Pay gap between private practice and employed physician hits record low

The pay gap between private practice and employed physicians has hit an all-time low, according to Medical Economics' 2024 Physician Report published Aug. 14. 

Medical Economics collected data from its physician audience on salaries, productivity, malpractice rates, and the state of the profession. Data covers 2023 and was collected from physicians who responded to email invitations during the first and second quarters of 2024.

Here are four more notes:

1. The gap in pay between practice-owning physicians, who made an average of $295,000 in 2023, and nonowners, who made $283,000, was the smallest in survey history.
2. The year prior, physician owners made an average of $290,000, compared to nonowners' $260,000.
3. This is noteworthy amid the industry migration to employed models — 108,700 physicians left private practice between 2019 and 2021.
4. The highest-paid practice type, according to the report, was concierge practice physicians, who made an average of $349,000 in 2023.