Physician activity came roaring back in the second and third quarters of this year, with physician productivity and revenues surpassing both 2019 and 2020 performance. At the same time, physician expenses continued to climb above pre-pandemic levels for a third consecutive quarter, due in part to rising drug and medical supply costs. The level of investment needed to supplement physician revenues also increased as a result.

Key findings from the third quarter compared to Q3 2020 include:

  • Investment/Subsidy per Physician FTE rose 9.8% to $231,654
  • Physician wRVUs per FTE increased 9.4%
  • Net Revenue per Physician FTE jumped 11.4% to $660,762
  • Total Direct Expense per Physician FTE rose 13.2% to $914,045

View the October 2021 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.