Cardiology compensation continues to rise; first heart failure compensation data reported
MedAxiom, an American College of Cardiology Company, the nation's leading cardiovascular health care performance community and top cardiovascular-specific consulting firm, has released its seventh annual Cardiovascular Provider Compensation and Production Survey. The report reveals trends that help cardiovascular organizations navigate an evolving health care industry and ultimately advance heart health.
Key findings include:
- Overall total cardiology compensation increased 3 percent year over year, reaching the second highest total since 2012
- Electrophysiologists are once again the top earners
- Heart failure cardiologist compensation ($441,845 per FTE), reported for the first time, is 10 percent lower than general non-invasive compensation
- The income gap between physicians in private vs. integrated groups narrowed to 3.5 percent
- There are more cardiologists age 61 and over than ever before (about 1 in 4)
"MedAxiom continues to evolve the data collected for this annual report to keep up with the ever-changing health care landscape. With the addition of heart failure data, this year's report is more robust than ever," said Joel Sauer, MedAxiom executive vice president of consulting and author of the report. "Looking at compensation and production together helps us understand where we stand today and where we need to head as we continue to advance cardiovascular health care."
The comprehensive report provides data and expert analysis on compensation and production trends by subspecialty, geographic region, ownership model and more. It looks at the diverse set of data points and factors including compensation per work relative value unit, key cardiology volumes and ratios, diagnostic testing trends, and the roles of advanced practice providers, part-time physicians and non-clinical roles.
"As the health care delivery system evolves, it's crucial that we understand how economics are affected," said Gerald Blackwell, MD, MBA, FACC, MedAxiom president. "Having a pulse on cardiovascular compensation and production data and trends enables cardiovascular organizations to make informed practice decisions and ensures they are on par with peer organizations."
At the beginning of each year MedAxiom surveys its membership which represents more than one-third of all cardiology and cardiovascular groups in the country. The data collected contain financial, staffing, productivity and compensation metrics, and a number of demographic measures. Data for the 2019 report were collected over the 2008-2018 timeframe and include 184 groups, representing 2,267 full-time physicians.
Email Sam Roth to receive a copy of the full 2019 Provider Compensation and Production Survey Report or an infographic with key report findings.