How does your practice measure up?
How does your compensation and productivity stack up against other allergists and specialties? Benchmarking your financial data against other practices (and against your own historical performance) can help you find opportunities to improve.
Michael Blaiss, MD, FACAAI, executive medical director, gave a presentation on practice financial survey data at the 2016 Annual Scientific Meeting. According to Dr. Blaiss, “We all went into allergy to care for the patient, nevertheless we have to realize it’s a business. Just like any other business, we need good financial data to help us compare our allergy practice to others.”
We analyzed 2015 data from the Medical Group Management Association (MGMA). The good news: median total compensation for non-academic allergists (including provider wages, bonus/incentive payments, research stipends, honoraria and profit distributions) has increased steadily over the past four years, according to MGMA. Median allergy/immunology (A/I) compensation is greater than both internal medicine and pediatrics, but consistently less than pulmonary medicine. Median work relative value units (RVUs), a measure of physician productivity, has also increased for allergists over the past three years. Keep in mind this data is based on a relatively small number of allergists who completed the survey: 196 in 2015 and 203 in 2014
MGMA also reported 2015 A/I total compensation by ownership type. Physician owned practices earned 17% more than hospital/ integrated delivery system (IDS) owned practices. See chart 1A.
Fewer academic allergists (34) reported 2015 compensation data to MGMA than non-academic allergists (196). According to this limited data, which may not be representative, academic allergists earned significantly less than non-academic allergists. See chart 1B.
For practices planning to hire a new allergist this year, the median starting salary data in 2015 was $160,375, based on reports from five new allergists. See chart 1C.
Overall, allergy is still a highly compensated specialty, with physician-owned practices at the high end of the scale and academic practices at the low end. For more information on allergist compensation, career satisfaction and other allergy practice data, view Dr. Blaiss’ Annual Meeting presentation as part of the Meeting On Demand on the College Learning Connection, at education.acaai.org/OnDemand. The presentation is part of the Practice Essentials package.
The 2017 MGMA provider compensation is now open through Feb. 17! Participate and get the results for free at goo.gl/2PJ3p5.
Source: MGMA DataDive™ Provider Compensation 2016. Used with permission from MGMA, 104 Inverness Terrace East, Englewood, Colorado 80112. 877-275-6462. www.mgma.com. Copyright 2016.