Choosing How to Set Pay for New MDs Depends on Group’s Goals and Structure How to set pay for physicians newly minted out of residency or fellowship is a question with at least four major potential answers, and the choice depends on the group’s goals, structure, financial situation and philosophy. Sandra McGraw, a principal at […]
Category: Physician Compensation Report
‘Huge hit’ to MD income likely if Medicare 4.5% cut takes effect Many Chicago-area physicians in private practice probably will take a “huge hit” to income–a reduction of as much as 13% to 15% from 2003 to 2004–if Medicare physician reimbursement drops 4.5% as CMS has ordered, says a practice consultant to several hundred physicians […]
Profitability Drives Orthopods’ Pay; Cost Allocations Spur Creativity Orthopedic surgeons in both single and multispecialty groups are widely paid on profitability – production measured by collections, minus some measure of costs, to yield a net profit contribution to the group – PCR’s informal survey of such groups indicates. There seem to be as many methods […]
Compensation Benchmarks Vary Widely According to Type of Group Providing Data Physician compensation survey data — available from at least 15 consulting and recruiting firms and trade groups — give widely different pay scales mainly because each survey focuses on different sectors of the medical industry. David N. Gans, CMPE, head of the survey operations […]
Broad Pulmonary Practice, Tied to Critical Care and Sleep Medicine, Grows Rapidly Pulmonary physicians — most of whom also practice critical care, and many of whom also practice sleep medicine and allergy medicine for asthmatic patients — serve rapidly growing markets, particularly as the senior population expands. Pulmonary and critical care medicine are not traditionally […]
MGMA: Starting Salary Jumps Point to Specialty Shortages The jump in starting salaries in several non-primary specialties, detected by MGMA’s recently published Physician Compensation and Production Survey: 2001 Report Based on 2000 Data, supports the view that the specialties are in short supply, a senior MGMA analyst says. David N. Gans, CMPE, director of medical […]
Vanderbilt pay plan rewards clinical production, research The physician pay plan in the Department of Medicine (DOM) at Vanderbilt University Medical School offers strong production incentives for clinical and research work, says DOM Vice Chair for Administration and Finance Gregg Tarquinio, Ph.D. For clinical production, the plan fits a basic model popular in large multispecialty […]
10-Point `Menu-Driven’ Pay System Puts Corporate Citizenship First The eight partners at New York Heart Center in Syracuse, N.Y., are paid based on whether they complete each item on a 10-point “menu” of functions important to the practice, so that group cooperation and corporate citizenship are backed by powerful economic incentives. Early each year, the […]
Obstetrics/Gynecology at a Glance Core pay range (MGMA 25th and 75th percentiles, 2000): $183,000 to $280,000. Pay direction: Inching upward. MGMA says median pay was up less than 3% in four years (1996-2000), much less than general inflation. Recruiters do not list ob/gyn as one of the “hot” fields experiencing significant pay inflation, although there […]
Production, Cooperation Goals Compete in Neurology Pay Plans Compensation plans in a number of neurology practices are in flux as some groups seek to foster internal cooperation and reward good patient relations, yet retain strong production track records. As in cardiology (PCR, 3/29/00, p. 1), neurology groups that PCR interviewed are using both equal shares […]