October 25, 2018 — Overall cardiology compensation has dropped for the first time since 2014, according to the sixth annual Cardiovascular Provider Compensation & Production Survey from MedAxiom. In addition, the survey found the income gap between private and integrated groups widened in 2017.
Each year MedAxiom surveys its membership — more than one-third of all cardiology and cardiovascular groups in the country — on financial, staffing, productivity and compensation metrics, and a number of demographic measures. Data for the 2018 report was collected over the 2008-2017 time frame and includes 186 groups, representing 2,637 full-time physicians.
The 43-page report provides data and expert analysis on compensation and production trends by subspecialty, geographic region, ownership model and more. It looks at a variety of data points and factors including compensation per work relative value unit (wRVU), key cardiology volumes and ratios, diagnostic testing trends and the roles of advanced practice providers, part-time physicians as well as non-clinical roles.
Survey highlights include:
- Overall cardiology compensation fell for the first time in three years to a median full-time equivalent (FTE) of $559,568;
- Interventional physicians gained the top earnings spot from electrophysiologists;
- Cardiologists in the South brought home over $120,000 more per FTE than those located in the Northeast;
- Overall wRVUs remained flat while compensation per wRVU increased;
- Nearly 40 percent of all cardiologists are age 56+ ; almost 25 percent are 61+; and
- Cath volumes are flat, while nuclear volumes continue to trend downward.
In addition to the comprehensive data sections of the report, the 2018 MedAxiom Provider Compensation & Production Survey includes detailed analysis of the trends as well as an in-depth article on “What Patient Centric Care Really Means” by the survey’s author, Joel Sauer.
For more information: www.medaxiom.com