Medical Economics' 90th annual Physician Report showed physician salaries are declining or remaining stagnant.
Medical Economics surveyed 1,300 physicians to generate the report, which includes salary data for 2018.
Key details:
1. Over half of physicians said their compensation was the same as the previous year. Twenty-six percent of physicians said their compensation dropped, while 22 percent had an increase in compensation.
2. The report provided the average income for seven specialties:
Internal medicine: $262,000
Family medicine: $242,000
Pediatrics: $233,000
Cardiology: $405,000
OB-GYN: $288,000
Dermatology: $483,000
Urology: $362,000
3. More than 70 percent of physicians said such uncompensated tasks as prior authorizations resulted in lower revenue from lost productivity. Lower reimbursement and government regulations also were cited as reasons for lower revenue and pay.
4. Seeing more patients, pay for performance, renegotiated payer contracts and more ancillary services were some of the reasons physicians cited for improved finances.
5. On average, male physicians made $380,000, while female physicians made $200,000 in 2018.