The first MD Salaries poll crossed 100 voters, great!  Completely subjective without any method for verification but still absolutely fun to know, here are the results :

What do you think?  Typical, no?
For further information about these fields, you can click the links below:

• Primary Care
• Specialties – NonSurgical
• Specialties – Surgical
• NonClinical

I’ll be changing the Poll question soon.  Got any suggestions?

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The Doctor Is Not In [infographic] Study: Yep, Specialists Earn More Than Primary Care Links for 2011-10-20

A doctor is nothing without help.  We may want you to think we know it all and can do it all but really, we can’t.  How about a surgeon?  Can you imagine one operating without an OR tech to hand them tools in a sterile manner?  For me, pre-authorizations of pharmaceutical drugs or imaging studies are a nightmare and I’m very thankful I have a nurse who helps me with that.

My office is a well-oiled machine.  Each person has a function to assist with the flow of the patient into the office, through it, and out of it.  But, with staff comes the responsibility to provide fair compensation and benefits.  And thus, when this survey  came out by Physicians Practice, I thought it would be interesting to see how much our ancillary staff is making.

I’d like to add one thought though….there are some doctors work alone.  Solo practitioners are a rare breed in the medical world.  These are physicians who truly work on their own doing their own bills, phone calls, pre-auth’s and even cleaning their own offices.

For further details, click here for the full survey.

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Congratulations to all who have matched at a residency program!  Another Match season has passed.  Here’s a look at the stats :

• U.S. citizen IMGs and foreign-national IMGs match rates rose by four and seven percentage points!
• More U.S. seniors matched to primary care specialties
• Total Match registrants = 40,000 which is the largest pool in NRMP history
• Total number of positions offered = 29,171 which is 2,399 greater than last year and in part due to a change in policy that requries programs to register and attempt to fill all of their spots.
• Percentages of students who matched
  • U.S. allopathic graduates – 93.7%
  • U.S. osteopathic graduates – 75.4%
  • Graduates of Canadian schools – 66.7%
  • U.S. international medical graduates – 53.1%
  • Non-U.S. international medical graduates – 47.6%

Best of luck to those beginning their next step in medicine!  I’m happy to know that more IMGs are matching into programs and that more spots are being opened up for everyone to grab.  The fact that more U.S. seniors matched into primary care specialties this year could be a good sign.  Unless, they pursue fellowships in the future of course since IM and Peds have that ability.  Time will tell.

For those who didn’t match, research this website and others for options on what to do next.  Contact me if I can be of assistance.

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The Match Has Begun Study: Yep, Specialists Earn More Than Primary Care Rheumatology Physician Salary

The Journal of the American Medical Association published an article titled, “Gender Differences in the Salaries of Physician Researchers.”  The premise of the research is to determine whether academic physicians who perform similar work are currently paid equally.

Well, according to the data, males had a higher salary of $13,399 even after adjustments for specialty, academic rank, leadership positions, publications, and research time.  The mean salary for female academic physicians was $167,669.  For males, it was $200,433.

I’m not surprised.  Are you?

Information is gleamed from the 800 physicians who responded and fit the inclusion criteria for the study.

For more information and to read the free report in detail, click the link below:
http://jama.jamanetwork.com/article.aspx?articleID=1182859

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Last week I posted a whiteboard cartoon video made by Merritt Hawkins.  I wanted to learn more about their survey, so I emailed them about it and received a copy of it in my mailbox!

I read through the survey and outlined some of the key points that were most interesting and of course, I list some of the physician salaries as well.

Interesting Key Points:

• Primary care physicians remain at the top of the wish list for most hospitals, medical groups and other healthcare organizations. For the seventh consecutive year, two types of primary care physicians — family physicians and general internists — were Merritt Hawkins’ top two most requested physician search assignments.
• The dearth of psychiatrists continues to represent a “silent shortage.” Psychiatry was
  third on the list of Merritt Hawkins’ most requested search assignments. Though the
  shortage of psychiatrists receives less attention than the primary care shortage, the 2012
  Review suggests it remains equally acute.
• General surgeons, the “primary care physicians of surgery,” are in high demand as the number of general surgeons per population decreases. General surgery was Merritt Hawkins’ fifth most requested search assignment in 2011/12, and its most requested surgical specialty.
• Certain medical specialists, including emergency medicine physicians, orthopedic surgeons, obstetrician/gynecologists, pulmonologists, urologists, dermatologists, and hematologists/oncologists remain in strong demand, underlying the fact that physician shortages are not limited to primary care.
• Demand for some medical specialists, however, has decreased. Radiology, which
  was Merritt Hawkins’ most requested specialty in 2003, ranked only 18th in 2011/12. Of
  particular note, for the first time since Merritt Hawkins began compiling data for this
  Review, anesthesiology was not among its 20 most requested search assignments.
• The trend toward hospital employment of physicians continues. Sixty-three percent of
  Merritt Hawkins’ search assignments in 2011/12 featured hospital employment of the
  physician, up from 56% the previous year and up from only 11% eight years ago.
• The majority of search assignments (73 percent) Merritt Hawkins conducted in 2011/12
  featured a salary with production bonus. Most such bonuses (54 percent) are based on a
  Relative Value Units (RVU) formula. However, a growing number production formulas
  feature quality-based metrics. Thirty-five percent of the search assignments Merritt
  Hawkins conducted in 2011/12 offering production bonuses featured a quality-based
  component, up from less than seven percent the previous year.

2012 MD Salaries:

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Merritt Hawkins has released a catchy, cartoonish video outlining a few key points from their latest physician survey.

Quality is slowly increasing as a component of compensation and the days of solo practice are dwindling down.

Check out the video below.  It’s short and sweet at only 2.5 minutes.

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Physicians Practice has released their 2012 compensation survey which gives you a small outlook into the current state of physician incomes.  The total number of respondents is actually less than last year’s survey with only 1,311 physicians compared to 1,766 from before.

Majority of respondents reported that their compensation is largely based on productivity.  However, 38% of respondents reported that their compensation is based on value of care and outcomes.  Fee for service may eventually be replaced by outcomes based payments.

Here are some other key points from the survey:

• Almost 40 percent of primary care physicians and most pediatricians make less than $150,000 a year
• 54% of respondents believe their net income is disappointing
• More than half of respondents have taken steps to boost their revenue, such as working outside of the practice.
• 34.6% of respondents reported a decrease in income (anywhere between 1 and greater than 10%)
• 27.2% of respondents reported an increase in income (anywhere between 1 and greater than 10%)

Finally, here are the survey results for a breakdown of income by specialty.  Specialties highlighted include OB/GYN, Primary Care (which is IM and FM here), Pediatrics, Psychiatry, and Radiology.

Sources
Insurancenews.net
Physicians Practice, 2012 Physician Compensation Survey Data

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I think we all know that.
But just how much more do they earn over, say, a lifetime?

Well, a nationwide study, conducted by the University of California Davis Health System sought to find an answer.  They noticed a gap of about $2.8 million dollars on average.  Yes, that’s right, PCPs make about 2.8 million dollars less than their Specialist counterparts.

But there is some wide variation.  For example, a medical oncologist earns $4,288,906 more than PCPs over their lifetime while some specialties only earn $761,000 more than PCPs.

Examples of Lifetime Earnings:

• Surgery: $4,588,249
• Internal medicine subspecialties and pediatric subspecialties: $4,100,183
• All other medical specialties: $3,761,930
• Primary care: $3,000,527

The study evaluated information from 6,000 physicians using their data from 2004-2005.  The numbers were also adjusted for certain demographics including where you practice, sex, board certification, US vs international student, etc.  In total, 41 medical specialties were reported in the study.

With student loans reaching $250k in addition to other personal financial matters, it’s hard not to consider salaries when choosing a medical specialty.  We continue to see medical students choosing specialist residencies more than primary care roles further exacerbating a shortage of PCPs in the nation.  But don’t be so hard on them, because sawing bones or touching the heart on a daily basis is extremely awesome and worthwhile to the patients that have a better quality of life because of it.

Sources
Becker’s Hospital Review, Study: Primary Care Physicians Earn $2.8M Less Than Specialists Over Lifetime
UCDavis Health System, New Study Identifies Large Gaps in Lifetime Earnings of Specialist and Primary-Care Physicians

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