For the first time in nearly a decade, there has been an increase in the number of health care provider organizations reporting improved financial performances, according to a new survey.
For the first time in nearly a decade, there has been an increase in the number of health care provider organizations reporting improved financial performances, according to a new survey. On average, groups broken even financially after operating with a negative margin for years.
The American Medical Group Association’s (AMGA) 2013 Medical Group Compensation and Financial Survey revealed that more provider organizations are reporting stronger financial performances. In 2012, 61% of specialties experienced an increase in compensation.
The survey represents responses from 280 medical groups, representing approximately 67,900 providers.
"After years of facing financial hardship, medical groups and other organized systems of care are finally getting to break even," commented Donald W. Fisher, PhD, CAE, president and chief executive officer of AMGA.
However, the average increases in compensation were slightly lower — 1.6% in 2012 compared to 2.8% from 2010 to 2011.
Endocrinology (5.81%), infectious disease (5.64%), rheumatology (4.89%) and anesthesiology (4.6%) experienced the largest increase in compensation in 2012. Primary care specialties saw an increase of 2.8%, which was down from 4%. Meanwhile, surgical specialties only reported an average compensation increase of 0.5%, down from 3.4%.
"As these medical groups strive to become high-performing health systems, they are investing in improvements in care processes and infrastructure that will provide patients with better health outcomes, enhanced care experience, and lower costs well into the future,” Fisher said. “It is gratifying to see their efforts are also resulting in financial gains, and we hope they can continue to improve financial performance."