Pinnacle Health Group’s compensation data is based on mean compensation and/or base salary for 174 surveyed physicians and 160 healthcare organizations, covering 40 specialties, from May to June 2015. The healthcare facilities for which the searches were performed included affiliated practices, healthcare management systems and physician groups.
Compensation Trends
The most notable trends impacting compensation include an increase in overhead costs, particularly in meaningful use / EHR technology; additional incentives and benefits that are not cash-based; increased compensation for primary care physicians and gradual decrease for specialty care doctors. In addition, more and more healthcare facilities are using the pay-for-performance model to provide incentives to their physicians as well as incorporating quality metrics and indicators to determine compensation. There is also an increasing trend of varying compensation based on region / geographical area.
New Ancillary Services
Most healthcare facilities set up new ancillary services as a way of generating more revenue. Many facilities are also increasing revenue by utilizing advanced practice providers such as nurses and physician assistants. The more prevalent ancillary services include: In-office services such as minimally invasive surgeries and infusion procedures; Imaging and diagnostic capabilities such as X-Ray, MRI, CT, PET, EMG, EEG, EKG, EBUS, EMN Bronchoscopy and Ultrasound-guided biopsies; In-house laboratory and screening services such as sleep testing, sonography, spirometry, urine screening and stress testing; Telemedicine and Remote Monitoring; Cosmetic procedures such as weight loss procedures, laser hair removal, tattoo removal, and other dermatological services; Pharmacy and Durable Medical Equipment dispensing; Concierge Medicine; and Medical review services for lawyers and insurance carriers.
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) Competitive compensation (guaranteed base salary higher than average compensation); (2) Bonuses and benefits such as sign on bonus, relocation assistance (including expenses), productivity bonus (RVU and wRVU), paid CME, paid time off, student loan repayment programs, malpractice insurance coverage, 401k matching, stipend for residency and fellowship, and quicker partnership tracks (including profit-sharing); and (3) Work-life balance incentives such as flexible shifts, limited to no call coverage and added vacation time.
Difficult Specialties to Recruit
Physician recruitment is highly competitive for all specialties, and is more challenging for rural communities. Specialties that are more difficult to recruit include (in no particular order):
- Primary Care (Family Practice, Internal Medicine, Pediatrics)
- Neurology
- Urology
- Dermatology
- Neurological Surgery