Physician Pay Soars by Up to 6.47% in 2024: Shocking Gender Gaps and Burnout Rates Exposed
The 2024 Medical Group Management Association (MGMA) Provider Compensation and Productivity Data Report, based on data from over 211,000 physicians and advanced practice providers (APPs), reveals significant trends in physician compensation and productivity in 2023. Physician compensation increased by 5.9%, with primary care physicians seeing a 4.44% increase, surgical specialists experiencing a 4.42% rise, and nonsurgical specialists reporting a more modest 1.81% increase. APPs saw a notable 6.47% boost in their median total compensation. This rebound comes as practices adapt to rising demands for care and higher practice expenses, leveraging new technologies to enhance productivity.
However, the report also highlights persistent challenges within the industry. The gender pay gap, for instance, remains a significant issue, with female physicians earning 23% less than their male counterparts. While slightly reduced to 26% in 2022, this gap still translates to an average earning difference of nearly $102,000. Additionally, burnout is a prevalent concern, with 81% of physicians reporting being overworked.
2024 Provider Compensation Data Report (MGMA 5/30).
