The Math On Physician Pay Is Breaking Down As Reimbursements Outpace Compensation


 
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By Patsy Newitt

Total clinical compensation rose 4.3% in 2025, but about half of that growth is being funded by providers doing more work, not by gains in reimbursement, according to the 2026 Medical Group Compensation and Productivity Survey.

The survey draws on data from 451 medical groups and health systems representing nearly 188,000 providers across more than 190 specialties.

Here’s what leaders should know:

1. Pay is up across all categories. Primary care compensation grew 3.7%, medical specialties 4.3%, surgical specialties 3.2% and radiology, anesthesiology and pathology 5.7%. Advanced practice clinicians saw a 4.1% increase, with productivity rising 3.0%.

2. Productivity is carrying the load. Work RVUs rose 2.4% and patient visit volume grew 2.0% in 2025. AMGA Consulting President Fred Horton flagged the sustainability problem.

“At some point productivity will top out, and providers are already adjusting their FTE and seeking alternative work arrangements in response to increased workloads,” he said in a release.

3. Primary care is seeing fewer but sicker patients. Visit volume for primary care fell 2.2%, roughly 60 to 90 fewer visits per physician per year, while wRVUs still grew 2.0% and wRVUs per visit rose from 1.86 to 1.94. The shift points to higher-acuity patients, likely driven by E/M coding changes and constrained specialist access.

4. The NP-PA pay gap is nearly closed. In medical specialties, the compensation difference between nurse practitioners and physician assistants dropped from more than $7,000 to under $400.


 
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