The average cost of employing a provider full time in the fourth quarter of 2023 was $616,273, representing a rising cost of labor, according to data from Kaufman Hall.
The "Physician Flash Report" for 2024 analyzed data from more than 200,000 employed physicians and advanced practice providers across more than 100 specialties. Median total expense per provider was calculated by dividing total expenses per provider divided by the number of full-time employed providers.
Here is average cost of employing a provider full time per financial quarter:
2023:
Q1: $601,155
Q2: $608,187
Q3: $611,194
Q4: $616,273
2022:
Q3: $591,008
Q4: $577,883
2021
Q3: $595,787
Q4: $562,464