Physician Salaries and Outlook
Some interesting information at NEJM:
“The AMGA and MGMA surveys, as well as smaller-scale surveys and research conducted annually by national physician recruiting firms, are hardly uniform in their findings. Yet the most recent ones — from 2005 and 2006 — illustrate notable trends in compensation and employment.
Following are highlights and key findings that may be of interest to young physicians heading into their first or a subsequent job search this year:
In 89 percent of specialties, incomes increased in 2005, and the average overall increase was 6 percent. The biggest jumps occurred in dermatology, gastroenterology, and cardiac/thoracic surgery; all tallied gains from 10 to 12 percent. For the most part, however, those specialists also significantly increased their production. (AMGA)
Signing bonuses, primarily one-time offerings, are on the rise in number and amount — with the most pronounced hikes in primary care. Five-figure bonuses exceeding $20,000 are not uncommon, Cejka Search reported. The Merritt Hawkins 2006 survey of physician incentives found that the average bonus increased to $20,000 in May 2005, up from $14,000 per year earlier.
More than 23 percent of physicians worked for hospital settings in 2005, up from 19 percent in 2004. (Merritt Hawkins)
Following a persisting trend, physician compensation levels remain highest in the Midwest and northern Midwestern states (Illinois, Indiana, Michigan, Minnesota, and the Dakotas, for example) and the Southern states, compared to the Northeast and Western regions. The most dramatic recent compensation increases occurred in the West, where incomes rose more than 8 percent in 2005. (AMGA)
Internal medicine and family practice searches increased by 46 percent and 55 percent, respectively, from 2004 to 2005. (Merritt Hawkins)”
From the American College of Physicians website :
