Today I reviewed Medscape's Physician Compensation Report. Surprisingly enough nearly 19,200 physicians in over 26 specialties responded. Here are the highlights:
1) Orthopedics and Cardiologists are the highest earners over $400,000 annually. Endocrinology and Pediatrics are the lowest earners in the $200,000 range.
2) Due to our aging population of baby boomers, Rheumatologists and Internists (12%), followed by Nephrologists and Dermatologists (11%) had the largest increases in compensation.
3) This year, the highest earnings were reported in the North Central ($296,000) and Southeast ($287,000) regions, while the lowest were in the Northeast ($266,000) and Mid-Atlantic ($268,000). The higher earners are in regions where there are a shorter supply of physicians.
4) There are now more employed physicians, rather than running private practices. The younger physicians are heading toward employment rather than private practice. They have a reluctance to deal with the business side of medicine and want a predictable work schedule for a more rounded lifestyle.
5) Men earn more than women. On average, women make 24% less and work 25% less. The gap is slowly closing but women tend to work part-time during their child-rearing years which could account for some of the difference.
6) Since the Affordable Care Act when surveyed three quarters (78%) of physicians whose number of patients increased reported quality of care had stayed the same or improved, and 82% who experienced no increase reported the same experience.
7) 84% of employed physicians and 77% of self-employed physicians say they are continuing to take new and current Medicare and Medicaid patients.
8) THIS IS IMPORTANT: 13-16 minutes is the most common amount of time spent with patients, followed by 17-20 minutes. Women physicians spend more time seeing patients.
9) Physician burn-out is still a problem. Bureaucratic tasks were the prime cause of burnout. They spend over 10 hours per week on paperwork.