Physicians Expect 2.4 Percent 2014 Pay Increase
Aug. 20—Physicians can expect a 2.4 percent median salary increase next year, with incentive payments primarily determined by "quality" metrics, according to a new survey.
The median 2.4 percent physician pay increase expected in 2014, according to the Hay Group's 2013 Physician Compensation Survey, released Aug. 19, fell between larger (3.7 percent) increases for those in group practices and smaller (2.2 percent) bumps for hospital-based physicians."
"Overall physician compensation levels continue to modestly increase," Jim Otto, senior principal in Hay Group’s Healthcare Practice, said in a release. "Physicians are being tasked with a growing list of new demands—from learning [electronic health record] systems to navigating new cost and business model structures—which are influencing how employers want to address compensation increases."
Primary care physicians can again expect to see slightly higher salary increases than specialists in 2014, particularly in hospital-based settings.The prevalence of annual incentive plans for physicians remained steady at 63 percent, compared with 64 percent of physicians reporting them in 2012. Quality was the most common (86 percent of such payments) used to determine incentive payouts, while patient satisfaction (70 percent) and outcomes (54 percent) also were used.
Publication Date: Tuesday, August 20, 2013