Aided by new technologies or simply pressured by stark financial realities, America’s medical group practices reached new levels of productivity in 2023 to meet rising demands for care and build revenues as practice expenses remain elevated.
The 2024 MGMA Provider Compensation and Production report “Provider Pay and the Dawn of a New Era of Productivity” — reflecting 2023 data from more than 211,000 physicians and advanced practice providers (APPs) — illustrates the new economic landscape facing healthcare providers: Inflation has cooled, but the demand for high-quality care has not, with most specialties posting year-over-year work RVU (wRVU) increases beyond the surging productivity levels recorded in 2021 and 2022.
As a result, physician compensation in primary care and nonsurgical specialties has increased for the fourth consecutive year, as well as for APPs. Specifically:
- The pace of growth in median total compensation for primary care physicians held at 4.44% from 2022 to 2023.
- Surgical specialist physicians saw a 4.42% jump in median total compensation in 2023, nearly 2 percentage points higher than the 2.54% growth from 2021 to 2022.
- Nonsurgical specialists reported only a 1.81% uptick in median total compensation in 2023.
- APP median total compensation increased 6.47% in 2023.
This report is designed to bring clarity and context to the industry-leading benchmarking data contained within the MGMA DataDive Provider Compensation dataset, offering medical group leaders insights on how best to evolve their strategies for their provider workforces.
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