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Are Physicians Earning What They Deserve?

April 08, 2012 | Comments: 0 | Views: 132

Due to the constant rising costs in insurance coverage and rising overhead costs, many physicals are starting to wonder if they are earning what they deserve. A study was done by the internet site Medscape which received over 15,000 responses from doctors from 22 different specialties to hear what these physicians have to say.

In one aspect of the survey it compared what men versus women earn. The study showed that men earn more and it was due to them putting in more hours. Most of the women studied said that they chose part-time or shorter hours in order to be able to spend time with their families but also still have a career.

One area of specialty that seemed to love their jobs the most is Dermatologists which had an overall satisfaction score of 80% and even more interesting is that they would chose the same specialty if they had to do it all over again.

Primary care physicians had the lowest overall satisfaction score of only 54% and when asked if they would choose this specialty again only 43% said they would. Pediatricians and primary care physicians are key in the overall success of healthcare reform. These specialties should be of paramount importance to keep them well paid and be satisfied with their career choice.

The specialty that showed they earned the most was Orthopedic surgeons and radiologists. The study showed that these two specialties earned a median income of $350,000. The lowest paid physicians where pediatricians which earned $148,000 median and primary care physicians earned $159,000.

Another aspect of the study compared private practice versus employment. This showed that doctors that have their own private practice earn more than employed doctors. Physicians that have their own private practice earn a median of $275,000 and hospital employed physicians earned a median of $200,000. Even though physicians that have their own private practice earn more than employed physicians, they still feel less fairly-compensated. This is most likely due to working more hours and they have to contend with insurance carriers, staff issues and office expenses which can cause stress because they always have to worry about ways to attain a steady income.

Physicians in a private practice may think that being employed will free them from hours of administrative duties and they may have more freedom and time. On the other hand, employed physicians have to attend meetings and creating reports. Most employed physicians also have to spend a great deal of time with paperwork and other tasks related to their position. All these facts are definitely something to consider when deciding to set up your own private practice or to be employed.

Marina Hall is a Certified Medical Reimbursement Specialist (CMRS) and founder of MariAnn Medical Billing Service. To read a full "Interview with Marina Hall" visit her website at http://www.inscoding.com/aboutus.php

You can also read about the great value MariAnn Medical Billing Service is delivering at http://www.inscoding.com/testimonials.php

Source: EzineArticles
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