Question: What doctors' average salaries are, in different medical specialties.
From: Cynthia R. of Philadelphia, PA
Answer: Average physician salary scales are easily found on-line. There are many sites that list average starting and average final salaries by specialty. I would like to take this opportunity, however, to share some points on how their salaries are determined. As you look through the sites, you will see that physician salaries depend on the needs of the community, the expected work schedule, medical training, expertise, and experience. For example, specialists need more years of training but tend to earn more than Primary Care Physicians. On the other hand, some PCPs in ideal locations make more than specialists. Physicians enter their practices with significant educational debt. As you know, physician malpractice insurance costs have increased significantly. At the same time they are starting their careers, physicians may be starting families.
Managed Care touted that physician compensation was heavily based on patient satisfaction. Other factors made up the formula including the physician’s corporate teamwork. Compensation is evolving back to productivity, efficiency and the physician’s revenue contribution to practice. There are several types of compensation structures but they are usually based on salary plus a bonus or incentive and are consistent with what other physicians with comparable skills and experience are earning.
Ruthann Russo, PhD, JD, MPH, RHIT, is a healthcare expert with more than 20 years of experience working in and advising healthcare organizations.
