Medscape has finally released the results of their massive 2013 survey.  They’ve been doing this for the past 3 years and the results are always interesting.  The data comprises information from 21,878 physicians across 25 medical specialties regarding the 2012 fiscal year.  I cherry picked some key points I thought you might find interesting :

• The 3 top earning specialties this year are the same as last years : orthopedic surgery ($405,000), cardiology ($357,000), and radiology ($349,000).
• Endocrinology and Oncology were the only specialties who had a decrease in income.
• Roughly half of physicians feel fairly compensated and half don’t.
• Concierge and Cash Only practices are on the rise (albeit a slow one) but joining ACOs jumped up from 3% to 16%.
• 23% of doctors will drop insurers who pay poorly.
• 71% of doctors spend up to 14 hours per week on paperwork.  18% spend 15-24 hours.  9% spend more than 25 hours per week.  (wow)

I think the most powerful slide for me is this one because it speaks to career satisfaction.  It’s something I value greatly and think about often.

What do you think of the survey?

For the full results, click on the link below:
http://www.medscape.com/features/slideshow/compensation/2013/public

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Jackson & Coker have released their 2013 Physician Salary Calculator and it’s pretty great.  You can select from 24 different medical specialties and see the national average compensation as well as the average compensation received in benefits.  The benefits part is something I haven’t seen displayed before so that is interesting to learn.  Although, I would have liked to know what was included in the Benefits, ie: sign on bonus, retention bonus, pension, 403b match?

Regarding the selection in the calculator, 24 medical specialties is by no means comprehensive of all the kinds of career paths available but it has the most common fields one might go into.   The calculator gets it’s data from over 417,000 physicians in the Jackson & Coker database, as well as from other major surveys.  Check it out!

To access the calculator, click the image below or go here:
http://www.jacksoncoker.com/Static/Physician-Jobs/Salary-Calculator

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More physician jobs now offering sign-on bonuses New report on Canadian physician earnings Is Being A Physician Overrated?

The Canadian Institute for Health Information has just released a new report on physician compensation.  The report is based on billing and payment information received from medical care plans across the country.  It is further broken down into services and specialties per province.

Here are some of the highlights:

• In 2010–2011, total clinical payments to physicians increased 6.0% over the previous year to more than $20 billion. This was a smaller increase than in the previous two years (9.7% and 7.9%).
• The average gross clinical payment per physician in 2010–2011 was more than $307,000, an increase of 3.1% over the previous year. This was the smallest year-over-year increase for the five years presented.
• In 2010–2011, the average gross clinical payment per physician ranged from $236,000 in Prince Edward Island and $250,000 in Nova Scotia to $340,000 in Ontario and $350,000 in Alberta.

For more details, you can access a free copy of the National Physicians Database report by clicking on the link below.

http://bit.ly/157pbDe

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More physician jobs now offering sign-on bonuses Chief Medical Information Officer Salary LocumTenens.com releases vague survey

 

It’s great when salary surveys get published but irritating when there’s no way for us to properly gauge it’s worth.  How many physicians were queried?  How many actually responded?  Without this information, you can’t really tell whether the information can be trusted to represent a realistic average.

Okay, many survey’s aren’t representative of actual numbers because it doesn’t count benefits like pension plans, bonuses, 401k matches, etc.  But let’s get real, we want to know numbers and so salaries are the usual variable to judge any job’s compensation.

LocumTenens released a series of reports on salaries for the 10 medical specialties they offer recruiting services for.  The reports are good in that it tells you the geographical distribution of the physicians as well as the years of experience alongside compensation.  Unfortunately, there’s no mention as to how large-scale their survey was.  Was it 50,000 physicians or 100?

Too bad, because I would be interested to know how accurate the information is.  But, if you’d like to find out the numbers anyway, the reports can be found by clicking the links below.

• Anesthesiology - $364,689
• Emergency Medicine – $239,758
• Family Medicine – $173,945
• Hospitalist – $214,708
• Internal Medicine - $195,709
• Pediatrics - $159,041
• Psychiatry – $200,330
• Radiology – $398,571
• Surgery – $318,048
• Orthopedic Surgery – $348,707

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Dr. Brian Keppler is a health care analyst, consultant, and very accomplished executive who serves on multiple Boards for healthcare initiatives.  He founded a website called Care & Cost which touches on a plethora of healthcare topics.

Recently, he took a physician’s salary table published in Practice Link and re-sorted the list by relative value.  Dr. Keppler wrote that relative value is a simple calculation that compares the value between different commodities.

Here’s what he computed :

At current medium offer rates – without considering benefits or production bonuses, the average family doc can expect to earn around $10 million less than an invasive cardiologist or an orthopedic surgeon over the course of a 30 year career.

Wow!  That’s an amazing difference.  But well deserved.  Anyway, here’s the table.

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Physicians Practice is one of the leading websites for practice management.  They’re not a recruitment firm so I was particularly interested to see the results of their new compensation survey hoping that bias would be kept to a minimum.

The survey comprises 1,766 responses from physicians.  I’ve fleshed out the important stats you need to know.  Overall, I’m happy that the respondents were well-rounded representing different kinds of practices, specialties, and years of experience.  But I was pretty surprised at some of the salaries and most surprised by the number of hours worked.  I thought the days of working residency type hours were over, but apparently not!

Practice location

• Urban – 41.6%
• Suburban – 43.1%
• Rural – 15.3%

Specialty

• Primary care – 38.5%
• Surgical & Specialist – 36.2%
• Psychiatry – 22.6%
• Other – 2.7%

Years in Experience

• Less than 5 years – 16.3%
• 5 to 10 years – 16.5%
• 11 to 15 years – 18.4%
• 16 to 20 years – 12.6%
• More than 20 years – 36.2%

Type of Practice

• Solo – 29.1%
• Group, 2 to 9 docs – 43.2%
• Group, 10 to 20 docs – 10.6%
• Group, 20+ docs – 17.1%

Salary (full time income with bonuses but not including insurance and other non-cash benefits)

• $100,000 or less – 15.3%
• $100,001 to $125,000 – 8.4%
• $125,001 to $150,000 – 11.7%
• $150,001 to $175,000 – 12.6%
• $175,001 to $200,000 – 15.8%
• $200,001 to $300,000 – 22.1%
• More than $300,000 – 14.1%

Hours of work per week 

• 1 to 15 – 1.6%
• 16 to 30 – 5.6%
• 31 to 40 – 22.8%
• 41 to 60 – 48.8%
• 61 to 74 – 15.2%
• 75 or more – 6%

To see the rest of the statistics from the 2011 Physician Compensation Survey, click here.

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I don’t think so, but I guess I’m biased.

Career Cast, a website for finding job opportunities, came out with a Top 12 List of Most Overrated Jobs. The 2nd, 3rd, and 4th most overrated job was a surgeon, physician, and psychiatrist, respectively.

Why the fields are separated like that, I have no idea.  They’re all physicians.

The methodology behind these bold statements was explained but I’m still confused.  Here’s what was said:

through our research and analysis, we’ve tried to mitigate the subjective nature of our report by basing it solely on our Jobs Rated data. We used our data to determine the criteria of what makes a job overrated or underrated. We then compared the numbers, sorted them according to our definitions and voilà…we compiled our list of overrated jobs

Here’s what Career Cast had to say about the two jobs:

• Surgeon
  • # 2 overrated job
  • Income Average – $365,258
  • Overrated Factors – The stress of being responsible for the lives of others, long hours, and physical demands of long surgeries
• Physician
  • # 3 overrated job
  • Income Average – $192,065
  • Overrated Factors – Increased regulations, lower compensation and the required need to stay abreast of medical developments
• Psychiatrist
  • # 4 overrated job
  • Income Average – $160,242
  • Overrated Factors – The responsibility of managing the mental health of others, long hours, and increased regulation

Yes, I suppose we do have a lot of responsibility and ever increasing regulations.  But does that make it overrated?  What do you think?

To see the rest of the overrated jobs, click here.  They also have a top list of underrated jobs, if you’re interested.

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Medical students, residents, and sometimes even attending physicians are often curious about how much certain specialties make.  Consider this, when you’re a resident looking for a job, how do you know if you’re getting a fair compensation deal?  Is your offer below average?  Sometimes contracts last 2 years or more.  If you are given a below-average deal, it would last those 2+ years.  How would you feel?  Jipped?

It’s good to be well-informed of the current market trends.  Physician salary surveys can give you an idea of what’s out there.  Like any other study we’ve critiqued as physicians, there are biases and confounding factors.  So take it with a grain of salt.  But, the more surveys that come out, the better it is to get a clearer picture of what to expect.

The people at Profiles, a national recruiting resource, has come out with their 2011-2012 Physician Salary Survey.

Profiles has asked 80,000 seasoned physicians and 40,000 physicians who recently graduated to participate in their survey.  The survey was conducted in September 2011 and shows you the national median starting salary as well as the national 6 year practicing average.

The lowest starting salary reported is $138,000 for family physicians.  Pediatrics made more initially at $162,000!  This is different from other surveys and great for pediatrics!

The highest starting salary reported is $465,000 for orthopedic spine surgeons.  Second highest was neurosurgery at $395,000.

Use this survey and others when you get job offers.  See if it’s competitive to the national average and determine whether it’s something you want to negotiate.  To see the breakdown of salaries for all of the medical specialties in their newest survey, click here.

I will crosscheck my articles and update them with this new information over the next few weeks.

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