TRENDS
Workers in Demand The Great Resignation continues to shape the healthcare workforce. By Pete Mercer
Compensation has been a hot button topic in the healthcare industry in
recent years, mostly in regard to the heavy toll inflicted by the coronavirus pandemic. Healthcare workers have faced innumerable challenges in the last couple of years, ranging from inadequate materials to protect themselves on the front line to the Great Resignation depleting the staffing reinforcements. In an effort to improve retention for healthcare organizations, providers have had to raise the salaries for employees almost across the board.
A recent report from the Medical Group Management Association (MGMA) – the nation’s largest association focused on the business of medical practice management – shows that the salaries and wages of healthcare workers who have worked through the challenges of the pandemic are rising. The 2022 edition of MGMA DataDive Management and Staff Compensation featured data from over 142,000 management and staff positions at 3,406 organizations. “Today’s surge in demand for workers has created a compensation arms race forcing medical practices to revisit the ways in which they recruit, engage and nurture staff,” said Halee Fischer-Wright, MD, MMM, FAAP, FACMPE, president and chief executive officer at MGMA, in a press release. “To stay competitive, medical practice leaders must stay on the pulse of macroeconomic forces and invest in strategies that create rewarding and fulfilling workplaces. This latest data provides invaluable compensation benchmarks for job titles throughout a medical group practice – from the 44
September 2022
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C-suite to the front desk – to help healthcare practices overcome retention and recruitment challenges.”
Breaking down the data According to the report, there have been several key trends that MGMA has seen in the healthcare industry in the last few years. Based on the findings from the report, these trends include: Compensation rising for management Compensation for executive management positions has increased by 19.73% from 2019 to 2021 ʯ Those at the senior management level saw a compensation increase of 5.07% between 2019 and 2021. ʯ General management positions saw a compensation increase of 4.28% from 2019 to 2021.
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Compensation rising for nurses ʯ Compensation differences for nursing positions over the last few years have varied. ʯ Licensed Practical nurses saw the second biggest jump in compensation of 7.09% between 2019 and 2021.