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February 6, 2013

Survey: Physician compensation is stagnant

A compensation survey released in the fall showed although many physicians were happy with their overall compensation, a little more than 40 percent of physicians felt they were not well compensated for their work.

A physician compensation survey by Medicus Firm

The survey, released by the Medicus Firm, surveyed more than 2,500 physicians in 19 specialties and located in 47 states. Eighty percent of the physicians were currently in practice, while the other 20 percent were in training.

In the survey, they found 33.1 percent of physicians felt they should have been compensated better, while another 8.1 percent of physicians questioned whether entering the medical field was a field was worth it.

Physicians say they expect their incomes to remain the same

Nearly half of the physicians surveyed (47.5 percent) said they expected their incomes would remain more of less the same in 2012. A little more than a quarter of physicians thought their compensation would increase, but only 7 percent thought the increase would be significant. Approximately 23.9 percent expected their income to decrease in 2012.

Of physicians surveyed, 31.9 percent felt the largest factor in the decrease of their incomes were changes in the health care law, which has decreased reimbursements to practices across the board, especially from government plans like Medicare and Medicaid.

Some specialties reported growing incomes

Not ever specialty reported stagnant incomes, however. Hospitalists, anesthesiologist, family medicine, oncology and pulmonology all reported growing incomes. Orthopedic surgery, as well as pediatrics, was stagnant, cardiology, emergency medicine, gastroenterology, general surgery, internal medicine, neurology, neurosurgery, OB/GYN, otolaryngology, pediatrics, psychiatry and radiology reported a decrease in income.

Physicians assistants, as well as nurse practitioners, reported average increases between 5.5 percent and 3.7 percent.

So when looking for a job, how can you increase your chances of finding what you are looking for and a salary to match your expectations? First of all, make sure you are asking the right questions when you are making a decision.

  • What kind of benefits are offered, including retirement?
  • Is their a path to becoming a partner?
  • How long will your salary be guaranteed?
  • What is the payer mix?
  • What support staff will be in place to help you in your new role?

Find more questions to help you make your choice on PracticeLink’s article Ask The Right Questions The First Time Around.



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