51 things to know about physicians today — Compensation, employment & where young physicians are headed

Here are 51 statistics on physicians in private practice, hospital employment and other arrangements about their financial situation and outlook for the future.

Physician compensation

Medscape's Physician Compensation Report 2015 shows:

1. Employed physician average compensation was $258,000 last year.

2. Compensation for self-employed physicians was $329,000.

3. By specialty, orthopedic surgeons earned the most for non-patient care activities, at $29,000. Both GI physicians and ophthalmologists earned $14,000.

4. For patient care, orthopedic surgeons also earned the most, at $421,000. GI physicians earned the third highest amount, at $370,000, and ophthalmologists earned $292,000.

5. Physicians in the Northwest region of the country reported compensation at $281,000. Orthopedic surgeons are the most highly compensated in this region, at $460,000, as well as GI physicians at $505,000.

6. Physicians in the Great Lakes region reported $268,000 in compensation.

7. In the Southeastern region, physicians reported $269,000 on average.

8. In the Northeast region, physicians made on average $253,000. Ophthalmologists are the most highly compensated in this region, at $328,000.

9. The Southwest region of the country has average physician compensation at $263,000.

10. The Western region of the country has average physician compensation at $262,000.

11. In the North Central region, physicians made on average $270,000.

12. In the South Central region, physicians made on average $271,000.

13. Physicians in the Mid-Atlantic region reported an average compensation of $254,000.

Physician trends

According to a 2015 Jackson Healthcare report on Physician Trends:

14. 81 percent of physicians are at capacity or overextended.

15. Jackson Healthcare asked physicians to grade the ACA, and 46 percent gave a D or F grade.

16. 74 percent of physicians said they felt the ACA would be overturned by Congress.

17. 66 percent of physicians want Congress to repeal the ACA.

18. 85 percent of physicians have adopted EHR.

19. 61 percent of physicians reported an increase in overhead costs for items such as EHR and administrative costs to comply with the ACA.

20. 60 percent of physicians reported more administrative work under the ACA.

21. 64 percent of physicians would choose medicine as a career again, a decrease from 69 percent in 2011.

22. 68 percent of physicians who have sold their practice approached the hospital to initiate acquisition talks.

23. 77 percent of physicians who sold their practice said the sale was the right decision.

Orthopedic surgeon practice setting

The 2014 American Academy of Orthopaedic Surgeons Orthopaedic Surgeons Census shows:

24. 92.1 percent of the AAOS membership is male orthopedic surgeons; 5 percent is female orthopedic surgeons.

25. 88 percent of AAOS membership are Caucasian; 5.2 percent are Asian.

26. 89.5 percent of the orthopedic workforce is made up of full-time employees; 10.5 percent are part-time.

27. 35 percent of physicians practice in an orthopedic group setting private practice; an additional 15 percent practice are in a solo setting and hospital/medical center private practice.

28. 54 percent of respondents are specialist; 26.9 percent are general orthopedic surgeons with specialty interest; 19.6 percent are generalists.

29. Of the three most frequently cited primary areas of practice, 15.8 percent are sports medicine, 10.8 percent are hand and 10.4 percent are total joint.

Pay-for-performance, malpractice insurance, private practice outlook

The Physicians Practice 2015 Physician Compensation Survey shows:

30. 63.3 percent of physicians don't have compensation tied to value provided.

31. 11 percent of physicians say around 1 percent to 5 percent of their compensation is tied to value.

32. 4.9 percent of physicians report 6 percent to 10 percent of their compensation is tied to value.

33. 10.4 percent of physicians say 11 percent to 50 percent of their compensation is tied to value.

34. 10.4 percent of physicians report more than half of their compensation is tied to value provided.

35. 38.55 percent of physicians pay up to $7,000 annually for malpractice insurance.

36. 20.9 percent of physicians pay between $7,000 and $10,000 annually for malpractice insurance.

37. 20.6 percent of physicians pay between $10,000 and $15,000 annually for malpractice insurance.

38. 10.1 percent of physicians pay between $15,000 and $20,000 annually for malpractice insurance.

39. 9.9 percent of physicians pay more than $20,000 annually for malpractice insurance.

40. 4.6 percent of physician practice owners plan to retire in the next year.

41. 71.2 percent of physician practice owners plan to continue running their practice in the next year.

Financial preparedness for young physicians

The 2015 AMA Employed Physicians Financial Preparedness Report on Young Physicians shows:

42. 79 percent of physicians under 40 are employed; 28 percent are hospital employees; 24 percent are employed by a large group practice; 18 percent work in a small practice environment.

43. In personal finances, 66 percent of young physicians are the primary personal financial decision makers, while 46 percent use a financial advisor.

44. 80 percent are still paying off medical school debt; 71 percent have an emergency fund; and 29 percent have less than $25k in funds.

45. 40 percent of young physicians work 40 to 50 hours a week; 25 percent work 51 to 60 hours a week; and 22 percent work 61 to 80 hour weeks.

46. In the future, 19 percent plan to start or buy into a private practice; 49 percent plan to buy or remodel a primary home; and 6 percent plan to buy a second home or vacation home. Ten percent of young physicians plan on getting married and 45 percent plan to have children. Sixty-seven percent wish to continue practicing as they do now.

47. 7 percent of young physicians consider themselves ahead of schedule in saving for retirement; 50 percent say they are on track; and 43 percent are behind where they'd like to be.

48. 36 percent of young physicians have less than $100k saved, and 45 percent have $100k to $500k saved.

49. 38 percent of young physicians consider themselves "knowledgeable" or "very knowledgeable" about personal finances, while 83 percent are "somewhat confident" or "very confident".

50. 46 percent believe the time spent on personal finances is not adequate.

51. 71 percent believe physicians have unique financial needs.

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