Cardiology compensation and production remain relatively stable year-over-year: Report
MedAxiom has released its 2023 "MedAxiom Cardiovascular Provider Compensation and Production Survey Report" that includes data from the largest number of providers since its debut.
The report features a foreword from MedAxiom President and CEO Jerry Blackwell, MD, MBA, FACC, on the consistency of year-over-year data from 2021 to 2022, the importance of a robust pool of data to form the foundation of the report, and the application of data as a strategic planning tool.
2023 Report Highlights:
- Compensation and production across all of cardiology are relatively stable.
- The median total compensation gap between private and integrated cardiologists, which narrowed in 2021, widened in 2022 with compensation increasing for integrated cardiologists and decreasing for cardiologists in private practices.
- The ratio of advanced practice providers (APPs) to physicians, as well as production and compensation for APPs, all continued their year-over-year increases with 92 percent of participating programs now including APPs in their care teams.
- MedAxiom data through 2022 does not show any meaningful reversion of integrated practices back to private practice despite the impact of private equity on cardiology ownership.
- Median total new patient volumes inched up again in 2022 to the highest level recorded, while imaging and procedural volumes across the board saw no significant increases on a per patient panel basis.
- After peaking in 2021, cardiac surgeon total compensation decreased in 2022 while vascular surgery went the opposite direction to its highest level recorded.
"The story of the 2023 'MedAxiom Cardiovascular Provider Compensation and Production Survey Report' is one of consistency between the 2022 and 2021 trends after several unprecedented years of change in the cardiology industry," said Blackwell. "While the health care field continues to evolve, the consistency of year-over-year data may reflect a turning tide, bringing renewed hope for stability and growth in the future."
The 2023 report includes 2022 data collected from 198 cardiovascular programs representing 5,806 total cardiovascular providers.
"This report is an incredibly valuable tool for leaders who can use the data to develop plans and budget sensibly for recognized market trends, provider recruitment and retention strategies," noted Kevin Mair, MBA, MedAxiom's vice president of Care Transformation Services.
More information:
Report: info.medaxiom.com/hubfs/2023%20Comp%20Survey%20Report/2023%20MedAxiom%20Comp%20Survey%20Report.pdf
Provided by American College of Cardiology