First-year specialists in multispecialty practices earned around $18,000 more than their peers in single-specialty practices last year, a new salary survey from the Medical Group Management Association finds.
Multispecialty practices boost first-year specialists' earning power: MGMA
The median compensation for a starting specialist in a multispecialty practice was $258,677 in 2010, according to the Englewood, Colo.-based MGMA's Physician Placement Starting Salary Survey: 2011 Report Based on 2010 Data. Median compensation for newly minted specialists in single-specialty practices was 7.5% lower—$240,596.
Among primary-care physicians, median compensation was higher for those in single-specialty practices, although the difference wasn't as pronounced as it was for specialists. Median compensation for primary-care doctors in single-specialty practices was $172,400 vs. $165,000 for those in multispecialty practices—a difference of 4.5%.
In addition, more than half (56%) of first-year doctors pocketed signing bonuses in 2010, the MGMA found, and 12% received loan-forgiveness packages. Fifty-six percent also accepted paid relocation packages.
Because it's a job-hunter's market for physicians, recruitment has become more difficult, said Dr. Kevin Ruggles, senior vice president of medical and clinical affairs at Rockford (Ill.) Health System, in an MGMA news release. "Physicians have certainly become savvier in negotiating their employment terms, and signing bonuses and paid relocation packages are more common now," he said.
The salary survey is based on data from 4,295 providers and starting salary information on 1,986 physicians directly out of a residency or fellowship, according to the release.
For detailed information on physician compensation by specialty, check out the results of Modern Healthcare's 17th annual Physician Compensation Survey.
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