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Balancing Compensation and Culture for the Right Fit

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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.

Jackson Physician Search_Balancing Physician Compensation and Culture

 

Balancing Compensation and Culture for the Right Fit

Finding the Right Fit

  • Comp
  • Quality of Practice
  • Quality of Life
  • Location

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
  • ETC.

Ensure you are looking at the correct group of physicians

  • Academic vs Non-academic
  • Newly hired providers

 

Download the entire Balancing Compensation and Culture of the Right Fit presentation by clicking the button below.