MedAxiom, the premier source for cardiovascular organizational performance solutions, has released its ninth annual Cardiovascular Provider Compensation and Production Survey Report revealing the true impact of the coronavirus pandemic on cardiovascular programs in 2020. The report unveils trends across cardiology, surgery, advanced practice providers (APPs) and non-clinical compensation.
Key findings include:
- While cardiology production was significantly down, cardiology compensation fared well in 2020. In fact, private group cardiologist compensation rose.
- New patient volumes were the lowest in the past five years due to the pandemic.
- The market value of cardiac surgeons continues to rise; compensation has increased by 39% since 2016.
- A new patient panel measure shows a downward trend for median physician FTE per 1,000 active patients suggesting that the cardiology community is moving more care to APPs as part of its clinical strategy.
“The COVID-19 pandemic has rocked the healthcare industry requiring cardiovascular programs to rapidly adapt to the everchanging environment. The 2020 data showcased in this report are particularly interesting, revealing how challenging the pandemic was for cardiovascular program volumes in 2020 and the significant impact of CARES Act monies and other federal support on provider compensation,” noted Joel Sauer, MBA, report author and MedAxiom’s executive vice president of Consulting.
In addition to highlighting comparisons between private and integrated models, the 2021 report – powered by MedAxcess, the cardiovascular cardiovascular industry’s leading proprietary database and business intelligence application – features new panel size metrics for workforce planning. Data for the 2021 report were collected over the 2008-2020 timeframe and include 188 cardiovascular groups, representing 4,982 total cardiovascular providers, including 2,565 full-time cardiovascular physicians and 1,935 APPs.
“Data are at the heart of MedAxiom. For 20 years, MedAxiom has been transforming cardiovascular care by driving the data revolution,” said Jerry Blackwell, MD, MBA, FACC, MedAxiom’s president and CEO. “2020 was an unprecedented year resulting in a sea change that will impact the cardiology industry for years to come. MedAxiom’s Cardiovascular Provider Compensation and Production Survey Report – designed for cardiology, by cardiology – arms programs with actionable data and unparalleled insights to thrive in the new normal and transform care.”
Click here to access the full report.
MedAxiom, an ACC Company, is the cardiovascular community’s premier source for organizational performance solutions. MedAxiom is transforming cardiovascular care by combining the knowledge and power of 425+ cardiovascular organization members, thousands of administrators, clinicians and coders and 35+ industry partners. Through the delivery of proprietary tools, smart data and proven strategies, MedAxiom helps cardiovascular organizations achieve the Quadruple Aim of better outcomes, lower costs, improved patient experience and improved clinician experience. For additional information, visit MedAxiom.com.