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Productivity benchmarks for physicians are likely to be lowered in light of plunging patient numbers from COVID-19, and bonuses are expected to take a hit, according to experts interviewed by Medscape.
"Employed physicians are often getting a guaranteed salary for a month or two, but no bonuses or extra distributions," Joel Greenwald, MD, a financial adviser for physicians in St. Louis Park, Minnesota, told Medscape Medical News.
"This amounts to salary reductions of 10% to 30%," he said.
The COVID-19 crisis dramatically reversed the consistent upward trajectory of physician compensation, according to a Medical Group Management Association (MGMA) survey, as reported by Medscape Medical News.
The survey, conducted April 7–8, found that practices have reported an average 55% drop in income. The report also found an average decrease in patient volume of 60%.
Before Pandemic, Salaries Were Rising
The pandemic interrupted a steady gain in compensation for this year compared to last, according to the Medscape Physician Compensation Report 2020.
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The report reflects data gathered from October 4, 2019, to February 10, 2020, and includes online survey responses from 17,000 physicians in more than 30 specialties.
Before the pandemic, primary care physician (PCP) pay was up 2.5%, to $243,000, from the previous year's average of $237,000. Specialists saw a 1.5% increase, from $341,000
