Average PCP salary exceeds $266,500, increasing at faster rate than specialists
The average salary for a primary care physician in the United States now exceeds $266,500 per year and has increased at a faster rate over the last 5 years than salaries for medical specialists, according to the Medical Group Management Association.
The Medical Group Management Association’s annual Provider Compensation and Production Report includes data from 147,000 health care providers in more than 5,500 organizations, according to a press release.
“These compensation specifics allow medical practices to remain competitive and informed on the ever-evolving trends that continue to occur in the healthcare industry,” Halee Fischer-Wright, MD, president and CEO of the Medical Group Management Association, said in the press release.
The median compensation for PCPs reached $266,500 in 2018, and the median compensation for specialists reached $443,881 in 2018, the Medical Group Management Association told Healio Primary Care.
Survey results showed that PCPs experienced a 10.46% increase in compensation over the last 5 years, while specialists had a 7.78% increase in median compensation during the same period the association told Healio. The trend has reversed in the most recent year studied, with the median PCP compensation increased by 3.4% from 2017 to 2018, while the median specialty physician compensation increased by 4.4%.
“The increases we are seeing are driven not only by supply and demand but also by an increase in productivity. Practices are staying ahead of the curve by monitoring these trends and in this case, offering higher wages and more incentives to attract and retain the talent they need,” Fischer-Wright said in the press release. – by Erin Michael
Kohtz, H. New MGMA research finds physician compensation on the rise. https://www.prnewswire.com/news-releases/new-mgma-research-finds-physician-compensation-on-the-rise-300859439.html. Accessed July 18, 2019.
Disclosures: Fischer-Wright is CEO of the Medical Group Management Association.