Physicians Practice surveyed 1,338 doctors for its Physician Compensation Survey.
42% of respondents said their income was the same as the previous year, 16% said it declined by more than 10%, 32% said they’d classify their net income as “slightly disappointing”, and 10% said their incomes were “highly disappointing.”
When questioned about their practice’s overhead (i.e. accounting fees, advertising, insurance, etc.) as a percentage of revenue, 34% said that it was between 41 and 60%. This is a decline of 3% from the previous year, which may mean the cost of doing business is slightly declining.
Additional data collected:
- 15% say that patient satisfaction accounts for 11% or more of their annual compensation
- 30% say that compensation is determined by their productivity
- To increase revenue, 33% say they have increased the number of patients they see per day, 29% said they have taken on work outside of the practice, and 23% say they have added ancillary services
- In five years, 50% plan to continue their practice as they do now, and 12% want to retire or become employed by a larger health system
Summary by MedicalGroups.com
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