Monday, April 30, 2012
"A recent report shows that only 11% of surveyed physicians consider themselves rich. This has profound implications when you do business with doctors B2D," says Dr. Vicki Rackner, physician and President of Targeting Doctors. Rackner offers the major findings of the Medscape Physician Compensation Report based on the self-report of almost 25,000 US physicians in 25 specialties: - Incomes vary by specialty. Radiologists, orthopedic surgeons, cardiologists, anesthesiologists and urologists all reported incomes in the $300,00 range. The bottom-earning specialties were pediatrics, family medicine, and internal medicine, all between $156,000 and $180,000.
- Decreasing reimbursement--a top concern for doctors--is far from uniform. Some specialities saw increased compensations, including ophthalmology (+9%), pediatrics (+5%), nephrology (+4%), rheumatology (+4%), and oncology (+4%). The largest declines were seen in general surgery (-12%), orthopedic surgery (-10%), radiology (-10%) and emergency medicine (-8%).
- Male physicians across all specialties earned about 40% more than female physicians..
- The highest-earning physicians practice in the North Central US, while physicians in the Northeast earned the least.
- Partners in private practice far out-earned physicians in any other work environment.
"Wealth, like beauty, is in the eyes of the beholder. Physicians' perception of their compensation is the most eye-opening part of the report," says Rackner. - Overall, only about 11% of physicians said that they consider themselves rich.
- Even among some of the higher-earning specialties, 45% said that although their income probably qualifies them as rich, they have so many expenses that they don't feel rich.
Rackner offers 3 insights to explain the disconnect between level of earnings and physicians' experience of wealth. - Physicians carry heavy financial burdens. Half of medical school graduates begin their careers with $100,000 or more in debt. The cost of running medical practices continues to rise sharply. The regulatory changes that accompany health care reform will increase the financial burden.
- Physicians' current salaries fall short of expectations. Boomers embarked on a career in medicine believing their significant investment --with great personal sacrifice--would result handsome financial rewards. That implied promise was broken in the 1990's with managed care.
- Physicians no longer experience rich career satisfaction. Boomers mourn the loss of their autonomy in both clinical decision-making and management of the business side of their practices. In 2012, just over one half of all physicians (54%) would choose medicine again as a career, far less than in the prior year (69%).
"Skilled financial planners who understand the needs of physician clients and acquire the skills to function as a doctor's trusted advisor can establish themselves in a lucrative, rewarding B2D ( business to doctors) niche," says Rackner.
Would you like to learn more about expanding into the physician niche? Go to http://www.TargetingDoctors.com ">Targeting Doctors where you'll find more infromation about developing business relationships with doctor clients--or B2D relationship-building. Dr. Vicki Rackner is a physician who has run her own private practice; she now works with clients who want to manage their relationships with physicians to get what they want and need. Contact her at (425) 451-3777 or email her at rackner@targetingdoctorscom.
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