Healthcare Finance News November 14, 2024
Kaufman Hall’s latest flash report shows labor expenses account for about 84% of medical groups’ total expenses.
While hospital and health system financial performance was relatively stable in September, expenses remain high, especially when compared to 2021-2023, according to Kaufman Hall’s September Flash report released this month.
Contract labor rates and utilization have decreased, but the overall labor market is still tight, data showed.
Labor expenses account for about 84% of medical groups’ total expenses, while the median investment per employed physician was more than $304,000. And provider and physician compensation per full-time employee increased 3% over the prior year.
Physician pay in Q3 per full-time equivalent (FTE) hit $369,392, while provider compensation per FTE was $305,533.
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