent
8. Emergency medicine: 4.05 percent
9. Family medicine: 3.75 percent
10. Neurology: 3.46 percent
11. Gastroenterology: 2.83 percent
12. Cardiology: 2.47 percent