Along with an increase in physician salaries, a new report finds that medical practice leaders have seen sizable compensation increases over the last year.
Medical practice leaders' salaries rose considerably, with executive management positions up 4.49%, senior management positions up 11.48%, and general management positions up 8.02% from 2014 to 2018, according to the MGMA’s recent DataDive Management and Staff Compensation report.
The report, compiled from data on over 162,000 positions from more than 2,600 organizations, found salary increases across the board, including spikes in compensation for executive management and staff, as well as a 14% increase in CEO salaries.
The increases correlate with the growth in physician salaries, uncovered in a separate MGMA report.
As the healthcare industry continues to shift to value-based care, compensation increased for both primary care and specialty physicians, according to the MGMA’s physician compensation and production report. Overall, primary care doctors experienced a 3.4% increase from 2017 to 2018 while specialty physicians saw a 4.4% increase. Advance practice providers had a 2.9% increase.
According to the latest report, CEO salaries grew anywhere between 11.83% and 13.75% (depending upon organization size) from 2014 to 2018. Specialists and supervisors saw compensation grow by 10.97% and 12.53%.
Nursing positions earned $4 more per hour than they did three years ago, the report found.
Education and certifications are also paying off for employees. Executive management and general management positions with certifications reported greater compensation than those who are not certified. Staff who receive certification in their position earn nearly $6,000 more than their non-certified counterparts, the report found. Those compensation differences are reflected in hourly rate compensation for staff as well, with some certified positions earning up to $4 more than their non-certified counterparts.
Compensation increases for management and staff positions varied geographically, with southern states reporting some of the largest compensation increases from 2017 to 2018. Compensation differences between the highest and lowest paid states can be anywhere between $30,000 and $70,000, the report found.