Compensation Trends for Starting Physicians
Practices attract starting physicians by creating an enticing compensation and benefits package. While money is not the only determining factor for physicians selecting a new job, it matters. Especially for physicians just exiting residency or fellowship who carry heavy student loan debt.
“In a sense, the practice’s compensation method reflects its culture.”
Compensation plans have changed over time. The gap between physician supply and demand is a leading factor for changing compensation tactics. Two reasons cited were the current and projected physician shortage and an increased number of physicians retiring early.
2021 Starting Physician Compensation
In addition to the main forms of compensation, “other” perks outside of the traditional monetary methods:
- More paid time off to improve work/life balance
- Changes to the structure for partner track
- Reinstatement of CME funds that were cut in 2020
MGMA’s Provider Placement Starting Salary data set includes benchmarks for:
- Guaranteed compensation
- Amount of CME paid
- Amount of signing bonus
- Amount paid to relocate
- CME weeks paid time off
Compensation plans for physicians are always evolving.
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