Slight Increase in Academic Physician Compensation

Typically academic physician positions are compensated less than private practice and hospital employed physicians. Not only because more of their time is devoted to teaching and research, but also because the motivation to be an academic physician is generally based more on professional fulfillment and self actualization, in addition to contributing to the next generation of medicine. That is why it was inspiring that academic physicians experienced a slight increase in pay comparing 2009to 2010.

Academic faculty physicians in primary and specialty care enjoyed a slight boost in compensation according to Medical Group Management Association's (MGMA) report. Academic physicians that benefited from a slight increase were primary care, pulmonary medicine, and non-invasive cardiologists.

Read the full article in Fierce Practice Management, or click here:
http://www.fiercepracticemanagement.com/story/mgma-academic-physician-comp-slightly/2011-03-16

In fact, academic physicians are Maryland's top earners, even considering athletic and top government incomes. Read the full article in the Baltimore Sun or click here: http://www.baltimoresun.com/news/maryland/bs-md-state-salaries-20110517,0,4888916,full.story

Why Physician Compensation Plans Fail

The number one reason physicians leave their practice is discontent over their compensation. During the signing and negotiating process, many long-term compensation issues are not addressed and it leaves the physician unsatisfied with the compensation terms and less likely to re-sign a similar contract with the same group. Also, physicians are often not communicated with during their contract term and these issues are either not brought up prior to the contract completion or are not taken seriously enough to make changes that may keep the physician for another contract period.

MedScape has published their 2011 Physician Compensation Survey which provides data on many different specialty's compensation tracking geographic location, specialty, and even gender. View the results by clicking here:
http://www.medscape.com/features/slideshow/compensation/2011

They have also offered some guidelines on how to create compensation plans that work, not only during the negotiation process but also long-term once groups have signed physicians.

Here are some of their suggestions:

-Create a Compensation Plan with a goal of Preserving the Physician Group
-Annual Review of the Compensation Plan
-Structure Compensation Plans Specific to each Separate Physician Partner/ Associate

Read the full article at MedScape or by clicking here:
http://www.medscape.com/viewarticle/741975

Hospital Employed Physicians vs. Private Practice Physicians

The trend towards hospital employment is obviously increasing, but what does this mean to the individual physicians working with each other regardless of their employment model? Hospital experts predict hospital employment will increase from 10% currently to 25% by 2013, but how will this affect the general medical climate and for private practice physicians and hospital employed physicians working together?

Hospital employment is an increasing trend because many physicians desire to be paid a guaranteed salary and maintain a quality of life outside of practicing. However some physicians still migrate towards a more traditional guarantee or private model and feel they are able to maintain more control of running their own practice, and depending on the specialty, also receive income from other ancillary services.

With this increase in hospital employed physicians, will it widen the gap between private practice physicians? Also, how will the increase in hospital employed positions ultimately affect the hospital's bottom line?

MedScape has published an article referencing how the increase in hospital employed physicians may affect hospital probability as well as the general economy and medical climate, and also how different employment model physicians can work together.


Read the full article in MedScape Today, or click here:

http://www.medscape.com/viewarticle/722058