May 25, 2022 – According to a new report from MGMA, data shows that despite the continued pandemic-related disruptions in 2021, medical practices managed to restore a sense of normalcy in productivity and compensation.
The 2022 MGMA Provider Compensation and Production report, which reflects data from over 192,000 providers across 7,7000 organizations, found that compensation for most physician specialties reached or exceeded pre-pandemic levels in 2021. Here are some of the key takeaways:
- Physician compensation is on the rise
- Primary care, surgical specialist and nonsurgical specialist physician compensation as well as advanced practice provider compensation rose between 2% to nearly 4% over the last year.
- Additionally, providers coming out of residency and newly hired to a practice in 2021, report earning 7 – 10% more in guaranteed compensation than their counterparts in 2020.
- Productivity levels trend upwards
- Physician-owned practices report higher levels of productivity in collections and work RVUs, however, experiencing a fewer number of encounters compared to their hospital-owned counterparts.
- Positive signs for things to come
- The most recent MGMA Stat poll hints at a good sign for the rest of the year — currently reporting that a majority of practices are at or above 2021 visit volumes.