Despite the Burden of More Administrative Tasks, and Feeling They Work Longer Hours for Less Money, Time Spent on Patient Care Has Increased
NEW YORK, April 5, 2017 /PRNewswire/ — Despite a workday filled with “too many rules and regulations” and hours spent on paperwork, nearly 8 in 10 U.S. physicians would choose medicine again as a career, according to the results of the 2017 Medscape Physician Compensation Report. Medscape’s annual analysis of how compensation influences career considerations and satisfaction finds that the percentage of physicians who would opt for a career in medicine if they had a chance to do it over again (77%) is the largest increase since the survey was first conducted in 2010, and 13 points higher than in 2016.
RELATED STORY | EXCLUSIVE to CONCIERGE MEDICINE TODAY Readers …
ATLANTA, GA – The subscription-based healthcare delivery model owes its success to the balance of relationship and value it provides to both the doctor and the patient.
“The subscription model is also not about getting a project done and then moving on to the next client. It allows us as a service provider to grow a relationship with the client and cater to their business or design needs as they change. It builds a substantial level of trust since the client knows that you have their best interests in mind and understand their business. We must always be pushing for innovation and exploring ways to make a greater impact, to be proactive instead of reactive.” ~Entrepreneur, Article: Why You Should Use a Subscription Business Model
… When compared to traditional, insurance-based physicians working in a traditional primary care setting, Concierge Medicine Today finds [2016-2017] Concierge Physician salaries are on average, are $299,700 per year.
“Overall, Concierge Medicine is thriving in metropolitan markets with the majority of physician earnings increasing gradually each year and our independent analysis and observations line up with the same conclusions as the Medscape 2016 Annual Physician Compensation Report,” notes Tetreault.
“Looking at the subscription-based healthcare delivery space in more specificity however, we did see the salary trend lines dip in 2013 and 2014 … because we observed other subscription-based healthcare delivery startup models enter the free market healthcare space [DPC, Urgent Care Programs, and MicroClinic models] and provide a service offering geared towards primary and preventative care, urgent care, chronic disease management and wellness support through a monthly care fee to patients with lower incomes. The service offering comparison, duration [in minutes], wait-times and tests offered under the subscription(s) varied dramatically. However, in 2015 and again in 2016, we noticed the salaries in Concierge Medicine delivery models moving in a positive upward direction as the other mass market variant models began to identify and define their own brand and distinguish themselves from Concierge Medical Care by price, retainer, insurance and/or Medicare participation and their patient audience demographic. Concierge Medicine continues to grow at a moderate and acceptable pace each year with physician earnings increasing gradually. We concur with other outside survey and industry consultant observations that moderate and gradual growth will continue at each year … as industry consultants continue to field more and more amounts of physician inquiries from entrepreneurial-minded doctors (from across the U.S.).”
Additionally, Concierge Medicine Today’s 2016 Salary Trends report states … A surprising finding within these figures is the increasing number of specialty practices opening from February of 2010 to December 2016, up 6% in the past two years. Those specialties include, but are not limited to: Pediatric, Dentistry, Spine Surgery, Dermatology, OBGYN, Functional Medicine, Cardiology and Nephrology, to name a few.
In 2016, Concierge Medicine Today finds … Subscription Fees at most Concierge practices vary from $101-$225 per month. Patients also noted that they prefer to pay annually vs. monthly.
To view the full Medscape 2016 Physician Compensation Report, visit:
“We see that more physicians this year are satisfied with their career choice, which we think has important and positive implications for the future of the profession,” says Leslie Kane, MA, Senior Director, Medscape Business of Medicine. “While doctors continue to deal with many work-related frustrations, there has also been an increased emphasis on physician wellness, team care, and other aspects of medical practice that may be making it more rewarding to be a physician.”
This year’s survey finds that salaries average $294,000 per year, with specialists earning about $100,000 per year more than primary care doctors ($316,000 vs $217,000). Orthopedists are the highest paid, at $489,000, and family physicians and pediatricians the lowest ($209,000 and $202,000, respectively). Most physicians saw their salaries increase in 2016, with plastic surgeons experiencing the biggest jump (24% to $354,500). Pediatricians saw a decrease of 1%. Regardless of salary, 41% of primary care doctors and 33% of specialists feel they should earn more, with nearly one in five stating that they are working longer hours for less money.
“The increase in paperwork in the past five years is striking,” said Michael Smith, M.D., medical director and chief medical editor, WebMD/Medscape. “In 2012, the majority of physicians (53%) spent between one and four hours per week on paperwork and administrative tasks. Today, nearly 40% report spending between 10 and 20 hours per week. It represents a major change in physicians’ responsibilities.”
Still, this year’s report shows that physicians remain committed to their profession. More than half (53%) spend between 30 and 45 hours per week seeing patients, compared with 31% in 2012, and it’s where physicians gain their greatest satisfaction and sense of purpose. More than 60% cite their patient relationships and their ability to find answers to their medical concerns as the most rewarding parts of the job.
Gender Disparities Remain, with Hint of Improvement
Male physicians continue to make more money than female physicians, although the gap in pay is shrinking somewhat in primary care. Male primary care physicians made 15% more than women in 2016, compared with 20% more in 2012. The gap in specialty salaries has barely budged, with male specialists making 31% more than women, versus 33% more in 2012. However, the gap in salary is narrowing among younger physicians. While male physicians between ages 55-69 make 27% more than women, the gap shrinks to 18% in physicians under age 34.
Racial Disparities May Fuel Dissatisfaction
African-American physicians earn 15% less than Caucasian physicians, ($303,000 vs. $262,000), according to the survey, and they are less likely to feel fairly compensated (57% of white physicians say their compensation is fair, versus 50% of black physicians and 49% of Hispanic/Latino physicians).
Salaries Higher in More Rural States
Practicing in a less populated state may mean higher compensation. According to the survey, physicians in North Dakota are the highest paid in the U.S. ($361,000), followed by Alaska ($359,000), South Dakota ($354,000), Nebraska ($346,000), and New Hampshire ($337,000).
Compensation is lowest in Washington, D.C. ($235,000), followed by Maryland ($260,000), Rhode Island ($261,000), New Mexico ($261,000), and Delaware ($268,000). New York ($277,000) and Virginia ($272,000) also rank among the lowest.
Geographic supply and demand continue to play a role in compensation. Uneven distribution of physician-to-patient volume, particularly in primary care, has been a problem for decades in rural and poor communities. Numerous government policies are aimed at improving access to physicians in these areas, which can result in higher incomes.
To view the full Medscape 2016 Physician Compensation Report, visit:
Medscape Survey Methods:
The 2017 Medscape Physician Compensation Survey was completed by 19,200 physicians representing 26 specialty areas, including Medscape members and nonmembers. Respondents were invited to respond to the online survey. The margin of error for the survey was +/- 0.69% at a 95% confidence level.
About Medscape and WebMD
Medscape is the leading source of clinical news, health information, and point-of-care tools for health care professionals. Medscape offers specialists, primary care physicians, and other health professionals the most robust and integrated medical information and educational tools. Medscape Education (medscape.org) is the leading destination for continuous professional development, consisting of more than 30 specialty-focused destinations offering thousands of free C.M.E. and C.E. courses and other educational programs for physicians, nurses, and other health care professionals.
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SOURCE Medscape; http://www.prnewswire.com/news-releases/medscapes-annual-physician-compensation-report-reveals-significant-increases-in-job-satisfaction-and-a-slight-improvement-in-the-gender-pay-gap-300434589.html
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