An Overview of Salaries, Bonuses, and Other Incentives Used to Recruit Physicians, Physician Assistants, and Nurse Practitioners
By Travis Singleton
In an annual tradition that now extends back 23 years, Merritt Hawkins has released its 2016 Review of Physician and Advanced Practitioner Recruiting Incentives.
Merritt Hawkins’ Review is still the only data source in the market tracking physician and advanced practitioner starting salaries based on real-world recruiting assignments. While other physician compensation surveys, such as those conducted by the Medical Group Management Association (MGMA) or Medscape, track total physician compensation, Merritt Hawkins’ Review focuses on the starting salaries that hospitals, medical groups and other facilities are using to attract physicians from one location to another. As such, it is an indispensable tool for anyone recruiting physicians.
The 2016 Review includes data from the 3,342 physician and advanced practitioner recruiting assignments Merritt Hawkins and other physician staffing companies within AMN Healthcare conducted from April 1, 2015 to March 31, 2016. Some of the key highlights:
- Starting salaries for 19 of the 20 medical specialties tracked by the Review increased year-over- year. Primary care physicians and some specialists saw increases of 13% or more.
- Psychiatry now ranks second on Merritt Hawkins’ list of the most in-demand specialties, the first time it has held this position.
- The use of quality-based metrics to bonus physicians rose year-over-year, but such metrics still account for only 6% of total physician compensation.
The Review includes 44 pages of data on physician starting salaries, signing bonuses, relocation allowances, continuing medical education allowances and other incentives, as well as extensive analysis of physician recruiting and physician compensation trends.
Over the last 23 years, the Review has become a key benchmark used by healthcare administrators, physicians, policy makers, the media and others to monitor trends in both in physician recruiting and in the larger healthcare system itself. A few data points from the Review are included in this infographic. To receive a full copy of the review click here.
I look forward to sharing the Review and responding to any questions or comments you may have.
Travis Singleton is Senior Vice President of Merritt Hawkins, the nation’s leading physician search firm and a company of AMN Healthcare.