New MedAxiom Survey Shows Cardiovascular Provider Compensation and Production Increasing
Surprising trends emerge in comprehensive health care industry survey; shift from volume to value moves forward
Now available: fourth annual report on compensation in CV health care. MedAxiom Consulting, a leading cardiovascular service line consulting firm, has published its fourth annual Cardiovascular Provider Compensation and Production Survey—a highly sought-after resource for cardiovascular and health care decision-makers navigating the volume-to-value shift taking place in the industry. In light of new and complex CMS proposed rules, including MACRA and Bundled Payments, there has never been more impacting the physician compensation and promoting value-based reimbursement schedules.
“Given all the industry changes, groups—whether private or integrated—must think hard about how physicians in their organizations are compensated,” said Joel Sauer, vice president of MedAxiom Consulting and author of the report. “The truth is that we as human beings respond to our incentives. Thus, we must create economic alignment between providers, strategic objectives and reimbursement models—or we will watch our organizations flounder. It’s that simple.”
SURVEY HIGHLIGHTS INCLUDE:
|Cardiology compensation continues to rise: Median compensation for private groups increased $16k to $486,777; integrated physicians increased $22k to $577,756|
|Private physicians are at their highest overall compensation in the six years of reporting|
|Of the subspecialties, interventional physicians enjoyed the largest increase, jumping over 4 percent year to year|
|For median comp by subspecialty, integrated physicians had a nearly 19 percent advantage over private|
|The South is the top earning region; the Northeast declined 4.5%|
|Production: After four straight years of declines, integrated physicians out produced the previous year by just over 3%, with median wRVU production of nearly 9,500 per FTE, significantly lower (10.5%) than private physicians, who produced median wRVUs of nearly 10,500.|
|Surgeons: overall cardiac median compensation jumped by over 7 percent; integrated surgeons out earned their private peers by more than 50 percent|
|Overall median compensation for CV APPs (Advanced Practice Providers) jumped almost 7.5%, with median earnings reported at $98,440 per FTE—pointing to the important role played by APPs in the value economy|
|Somewhat surprisingly, non-clinical compensation fell from $45,457 to $37,685|
Each year MedAxiom surveys its membership, more than one-third of all cardiology and cardiovascular groups in the country, on financial, staffing, productivity, compensation metrics and a number of demographic measures. Data for this 2016 report was collected over the 2008-2015 timeframe and includes 183 practices, representing 3,815 full-time physicians.
In addition to the comprehensive data sections of the survey report, the 2016 MedAxiom Provider Compensation and Production Survey includes detailed analysis of the trends as well as an in-depth article on workforce planning in today’s value-based economy.
MedAxiom is the nation’s leading cardiovascular performance community, providing expert consulting, networking and membership services including data analytics, program excellence tools and educational events to improve business and patient care outcomes. For additional information, visit: http://www.medaxiom.com/