5 Key Facts About Physician Compensation in 2013
Most U.S. physicians found the income from their medical practice disappointing in 2013, marking the third straight year a majority have expressed dissatisfaction with their earnings, according to the Physicians Practice annual physician compensation survey.
In 2013, 54 percent of physicians described their income in this way, the same number as last year, according to Physicians Practice. The survey — which polled 1,474 physicians and staff — also addressed practice overhead, practice outlook and other financial issues. Here are some key findings:
1. Of those surveyed, 33 percent said part of their compensation is tied to value (quality and cost of care provided), with 8.5 percent reporting their pay was entirely value-based. Additionally, 24 percent said part of their compensation was tied to patient satisfaction in particular.
2. Productivity emerged as the dominant factor influencing compensation, with 28 percent reporting their pay was based on productivity alone and 37 percent saying it accounted for a portion of their annual pay.
3. Seventy percent of physicians said they are taking steps to boost revenue at their practices. For instance, 36 percent have increased the number of patients seen each day.
4. Looking at the next one to five years, 12 percent said they might have to close their practices, compared with 8 percent who said the same in 2012 concerning the next one to three years.
5. Of the 81 percent who accept Medicare, 70 percent of those surveyed said uncertainty about federal reimbursement hasn't affected their participation in the program.
For more information, view the full survey results here.
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