Balancing Compensation and Culture for the Right Fit is a look into compensation trends, quality of practice, quality of life, practice location, and how they contribute to culture and fit.
Balancing Compensation and Culture for the Right Fit
Finding the Right Fit
- Quality of Practice
- Quality of Life
MGMA Data – Most used benchmarks
Compensation: Total compensation as reported on the W2.
Work RVUs: Reflects the relative time and intensity associated with furnishing a Medicare PFS (Physician Fee Schedule) service
Compensation to Work RVU Ratio: Total compensation divided by the Work RVUs
- This reflects only the sample of individuals that had both compensation and wRVUs submitted.
- This is an important aspect of the Provider Compensation.
- So many organizations pay based on productivity.
- This measurement reflects what those providers are paid per wRVU
Key Trends in the 2018 MGMA Provider Compensation Data
Primary care physicians’ compensation rose by more than 10% over the past five years
Depending on medical specialty, the difference in physician compensation between the highest-paid state and the lowest-paid state range between $100,000 and nearly $270,000.
Over the past five years, overall nonphysician provider compensation has increased at a rate of 8%. Looking at the changes over the past 10 years, the rate has doubled to 17%.
Successfully Benchmarking Compensation
Filter the data to get the most relevant data to compare against. MGMA filters include:
- Organization Ownership (Hospital vs Physician owned)
- Demographic Classification (Metro vs Nonmetro)
- Geographic Section (Eastern, Midwest, Southern, Western)
- Number of FTE Physicians
- Practice Type (single Specialty vs Multispecialty)
- Years in specialty
Ensure you are looking at the correct group of physicians
- Academic vs Non-academic
- Newly hired providers