Physicians are at a premium today, and many are seeing competitive compensation packages in efforts to recruit and retain them, according to a report from MGMA, which represents physician groups and medical practices.
According to MGMA, primary care physicians received median first-year guaranteed pay of $186,475 from practices. Practices offered $260,000 for new specialists. Further, practices are frequently offering signing bonuses and other perks to attract new physicians. About 60 percent of physicians placed in a new practice received a signing bonus, while 72 percent received relocation payments.
"Medical practices are offering a number of benefits to recruit physicians," said Laura Palmer, a senior industry analyst with MGMA, in a news release. "With the initial uncertainty surrounding how [Patient Protection and Affordable Care Act] insurance exchanges would impact healthcare organizations, medical practices were very savvy in planning ahead and anticipating how potential changes to their population may affect their ability to accommodate patients."
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