Fall Issue of Neurosurgery Market Watch- Out Now

Our feature article is a comprehensive neurosurgery-specific article addressing technology and devices in the neurosurgery marketplace.  West Virginia University neurosurgeon Erich O. Richter, MD, FAANS, shares his views in our candidate profile, while  health lawyer Roderick Holloman addresses medical device and employment challenges in our Legal Corner column.  And don’t forget to check out our standing sections, the Featured Opportunity and the Practice Profile.

Click here to read the full issue: http://harlequinna.com/neurosurgery-market-watch/

60% of Physicians Still in Private Practice

According to a report by the American Medical Association the percentage of physicians who were practice owners decreased only 8% points from 2008-2012.  Becker's Spine Review has a recently published article stating 60% of physicians continue to work in practices wholly-owned by physicians.

So much media attention has been dedicated to the trend towards Hospital Employment and the dramatic decrease in the private practice employment model for physicians.  It's refreshing to see this data that there still is a place for physicians who respond better in a private practice model.

Access the AMA report by clicking here: http://www.ama-assn.org/resources/doc/health-policy/prp-physician-practice-arrangements.pdf

Read the related article in Becker's Spine Review by clicking here:
http://beckersspine.com/orthopedic-spine-practices-improving-profits/item/17508-eminent-hospital-takeover-not-just-yet-60-of-physicians-still-in-private-practice

What is job satisfaction for physicians?

This is an interested article from KevinMD.com, what is job satisfaction for physicians?  There has been a lot of media attention recently that physicians are unhappy, but what does it take to make physicians happy in their working environment and why are a large majority currently unhappy?


http://www.kevinmd.com/blog/2011/02/job-satisfaction-physicians.html?goback=%2Egde_917937_member_261700675

Physician Compensation Report: 2013

MedScape has released their 2013 Physician Compensation Report.  Overall, most physicians and specialists (both employed and in private groups) saw that income was increased from last year's report.  The report also noted that healthcare reform is making a definite impact on physicians practices.

In the annual report physicians revealed the number of hours worked, changes to their practice, and satisfaction with their compensation and the practice of medicine.

Access the report by clicking here:
http://www.medscape.com/features/slideshow/compensation/2013/public

Also, read 7 Statistics on Physician Compensation from Becker's Hospital Review based on the MedScape report by clicking here:
http://www.beckershospitalreview.com/compensation-issues/7-statistics-on-physician-compensation.html

How Private Practice Physician Attitudes are Changing

Physicians Practice's has published the results from their 2013 Great American Physician Survey.  The report with full data for this year’s survey will be available online in mid-August 2013 and in the September 2013 issue of Physicians Practice.

This year's survey has found that career satisfaction among private practice physicians has remained relatively stable since 2009.  There has been a trending towards hospital employment and hospital systems buying out or merging with smaller groups and private practices, however despite the changing healthcare environment and declining reimbursement private practice physicians have maintained their overall career satisfaction.

Results published in the article on Physician's Practice actually say the 2013 survey responses from partners/co-owners of private practices indicate that their level of career satisfaction may actually be increasing.  In 2013, more of these respondents than in previous years said they strongly agreed with the statement, "I like being a physician." More specifically, on a scale of one to five (with five being "strongly agree" and one being "strongly disagree") 62 percent of partners/co-owners said they strongly agreed with that statement. That's about 10 percent more than said they strongly agreed in 2009.

The 2013 survey findings also indicate that the number of private practices physicians that are happy with their career path has remained relatively stable over the past few years.  When asked, "If given the chance to go back in time and pick another career path, what would you do?" 60 percent of private practice respondents said they would do everything roughly the same way they did it the first time. That's about the same percentage as in previous years.

While most private practice physicians said they wouldn't change the past when it came to their career choices, more private practice physicians in 2013 said they would discourage their child from pursuing a career in medicine in the future. This year, about 18 percent of respondents said they would discourage a career in medicine. In previous years, only about 13 percent of private practice physicians said they would discourage it.

When other private practice physician responses to our 2013 survey findings are considered, it's not surprising that more physicians said they would discourage their children from seeking a career in medicine.

Over the past few years, private practice physicians have indicated that they are working longer hours, and more have also indicated that they feel they don't have as much time for their personal life as they think they should.

In 2013, for instance, 88 percent of private practice physician respondents told us that they worked more than 40 hours per week. In 2010, about 85 percent said they did. In addition, in 2013, 73 percent of private practice physician respondents said they don't have as much personal time as they think they should. That's up from 67 percent just last year.

In addition, more private practice physician respondents this year said they often wish they could change workplaces. In 2013, 31 percent of respondents said they wished they could change workplaces. That's up from just 23 percent in 2010. In addition, the percentage of private practice physician respondents who said they plan to become hospital employed in the next five years doubled between 2013 and 2012 (from 3 percent to 6 percent).

Read the full article by clicking here: http://www.physicianspractice.com/blog/how-private-practice-physician-attitudes-are-changing?GUID=98C7CA21-2AF6-465B-A27F-FC956DFC383F&rememberme=1&ts=26072013

Private Practice: Still Providing Control and Autonomy

Although the trend is towards hospital employment and many private and solo physician practices are being bought out or merging with larger hospital systems, there will always be a place for the private practice physician.

Some physicians will always seek the control and autonomy that only a traditional private practice can provide.

American Medical News just published an article on how some physicians will never transition in to an employed model, the strength of the private practice will prevail for some physicians despite economic hardships and pressure from larger health systems.

Read the full article by clicking here:
http://www.amednews.com/article/20130624/business/130629978/2/?utm_source=nwltr&utm_medium=heds-htm&utm_campaign=20130624

MGMA Physician Compensation 2013

The Medical Group Management has released their 2013 Physician Compensation and Production Survey report.  Most physicians, specialists, and surgeons pay increases were largely flat, however the study finds physician compensation across all generalists, specialists, and surgeons is becoming more and more based on quality measures, including the quality of care they provide and whether their patients are satisfied.

With the Affordable Care Act kicking in on January 1, 2014, the MGMA study comes as physicians are gearing up for the potential of millions more paying customers.

According to a recent article in Forbes, the health law and trends in the private sector are also beginning to influence doctor pay because employers, government and private insurers are beginning to move away from fee-for-service medicine to reimbursement tied to quality measures.

Read the full article in Forbes by clicking here: http://www.forbes.com/sites/brucejapsen/2013/06/12/doctor-pay-rises-to-221k-for-primary-care-396k-for-specialists/

Another article in HealthLeaders also reviews the data on the MGMA report based on 2012 data, agreeing that quality measures are emerging as components in physicians' compensation.  This trend is expected to grow as value-based reimbursements gradually supplant fee-for-service, volume-based models.

Read the full article in HealthLeaders Media by clicking here: http://www.healthleadersmedia.com/page-1/LED-293270/MGMA-Physician-Compensation-Increasingly-Based-on-Quality-Measures?goback=%2Egde_1170587_member_250288846

Physician Career Move: Make a Priority List Before You Make the Move

When physicians are looking for new career options, compensation and location are generally the prime motivators in considering possible options.  However personalizing your search based on your individual short and long term needs is essential to identifying a long-term, sustainable job opportunity.

Writing a list of priorities before you begin your job search will help to identify what your individual job search will look like.  

Be honest in your answers during your evaluation of potential opportunities and also during the interviews.  Don’t be afraid to ask appropriate questions during the interview.  The more you make your job search about your individual criteria, the more likely you are to identify an opportunity that is sustainable long-term and ensures the potential to live the life you want to live, in and outside of work.

Read a recent article from American Medical News suggesting a 4-step process to writing down your job search priorities:

http://www.amednews.com/article/20130603/business/130609985/4/?utm_source=nwltr&utm_medium=heds-htm&utm_campaign=20130603

How Much Revenue Does Your Specialty Generate for Your Hospital?

Becker's Hospital Review has released data on how much physicians average bringing in to a hospital by their specialty.  The data is based on Merritt Hawkins 2013 Physician Inpatient/Outpatient Revenue Survey.

Here are their published results:

•    Orthopedic surgery: $2.68 million
•    Cardiology (invasive): $2.17 million
•    Family practice: $2.07 million
•    General surgery: $1.86 million
•    Internal medicine: $1.84 million
•    Hematology/oncology: $1.76 million
•    Neurosurgery: $1.68 million
•    Obstetrics/gynecology: $1.44 million
•    Urology: $1.43 million
•    Gastroenterology: $1.39 million
•    Psychiatry: $1.30 million
•    Cardiology (noninvasive): $1.23 million
•    Nephrology: $1.18 million
•    Pulmonology: $1.01 million
•    Otolaryngology: $825,757
•    Pediatrics: $787,790
•    Ophthalmology: $725,000
•    Neurology: $691,406

To read the full article from Becker's Hospital Review, click here:
http://www.beckershospitalreview.com/hospital-physician-relationships/which-physicians-generate-the-most-revenue-for-hospitals.html

MedScape's Physician Compensation Update 2013

Hospital Employment is on the rise, MedScape analyzes physician compensation changes in the last year.

Overall most physicians, specialists, and surgeons experienced increased in salary, the stronger economy impacting a positive addition to income.  However there are still uncertainties with changes in government and healthcare law and healthcare reform making an impact on physician practices.

MedScape's report also reveals other practice elements including how many hours physicians worked, other changes to their practices, and overall satisfaction and contentment with healthcare and medicine.

Access the full report by clicking here:
http://www.medscape.com/features/slideshow/compensation/2013/public