U.S. physician practices ended 2021 with sizeable gains in physician productivity and revenues relative to late 2020 performance, but mounting expenses and high levels of investments/subsidies required to support practice operations continue to be areas of concern.

The median Investment/Subsidy per Physician Full-Time Equivalent (FTE) was above late 2019 and late 2020 levels throughout 2021. Total Direct Expense per Physician FTE also was above Q4 2020 levels throughout 2021 and above pre-pandemic levels for the last three quarters of the year.

Key findings from the fourth quarter compared to Q4 2020 include:

  • Investment/Subsidy per Physician FTE rose 9.9% to $263,001
  • Physician wRVUs per FTE increased 21.9%
  • Net Revenue per Physician FTE jumped 19.3% to $695,088
  • Total Direct Expense per Physician FTE rose 16.3% to $955,281

January 2022 Physician Flash Report


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