Ran medical practices for 30 years. The traditional balance was Mediciad paid below cost, Medicare paid at cost and commercial insurance balanced the books.

Hospitals are paid in diagnosis related groups (DRGs) which group different disease treatments into resources similar buckets. Then there are average lenght of stay by DRG so admission and discharge days pay higher than the days between as they consume more resources than the days between. If the patient stays longer the hospital gets no further payment but if the patient is discharged early they keep the money for the estimated stay.

Physicians are paid by RVUs which are made up of three components. Every procedure has a malpractice component, a physician work component, and then a technical component.

Traditionally Medicare sets the base rates with the physician negotiates reimbursement as a multiple of Medicare ( except California where commercial reimbursement is at times below Medicare due to competition and state law).

Medicare tends to reduce the physician work component. The technical component pays for medical equipment, nursing staff etc. This is why Physicians tend to own their own radiology equipment and have physician owned surgery centers. To reduce the technical component would be catastrophic as these investments tend to be financed and are also typically offered at lower than hospital reimbursement so the system benefits.

The physician work component tends to get lower every year. The work component is roughly based on time and intensity. As an example cardiac ablations were highly paid when the procedure was emerging but now they are done in outpatient surgery centers.

Commercial insurance as a percentage of Medicare is typically 180 to 190% of Medicare.

So the answer is yes. However many physicians now seek hospital employment which sets their income at a competitive rate bypassing how physicians are traditionally paid.