Pinnacle Health Group’s compensation data is based on mean compensation and/or base salary for 1,170 surveryed doctors and 220 healthcare organizations, covering 37 specialties. The healthcare facilities for which the searches were performed included affiliated practices, healthcare management systems and physician groups. Approximately 99% of clients placed physicians under the employment model.
Compensation Trends
The most notable trend impacting compensation is the movement toward employment arrangements and away from income guarantees. The employed model was the preferred work arrangement for nearly all of the practice opportunities represented by Pinnacle Health Group this year. Employment contracts include salary plus productivity incentives such as RVU’s, percentage of billings and percentage of collections. Bonuses for quality of care are also becoming more prevalent.
New Ancillary Services
Most healthcare facilities set up new ancillary services as a way of recruiting physicians and generating more revenue. The more prevalent ones include imaging capabilities such as X-ray, MRI, CT, PET, EMG, Ultrasound, Echo and Bronchoscopy; in-house laboratories such as those in pathology, pulmonology and radiology; and procedures such as cosmetic laser treatments, immunotherapies, ANSAR testing and biopsies. Also of note is the expansion of walk-in clinics, wound and urgent care centers as well the increased use of hospitalists, physician assistants and mid-level practitioners.
Recruitment Incentives
Due to physician shortages and the competitive marketplace, healthcare organizations are offering higher base salaries along with a variety of incentives including: (1) Bonuses for sign-on and retention, (2) Student loan repayments and relocation assistance, and (3) Malpractice insurance and 401(k) matches. Also of increasing importance are lifestyle incentives such as lighter call schedules, flexible work hours and increased vacation time.
Difficult Specialties to Recruit
Physician recruitment is highly competitive for all specialties, and is more challenging for rural communities. Specialties with a lower number of trained physicians are more difficult to recruit. These specialties include (in no particular order): (1) Urology, (2) Neurology, (3) Combined Internal Medicine and Pediatrics, (4) Dermatology and (5) Primary Care (Internal Medicine and Family Practice). Click here to read the full report.