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2010 Physician Compensation Survey

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  • 1. i 2010 Physician Compensation Survey Based on 2009 Data Atlanta 800.779.8804 ● Dallas 888.260.4242 www.themedicusfirm.com Blogging at www.dochunterdiary.com
  • 2. i The Medicus Firm conducted its seventh annual physician compensation and relocation survey in April of 2010. Respondents answered 17 ques- tions via an internet survey. A total of 2,875 physicians representing 19 specialties and 50 states completed the survey. Of the respondents, 82% Highlights were practicing physicians and 18% were final year residents and fellows. Only in-practice physician compensation was included in compensation statistics. Nurse Practitioners and Physician Assistants were included in • Physicians earned an av- the survey as well. erage of 4.9% more in ‘09 than in ‘08. • The largest income growth based on per- Specialties Surveyed centage increase were Anesthesiology Internal Medicine Pediatrics hospitalists, internal medicine, family prac- Cardiology Neurology Psychiatry tice, and pediatrics. Emergency Medicine Neurosurgery Pulmonary Medicine • The number of job ad- Family Practice OB/GYN Radiology vertisements physicians Gastroenterology Oncology Urology receive has increased General Surgery Orthopedic Surgery Physician Assistant over last year. 74.2% of respondents receive 3 or Hospitalist Otolaryngology Nurse Practitioner more job solicitations per week and 17.1% re- ceive 11 or more. Internists and Hospitalists Report Significant Gains • Physicians prefer contact In the midst of The Great Recession, hospitalists and traditional Internists saw via postal mail 2 to 1 their incomes increase by relatively significant percentages, at 11.8% and 14.1% over telephone calls, respectively. All primary care specialties reported increases, while specialties that with email also remain- traditionally see higher growth percentages were flat or experienced decreases. Six of the 19 physician specialties surveyed lost ground in 2009 including Gastro- ing a very popular pref- enterology, General Surgery, Neurosurgery, Orthopedic Surgery, Pulmonary Dis- erence. ease and Radiology. • Most physicians are in- Survey respondents are increasingly motivated to find opportunities based on terested in single- earning potential. 28.2% (+2% over last year) of respondents indicated that greater financial reward is their primary motivation to change practices. This may specialty group partner- be due to the fact that physicians feel that they have less control over their earn- ships (34%) with hospital ing potential, as “declining reimbursements” was the most-cited limitation to employment (21%) also physicians’ income, far outweighing competition, demand, overhead costs, and a top choice. other factors, amongst survey respondents. • 6% of physicians are in- Physicians are even less optimistic than last year regarding their income out- terested in leaving tradi- look. Only 34% of physicians (down 5% from last year) feel their income will in- tional clinical practice for crease in 2010, and of those, only about a third felt that the increase would be concierge practices or significant. non-clinical industry The Southeast remained the most popular region (19%) for relocation, fol- jobs. lowed by the Northeast (15.3%) including New England, NY, NJ, PA. Pacific states were the third most popular choice, followed by those with “no preference” • Just 6.2% of respondents (10%), and South Central region (TX, OK, AR) with 9.8%. prefer rural locations.
  • 3. i Physician Compensation Total annual compensation including income from practice-related investments and excluding benefits, rounded to the nearest $1,000. Resident and fellow income is not included. Specialty Average % Change Median % Change Anesthesiology $389,000 1.8 $365,000 0.2 Cardiology (all modalities) $472,000 1.7 $444,000 1.4 Emergency Medicine $255,000 3.2 $244,000 0.8 Family Practice $191,000 4.4 $176,000 0.5 Gastroenterology $472,000 (1.25) $432,000 (.2) General Surgery $326,000 (.6) $303,000 (1.6) Hospitalist $217,000 11.8 $200,000 10.4 Internal Medicine $226,000 14.7 $200,000 9.2 Neurology $257,000 3.21 $250,000 7.2 Neurosurgery $675,000 (2.1) $609,000 (3.4) OB/GYN $297,000 2.0 $271,000 1.1 Oncology $419,000 2.7 $349,000 0.5 Orthopedic Surgery $503,000 (0.9) $436,000 (7.0) Otolaryngology $389,000 2.0 $327,000 2.5 Pediatrics $193,000 4.3 $181,000 2.8 Psychiatry $207,000 3.3 $196,000 6.5 Pulmonary Medicine $310,000 (.1) $289,000 1.4 Radiology $478,000 (1.0) $440,000 (.4) Urology $423,000 0.4 $390,000 0 Nurse Practitioner $81,000 N/A $77,000 (N/A) Physician Assistant $122,000 N/A $101,000 (N/A)
  • 4. i All answers are represented in percentages. Q1. Which of the following best characterizes your current employment situation? Q2. Which of the following community descriptions best characterizes the area in which you currently practice?
  • 5. i Q3. In which state do you currently reside? AK 0.10% HI 0.20% MI 3.00% NV 0.70% TX 9.20% AL 1.30% IA 0.94% MN 1.50% NY 7.00% UT 0.70% AR 0.92% ID 0.59% MO 2.70% OH 3.00% VA 3.00% AZ 2.50% IL 5.50% MS 0.80% OK 1.10% VT 0.02% CA 9.30% IN 1.00% MT 0.80% OR 0.94% WA 1.60% CO 1.00% KS 0.59% NC 3.00% PA 4.30% WI 2.40% CT 1.00% KY 0.94% ND 0.20% PR 0.59% WV 0.40% DC 0.20% LA 0.94% NE 0.40% RI 0.10% WY 0.40% DE 0.10% MA 1.80% NH 0.90% SC 1.40% FL 6.40% MD 1.80% NJ 3.00% SD 0.08% GA 3.50% ME 0.94% NM 0.40% TN 2.80% Q4. What is your specialty?
  • 6. i Q5. Approximately how much was your annualized income in 2009? Please enter the figure, rounded to the nearest $1,000, into the box below. (Results on p.3) Q6. How do you anticipate your 2010 income will compare to your 2009 income? Q7. Which of the following do you feel limits your income the most?
  • 7. i Q8. If you are considering a change, what is your primary motivation for seeking a new practice oppor- tunity? Q9. In what size community would you prefer to live and work?
  • 8. i Q 10. What type of practice setting appeals to you the most? Q 11. What will be the biggest single factor in making a change in practice?
  • 9. i Q 12. In which of the following regions would you prefer to work? Q 13. Which of the following do you find most useful in finding a practice?
  • 10. i Q14. How do you prefer to be contacted about potential practice opportunities? Q15. On average, how many solicitations (via phone, email or regular mail) per week do you receive about new practice opportunities?
  • 11. i Q16. Which of the following best characterizes your experience with physician recruitment firms? Q17. To what extent do you anticipate health care reform laws affecting your career decisions in the next few years, if at all?
  • 12. i About The Medicus Firm Since 2001, The Medicus Firm has partnered with hospitals and physician groups to help them secure the physicians they need to be competitive. The Medicus Firm has successfully completed searches in 47 states and in virtually every medical specialty. From offices in Atlanta and Dallas, The Medicus Firm’s unique recruitment model fosters accountability, and was developed around the recruiting team’s vast, direct experience in difficult recruitment environments. Our recruiters’ experience is unri- valed and our model is unmatched in protecting our clients from unreasonable fi- nancial exposure. Our physician recruiting background in a wide variety of loca- tions and settings from rural to metro, academic to private practice or employed, provides our clients with the most seasoned and effective recruitment team and strategies in the industry. The Medicus Firm is a proud and active member of the National Association of Physician Recruiters (NAPR) serving on its board of directors, ethics committee, vendor services committee, and educa- tion committee. To learn more about the NAPR and its membership, visit: www.napr.org DALLAS: 14114 Dallas Parkway • Suite 600 • Dallas, TX 75254 • 888-260-4242 ATLANTA: 1400 Buford Highway, Ste. L2 • Sugarhill, GA 30518 • 800-779-8804 www.themedicusfirm.com • Blogging at www.dochunterdiary.com