Physician Flash Report: Q4 2025 Metrics

Compensation is not keeping pace with physician productivity, while patient demand continues to rise and the proportion of advanced practice providers expands across the workforce.

The Physician Flash Report features the latest industry trends from the same data physician groups use to track their finances and operations. For more detailed benchmarks by specialty or custom peer groups, please email PhysicianFlashReport@kaufmanhall.com.

Key Takeaways

1. Compensation is not keeping pace with physician productivity. Physician productivity, as measured by work relative value units (wRVUs) per FTE, is up 9% since 2023 while physician compensation is only up 6%.
2. Patient demand, as measured by net patient revenue, is up. But on a per provider wRVU basis, net patient revenue has decreased 1% since 2023, reflecting lower reimbursement rates.
3. The proportion of advanced practice providers (APPs) continues to rise. APPs are now 40.7% of the workforce.