MONDAY, Dec. 1, 2014 (HealthDay News) — Many physicians report that their personal income has not changed since last year, according to the results of the Physicians Practice 2014 Physicians Compensation Survey.
Researchers surveyed 1,338 physicians, of whom 30.3 percent were in solo practices, 39.7 percent were in group practices with two to nine physicians, and the rest were in group practices with more than 10 physicians.
According to the report, 42 percent of respondents reported that their personal income was about the same as last year, 16.4 percent reported that it was down by more than 10 percent, and 10.3 percent reported that it was up by more than 10 percent. About half of respondents reported that their net income from practice was slightly (31.7 percent) or highly (19.1 percent) disappointing.
The survey found that steps to boost practice revenue included increasing the number of patients seen per day (33.3 percent), taking on work outside the practice (29.2 percent), and adding ancillary services (23.2 percent). About one-third of respondents report that their practice’s financial viability is likely to be robust over the next one to three years (32.3 percent), while 35.2 percent feel that their practice’s financial viability is mixed, and 23 percent feel they will have to work harder to maintain income.