June 2, 2022 - Compensation for most physician specialties saw modest increases between 2019 and 2021, according to new MGMA data.
It appears that medical practices are rebounding from the coronavirus pandemic, with most physician specialties reporting compensation levels that are the same or in excess of pre-pandemic levels, according to new data from MGMA.
The first year of the pandemic took a heavy financial toll on physician practices and physician compensation. An American Medical Association survey conducted from mid-July through August of 2020 found a 32% average drop in revenue at physician practices.
The 2022 MGMA Provider Compensation and Production report has data from more than 192,000 providers at more than 7,700 healthcare organizations. The report, which focuses on 2021, features several key data points.
INTERPRETING THE DATA
The 2021 data bodes well for 2022, Michelle Mattingly, senior manager of data solutions at MGMA, told HealthLeaders. "With the compensation and work RVU data from 2021 being at or greater than levels in 2019, there is a very strong case that the pandemic is less of a cause for concern as we look forward to 2022."
Physician productivity appears to have returned to pre-pandemic levels, she said.
"The work RVU growth in 2021 is reflective of the decrease in 2020 due to the pandemic. Work RVU volumes dropped by more than 10% in 2020. The volume in 2021 is in line with pre-pandemic levels. Surgical and nonsurgical specialty physician productivity is reported about the same as it was before the pandemic. Primary care physicians report a slight increase (1.16%) in productivity compared to 2019."
Regarding patient volume, MGMA examined data for total encounters, which reflect the number of direct provider-to-patient interactions regardless of setting, including telehealth visits. This data shows that the pandemic is still having a negative impact on physician practices, Mattingly said.
"Total encounters increased between 2020 and 2021, signaling that patients are more comfortable being seen than they were in the height of the pandemic. However, the total encounters data is still down from pre-pandemic levels in 2019. For example, primary care physicians had 2.69% more encounters in 2021 than 2020; however, the 2021 level was still 7.73% less than what it was in 2019. Likewise for surgical specialty physicians: encounters were 5.89% more in 2021 than 2020; however, the 2021 level was still 4.85% less than what it was in 2019," she said.
Compensation for most physician specialties saw modest increases between 2019 and 2021, according to the MGMA data. Mattingly said setting expectations for 2022 and beyond is difficult because there are several factors that could affect a practice's productivity and have a downstream effect on physician compensation. Three of those factors are as follows:
Senior Clinical Care Editor
Alpha Medical Group, LLC
477 Main Street
Monroe, CT 06468
Toll Free: 800.584.5001
Alpha Medical Group delivers accurate, hassle-free healthcare recruitment solutions. Our unique search methodology, proprietary custom-designed software and high performing team members strive to ensure that the highest quality of service is provided to our clients.
We are focused on finding the right job for you!
|About Alpha Medical|
|For Advanced Practitioners|
|Paying it Forward|
|Join Our Team|
all materials ©2022 Alpha Medical Group
website by humanitects