Many Physicians Report Income Plateau
(HealthDay News) — Many physicians report that their personal income has not changed since last year, according to the results of the Physicians Practice 2014 Physicians Compensation Survey.
Researchers surveyed 1,338 physicians, of whom 30.3% were in solo practices, 39.7% were in group practices with two to nine physicians, and the rest were in group practices with >10 physicians.
According to the report, 42% of respondents reported that their personal income was about the same as last year, 16.4% reported that it was down by >10%, and 10.3% reported that it was up by >10%. About half of respondents reported that their net income from practice was slightly (31.7%) or highly (19.1%) disappointing.
The survey found that steps to boost practice revenue included increasing the number of patients seen per day (33.3%), taking on work outside the practice (29.2%), and adding ancillary services (23.2%). About one-third of respondents report that their practice's financial viability is likely to be robust over the next one to three years (32.3%), while 35.2% feel that their practice's financial viability is mixed, and 23% feel they will have to work harder to maintain income.