Dermatologists| Figure | Value or measure | Source | Edition |
|---|---|---|---|
| Medicare PFS conversion factor | $32.35 | CMS CY 2025 PFS Final Rule | 2024 final rule for CY 2025 |
| Medicare PFS conversion factor | $33.29 | CMS CY 2024 PFS Final Rule fact sheet comparator | 2023/2024 policy material |
| Medicare PFS conversion factor | $32.74 | CMS CY 2024 PFS Final Rule | 2023 final rule for CY 2024 |
| Private-practice physician share | 42.2% in 2024; 60.1% in 2012 | AMA Physician Practice Characteristics | 2024 report |
| Physicians in PE-owned practices | 4.5% | AMA ownership analysis | 2022 survey edition |
| PE acquisition evidence | 578 acquired groups and 2,874 comparison practices, pooled across dermatology, gastroenterology, and ophthalmology | JAMA Health Forum | 2022 study |
| Physician group acquisition study | Acquisitions during 2013-2016, multiple specialties including dermatology | JAMA | 2020 paper |
| Dermatologist employment and mean annual wage | 12,040 employed; $342,860 mean annual wage | BLS OEWS Dermatologists | May 2023 |
| Medical assistant mean annual wage | $43,350 nationally; $42,200 in offices of physicians | BLS OEWS Medical Assistants | May 2023 |
| Medical secretary/reception occupation | Employment and wage estimates by occupation and geography | BLS OEWS Medical Secretaries and Administrative Assistants | May 2023 |
| Medicare physician payment adequacy | MedPAC reviews access and quality in the context of physician supply and payment policy | MedPAC Report to Congress | March 2024 |
| Dermatologist employment and wages | BLS occupation and geography estimates | BLS OEWS | May 2024 |
| Medical assistant employment and wages | BLS occupation and geography estimates | BLS OEWS | May 2024 |
| Registered nurse employment and wages | BLS occupation and geography estimates | BLS OEWS | May 2024 |
| Registered nurse employment and wages | BLS occupation and geography estimates | BLS OEWS | May 2024 |
Dataset guide
CMS Physician Fee Schedule
Use final rules, fact sheets and downloadable relative value files. Record the calendar year, conversion factor, locality, place of service and applicable policy adjustments. The conversion factor alone does not determine payment for a service or a practice's realized collections.
AMA Physician Practice Benchmark Survey
The survey describes physician practice arrangements and ownership across defined survey populations. Note survey year and whether the reported outcome is where physicians work, who owns the practice or the share of practices. Avoid treating a national all-specialty result as a dermatology-specific share.
MedPAC
MedPAC analyzes Medicare payment policy and access. Its physician payment discussion helps owners understand the policy environment, but does not publish a universal private dermatology margin or fee schedule forecast.
BLS OEWS
OEWS reports employment and wage estimates by occupation, industry plus geography. Select the correct occupation and local area. Wage estimates exclude some employer costs and are not a complete compensation budget. Confirm current tables before citing detailed numbers.
Peer-reviewed acquisition studies
Read methods, study period, comparison group and outcome definitions. A pooled specialty analysis cannot be stated as a dermatology-only finding. Association is not proof that a transaction caused every observed change.
Specialty society materials
AAD, ASDS plus ACMS may publish workforce, practice or member research. Cite the actual edition and population. If a public summary does not provide a transparent denominator or method, describe the subject without repeating an unverified numerical claim.
Source links
- CMS CY 2025 Medicare Physician Fee Schedule Final Rule, 2024 edition
- CMS CY 2024 Medicare Physician Fee Schedule Final Rule, 2023 edition
- AMA Physician Practice Characteristics in 2024, 2024 edition
- AMA Physician Practice Benchmark Survey ownership analysis, 2022 edition
- JAMA Health Forum, 2022 study of physician-practice PE acquisitions
- JAMA, Private Equity Acquisitions of Physician Medical Groups Across Specialties, 2020 edition
- MedPAC March 2024 Report to Congress, 2024 edition
- BLS OEWS Dermatologists, May 2023 edition
- BLS OEWS Medical Assistants, May 2023 edition
- BLS OEWS Medical Secretaries and Administrative Assistants, May 2023 edition
- BLS OEWS May 2024 tables, 2024 edition
- CMS CY 2026 Physician Fee Schedule Final Rule, 2025 edition
Questions about your own practice? Contact Richard@DoctorsInvestorClub.com.
Related resources
BLS wage interpretation: These are occupation wage estimates, not physician-owner compensation or full employer labor cost. BLS notes that self-employed persons are excluded. Use state and metropolitan tables for local analysis.
Dermatology group counts from CMS enrollment data
Dermatologists.com analyzed the CMS Doctors and Clinicians national file, counting group practice IDs that list at least one clinician with a primary specialty of dermatology. These are counts of Medicare enrollment records, not a census of every practice, and one organization can hold more than one group ID.
| Measure | Value |
|---|---|
| Group IDs with at least one Medicare-enrolled dermatology clinician | 3,292 |
| Dermatology clinicians counted across those group IDs | 13,658 |
| Group IDs with 1 dermatology clinician | 1,274 (39%) |
| Group IDs with 2 to 4 | 1,359 (41%) |
| Group IDs with 5 to 9 | 383 (12%) |
| Group IDs with 10 to 24 | 205 (6%) |
| Group IDs with 25 or more | 71 (2%) |
| Share of counted clinicians in the 50 largest group IDs | About 21% |
| Leading states by group ID count | CA 357, NY 260, FL 252, TX 239, PA 122, NJ 120 |
What it means for owners: dermatology is still a fragmented field. About 80% of group IDs have four or fewer dermatology clinicians, which is why the specialty attracts platform roll-ups and why scale, more locations and a less owner-dependent practice tend to support higher valuations. Source: CMS Doctors and Clinicians National Downloadable File, https://data.cms.gov/provider-data/dataset/mj5m-pzi6
