ENGLEWOOD, Colo., June 26, 2024 /PRNewswire/ -- Patient care demands have surged in the post-pandemic landscape, exacerbating healthcare workforce challenges that have remained intense well beyond the height of the Great Resignation, as outlined in a new survey data release from Medical Group Management Association (MGMA). The 2024 edition of MGMA DataDive Management and Staff Compensation — which features data from more than 171,000 management and staff positions — serves as a baseline for medical practices to benchmark salaries and wages for some of the most highly sought after roles in today's medical practices.

Salaries, wages continue to rise in a perpetually tight labor market

As nearly eight in 10 medical practice leaders report spending more time on recruitment and interviewing in the past year, the impacts of operating without a full team include lost revenue opportunities, increased strain on providers and staff, and downstream patient access bottlenecks that can result in worse outcomes for patients. MGMA acknowledges the need for continued innovation in human resource management and operational workflows to mitigate these effects, especially as data show that about half of medical practices already see higher visit volumes in 2024 compared to last year. 

In the face of continued staffing shortages in key clinical and administrative roles, MGMA DataDive Management and Compensation survey data for 2023 find that: 

• Medical assistant median total compensation grew 3.26% in 2023, capping just more than $7,400 in gains since 2019.
• Registered nurse (RN) median total compensation hovered just under the $80,000 mark in the latest data set.
• Median hourly wages increased for certified nursing assistants ($1.61), patient care assistants ($2.15), RNs ($1.56) and licensed practical nurses ($1.19) in 2023.
• Management positions in healthcare saw a 6.95% increase in median total compensation in 2023.

Looking back 10 years to 2014 benchmarks: 

• RN compensation rose 39.19% through 2023
• MA compensation surged 41.36% through 2023
• LPN compensation saw a 25.50% increase through 2023

Compensation also varies widely by region, with general and senior management positions reporting the highest compensation in the Western region and the lowest in the Southern region. RNs earned $23,084 more in the West compared to counterparts in the South. 

Building sustainable teams with people, technology and partners

MGMA's summary data report, "People Strategies for Today's Healthcare Staffing Challenges," provides further analysis of the 2024 MGMA DataDive benchmarks with insights from nationwide polling and expertise from MGMA Consulting.

"Amid heightened patient demand and increased financial pressures, medical group practices continue to face a tight labor market where competition for clinical and administrative roles remains especially difficult," said Halee Fischer-Wright, MD, MMM, FAAP, FACMPE, president and chief executive officer at MGMA. "Compensation increases are essential for attracting and retaining talent, but current financial realities cannot be ignored. Medical groups must seek out innovative solutions that optimize operations and drive efficiencies to counteract increased labor costs while safeguarding patient access to care."

To stay competitive in hiring and operate efficiently to meet growing patient demands, MGMA's latest report offers solutions and insights around:

• Updating total rewards strategies for improved recruitment and retention
• Updating strategies for recruiting and hiring nurse roles
• Embracing AI solutions for documentation to ease clinician burdens
• Bridging gaps in healthcare worker knowledge through skill assessments
• Seeking out effective automation in revenue cycle operations

MGMA's continued efforts to address the staffing shortages across the industry have prompted the creation of a dedicated event — the MGMA Focus | Staffing Conference, slated for Aug. 15-16, in Burlington, Massachusetts — to connect medical practice leaders with industry-leading experts and trusted partners to analyze the staffing challenges confronting healthcare today and solve them.  

To download a copy of the summary report, visit here. 

About MGMA
Founded in 1926, the Medical Group Management Association (MGMA) is the nation's largest association focused on the business of medical practice management. MGMA consists of 15,000 group medical practices ranging from small private medical practices to large national health systems representing more than 350,000 physicians. MGMA helps nearly 60,000 medical practice leaders and the healthcare community solve the business challenges of running practices so that they can focus on providing outstanding patient care. Specifically, MGMA helps its members innovate and improve profitability and financial sustainability, and it provides the gold standard on industry benchmarks such as physician compensation. The association also advocates extensively on its members' behalf on national regulatory and policy issues. To learn more, go to MGMA.com or follow us on LinkedIn, Twitter and Facebook.

Contact:
Emily Dowsett
edowsett@mgma.org

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SOURCE Medical Group Management Association