BUSINESSIncome is up for physicians in big groupsA look at large practices finds increased efficiency making up for revenue losses, but that trend might have its limits.By Tyler Chin, amednews staff. Sept. 25, 2006. Physicians in large group practices saw income gains last year tied to hiring demand and increased productivity, according to one survey. Meanwhile, some of the groups employing them continue to lose money. The median physician income was up 8% and 6%, respectively, for primary care physicians and specialists in 2005, according to the 2006 Medical Group Compensation & Financial Survey from the American Medical Group Assn. The numbers are based on responses from 218 groups representing about 35,000 physicians. Alexandria, Va.-based AMGA, which represents large multispecialty practices, including some that own or are owned by hospitals, surveyed both members and nonmembers. Median incomes for family physicians and internists at groups were $178,366 and $183,840, respectively, each up about 8.5%. Dermatologists had the largest gain: 12% to $306,935. Hematologists and oncologists had the smallest: 3.3%, to $263,284. The median reflects a midpoint (half the physicians earned more and half earned less) while the mean is the average. For example, average incomes for family physicians and internists were $187,891 and $192,264, respectively. Although the groups' financial performance dipped, physicians earned more money last year than in 2004 because groups were working harder, offering ancillary services and facing intense competition to hire and retain doctors, said Fred Haag, vice president of publications and communications at AMGA. The results of the AMGA's survey represent a small minority of the physician population. Studies have found that 60% or more of all physicians practice in medical groups of three or fewer physicians. [...]Full text of American Medical News content is available to AMA members and paid subscribers.
Copyright 2006 American Medical Association. All rights reserved.
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