Physician practices nationwide had a busy start to 2022, as physician productivity, compensation, and revenues all rose with higher patient volumes from Q4 2021 to Q1 2022. However, higher volumes also contributed to higher investments/subsidies needed to support physician practices and ongoing expense increases as practices contend with inflation and a tight labor market.

For the first time in two years, the median Investment/Subsidy per Physician FTE surpassed levels seen during the start of the COVID-19 pandemic. The metric was up 1.5% compared Q1 2020 at $288,227 in Q1 2022.

Other key findings from the first quarter compared to Q1 2021 include:

  • Physician wRVUs per FTE increased 15%
  • Physician Compensation per FTE rose 7% to $349,072
  • Net Revenue per Physician FTE was up 10% to $636,674
  • Total Direct Expense per Physician FTE rose 11% to $946,602

April 2022 Physician Flash Report


The Physician Flash Report features the most up-to-date industry trends drawn from the same data physician groups use to track their finances and operations. For more detailed benchmarks by specialty or custom peer groups, please email PhysicianFlashReport@kaufmanhall.com.