Inflation, meanwhile — specifically in healthcare — continues to grow. The Medicare Economic Index, which measures medical practice cost inflation, increased 4.6% in 2023, the highest in the last 23 years. Despite this, CMS’ finalized fee schedule reduced overall physician pay by 1.25% and updated the conversion factor to $32.74, a 3.4% decrease over last year.
Further, a recent report by the American Medical Group Association found that the median expense per physician in 2023 increased from $905,283 to $1,036,238. Despite a slight uptick in revenue compared to the previous year, the median loss faced by medical groups per physician was $249,000. The AMGA attributed the increase to issues with ongoing labor shortages.
Compared to pre-pandemic levels, median total revenue per physician has increased 9.1%, while median total expense per physician increased 26.5% over the same period.
However, depending on the state, healthcare employees earning minimum wage could earn anywhere from $7.25 to $17 an hour.
Here are the minimum hourly wages for workers in every state and Washington, D.C., using data from the Labor Department:
Alabama: No state minimum wage law. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
Alaska: $11.73
Arizona: $14.35
Arkansas: $11
California: $16
Colorado: $14.42
Connecticut: $15.69
Delaware: $13.25
District of Columbia: $17
Florida: $12
Georgia: Employers of six or more employees: $5.15. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
Hawaii: $14
Idaho: $7.25
Illinois: $14
Indiana: $7.25
Iowa: $7.25
Kansas: $7.25
Kentucky: $7.25
Louisiana: No state minimum wage law. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
Maine: $14.15
Maryland: $15
Massachusetts: $15
Michigan: $10.33
Minnesota: For employers with annual revenues of $500,000 or more: $10.85
For employers with annual revenues of less than $500,000: $8.85
Mississippi: No state minimum wage law. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
Missouri: $12.30
Montana: Businesses with gross annual sales of more than $110,000: $10.30
Businesses not covered by the Fair Labor Standards Act with annual sales of $110,000 or less: $4
Nebraska: $12 (applicable to employers of four or more employees)
Nevada: If qualifying health insurance is not offered by employer: $11.25
If qualifying health insurance is offered by employer: $10.25
New Hampshire: $7.25
New Jersey: $15.13 ($13.73 per hour for seasonal and employers who employ fewer than six people)
New Mexico: $12
New York: $15 ($16 in New York City, Nassau County, Suffolk County and Westchester County)
North Carolina: $7.25
North Dakota: $7.25
Ohio: Employers with annual gross receipts of $385,000 or more: $10.45
Employers with annual gross receipts under $385,000: $7.25
Oklahoma: Employers with 10 or more full-time employees at any one location or employers with annual gross sales over $100,000: $7.25
All others: $2
Oregon: $14.20 (standard state rate), $15.45 (Portland metropolitan area), $13.20 (non-urban counties)
Pennsylvania: $7.25
Rhode Island: $14
South Carolina: No state minimum wage law. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
South Dakota: $11.20
Tennessee: No state minimum wage law. (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
Texas: $7.25
Utah: $7.25
Vermont: $13.67
Virginia: $12
Washington: $16.28
West Virginia: $8.75 (applicable to employers of six or more employees at one location)
Wisconsin: $7.25
Wyoming: $5.25 (Employers subject to the Fair Labor Standards Act must pay the current federal minimum wage of $7.25 per hour.)
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