The American Medical Association earned an operating profit of $20.1 million in 2003, nearly double its $11.7 million operating profit in 2002, according to the association's annual financial report.
The AMA posted its fourth straight year of positive results -- the longest it has been able to maintain profitability in more than a decade -- despite significant decreases in membership in recent years.
The association ended 2003 with 250,830 members, a nearly 4% drop over 2002 and well below a peak of about 294,000 in 1999. Dues revenue fell to about $49 million, from $50.2 million in 2002. However, the AMA said that as of this March it had gained about 4,500 regular dues-paying members over 2003. Total 2003 revenue for the AMA rose 2.3% to $256.3 million.
Meanwhile, a separate report to the House of Delegates disclosed that the AMA's executive vice president and chief executive officer, Michael Maves, M.D., received a bonus of $138,000 last year in addition to his base salary of $463,500.