Reviewing the 2014 Physician Compensation Report

Session 81

Session 81

In today's episode, Ryan and Allison review the 2014 Physician Compensation Report from Medscape. Every year, Medscape.com puts out a survey laying out various information including compensation based on different specialties, physician satisfaction, etc. with 24,000 physicians in 25 different specialties as respondents.

Listen in as Ryan and Allison share some of the results that came up as well as their insights. This gives you a great way to see what's going through the minds of a lot of physicians, what their life looks like, and understand their challenges so use this as a tool and data point.

Here are the highlights of the conversation with Ryan and Allison:

  1. Highest paid vs. lowest paid

  • Highest paid: Orthopedics ($413,000 a year)
  • Lowest paid: HIV infectious disease specialist ($174,000 a year)

Everything on top is procedure-based while the bottom includes those at the front lines taking care of patients and doing preventive medicine (primary care physician, pediatrician, psychiatrist, neurologist).

  1. By gender

  • Half of graduating physicians are female
  • 61% of women physicians are under 45 vs. 38% of men
  • Women earn less than men across jobs
  1. By geographical location

  • Northeast being the least compensated
  • Surplus of physicians in the Boston area
  1. By practice setting

A physician practicing in an academic teaching hospital makes less than someone in private practice

  1. By feeling of fair compensation

50% of physicians feel that they're fairly compensated while the other half feel they're not

Job satisfaction by specialty:

  • 52% of primary care physicians feel they're fairly compensated (note that they're making the least amount of money yet they feel more compensated than the rest)
  • 63% of dermatologists feel the most compensated
  • Plastic surgeons feel the least compensated (they're no.7 on the list of highest paid)

Ryan stresses that the numbers don't always tell the whole story and raises these points:

  • How much is enough?
  • What exactly are the reasons these physicians don't feel fairly compensated?
  • What is their overall debt load?
  1. Discussing the cost of treatment with patients

  • 40% of physicians discuss it occasionally
  • Case managers and the financial department can take care of this
  • 5% never talk about it because they don't feel it's appropriate
  1. Hours per week spent seeing patients

  • Majority sees patients 30-40 hours a week
  • 6% see patients more than 65 hours a week
  1. Time spent with patients

Average of 13-16 minutes spent with each patient

What is concierge medicine?

This refers to a system wherein smaller number of patients pay a large sum of money out of pocket so they can have more time and attention from the physician.

  1. Hours spent on paperwork and administration

Majority spends almost 10 hours a week doing paperwork and admin stuff

  1. If you had to do it all over again, would you choose medicine as a career, the same specialty, and the same practice setting?

  • 58% would choose medicine as a career again

Don't freak out! There is hope. In 2012, a Forbes article talks about a survey where 30,000 took a poll and says that 32% in the U.S. wanted to find new work. It's not just in medicine that people are dissatisfied. This could be a growing epidemic of the “shiny toy syndrome.”

  • 47% would choose the same specialty again

Ryan points out:

Is the system broken in terms of choosing a specialty?

  1. By compensation and level of happiness:

  • Orthopedics: 44%
  • HIV, Internal medicine, family practice: 67-68%

Some pieces of advice for premed students:

Choose something that you're passionate about and you care about and not something that's going to make the most amount of money.

Links and Other Resources:

2014 Medscape Physician Compensation Report

Check out ZDogg's Turntable Health

Are you a nontraditional student? Go check out oldpremeds.org.

For more great content, check out www.mededmedia.com for more of the shows produced by the Medical School Headquarters including the OldPremeds Podcast and watch out for more shows in the future!

Free MCAT Gift: Free 30+ page guide with tips to help you maximize your MCAT score and which includes discount codes for MCAT prep as well.

Hang out with us over at medicalschoolhq.net/group. Click join and we'll add you up to our private Facebook group. Share your successes and miseries with the rest of us.

Check out our partner magazine, www.premedlife.com to learn more about awesome premed information.

Next Step Test Prep: Get one-on-one tutoring for the MCAT and maximize your score. Get $50 off their tutoring program when you mention that you heard about this on the podcast or through the MSHQ website.

Listen to our podcast for free at iTunes: medicalschoolhq.net/itunes and leave us a review there!

Email Ryan at ryan@medicalschoolhq.net or connect with him on Twitter @medicalschoolhq

Subscribe for Free

Subscribe in iTunes Google Play Music Subscribe to RSS

Listen to Other Episodes

Leave us a Review and Rating!

Just like Yelp reviews or IMDB ratings help you choose your next restaurant or movie, leaving a 5 star rating and/or a written review is very valuable to The Premed Years. It allows us to be able to share our information with more people than ever before.

I am so incredibly thankful to those who have recently gone into our listing in iTunes to provide a five start rating and a written review of The Premed Years.

Subscribe and Download

iOS/Mac/Windows – You can subscribe to the show in iTunes. Or you could manually add the RSS feed to your aggregator.

Android/Mac/Windows – You can download DoubleTwist and use that to manage all of our past and future episodes

Please help us spread the word!

If you like the show, will you please take a moment to leave a comment on iTunes? This really helps us get the word out!

SEARCH SITE

paperbackfront_245x245

DOWNLOAD FREE

Crush the MCAT with our
MCAT Secrets eBook

RECENT EPISODES

paperbackfront_245x245

DOWNLOAD FREE - Crush the MCAT with our MCAT Secrets eBook

Share8
Tweet9
Pin2