As concerns mount over the physician workforce shortage, medical practices feel the pressure to recruit physicians and offer competitive benefits. According to the MGMA Physician Placement Starting Salary Survey: 2013 Report Based on 2012 Data, primary care physicians reported $180,000 in median first-year guaranteed compensation, up from $175,000 in 2011.
The Association of American Medical Colleges (AAMC) estimates the U.S. faces a shortage of more than 90,000 physicians by 2020 — a number that will grow to more than 130,000 by 2025. To recruit physicians, practices may be offering benefits such as first-year, post-residency or post-fellowship signing bonuses, paid relocation expenses, loan forgiveness, paid vacations, and continuing medical education.
“A number of factors influence the environment for recruiting physicians, and it continues to be highly competitive,” Kenneth T. Hertz, FACMPE, MGMA Health Care Consulting Group said in a statement. “With an influx of new patients anticipated in 2014, practices are seeking additional providers to serve patients. They are increasingly offering signing bonuses, relocation expenses, even additional vacation time, to attract new physicians and prepare to best serve their communities in the future.”