As healthcare continues to evolve rapidly with technological advancements and changing patient needs, so does the landscape of physician compensation. According to Sullivan Cotter’s comprehensive 2023-24 Physician Compensation and Productivity Report, which analyzes data from over 306,000 professionals nationwide, 15 key specialties experienced significant compensation growth in the last year.
But what’s driving these changes, and how can providers navigate the shifting compensation trends?
Rising Productivity, Rising Compensation
The report connects the increase in physician pay primarily to heightened productivity. As healthcare systems strive to meet the needs of growing patient populations, many specialties have responded by increasing work relative value units (wRVUs), a key metric for provider performance.
Specialties like hematology and oncology, radiation oncology, and endocrinology experienced notable increases in both compensation and wRVUs, underscoring the crucial roles these providers play in managing complex, high-demand cases.
Top Specialties Seeing Compensation Growth
Hematology and oncology physicians led the way with the largest median compensation increase—a 9.7% rise, bringing their median pay to $456,632. This growth is thanks to a 5.4% rise in wRVUs, showing just how hard these specialists are working. Endocrinology and metabolism followed with an 8% increase to $285,660, and radiation oncology saw a 7.5% rise to $550,000. Other notable increases include:
- Pathology (Anatomic and Clinical): Up 6.7% to $424,744
- Geriatrics: Up 6.1% to $273,025
- Pulmonology: Up 6% to $375,003
- Urology: Up 5.9% to $530,557
- Anesthesiology: Up 5.6% to $498,973
What Does This Mean for Providers?
For many healthcare providers, these compensation trends present both opportunities and challenges. Physicians are navigating productivity expectations while maintaining high standards of care. Whether you’re in one of the high-growth specialties or another field, keeping an eye on compensation trends can help inform your career decisions.
For locum tenens physicians, understanding these trends is essential. Whether you’re considering a temporary assignment or a more permanent role, knowing where the demand and compensation are highest can help you make informed career decisions. In this dynamic healthcare landscape, locum tenens providers can be game-changers. By stepping in to fill gaps in coverage and providing continuous patient care, locums help keep things running smoothly and prevent hospitals from losing revenue.
At Hayes Locums, we’re dedicated to delivering high-quality locum tenens solutions to meet the evolving needs of healthcare facilities and providers alike, helping you find the right opportunities that align with your professional goals.
