Primary care physicians saw larger compensation increases than specialists last year, according to a new Medical Group Management Association report.
Here are five things to know from the report:
1. Primary care physicians reported average compensation of $241,273 last year, a 3.56 percent increase over 2013.
2. Specialists saw just 2.39 percent increases for an average income of $411,852 last year.
3. The report noted medicine's move toward value-based care is pulling away from productivity-based compensation models. "We hope to see physician salaries remain healthy throughout this transition," said Halee Fischer-Wright, MD, president and CEO of MGMA.
4. An MGMA report released last year showed 81 percent of medical practices deemed better performers used patient-satisfaction surveys, and better performers were more likely to assess patient satisfaction more frequently.
5. The practices that advertised and marketed to their community and participated in community events fared better than other practices. The better-performing practices also reported less bad debt due to fee-for-service activity per full-time equivalent physician. The multispecialty groups also reported $11,361 less bad debt than other practices.