Articles related to SALARY/COMPENSATION

The recent survey by the American Society of Hematology underscores the potential influence of compensation models and support staff on burnout rates among hematologists and oncologists. The findings suggest a need for reevaluating compensation systems and further integrating APPs in clinical practice to enhance physician wellness.

Psychiatrists’ Financial Outlook: Insights from the Latest Medscape Compensation Report Medscape’s latest survey offers important insights into the earnings, net worth, and financial satisfaction among physicians in various specialties. The report includes key details about the financial circumstances of psychiatrists compared to other specialties. Key Points: The average salary reported by psychiatrists employed by hospitals, health systems or other entities is 15% higher ($317,000) than the average salary reported by self-employed psychiatrists ($277,000). This is a distinct difference between psychiatrists and other specialties. Medscape Compensation Report

Physician salaries in 2023 have increased across all specialties, with primary care physicians earning an average of $265,000 and specialists earning $382,000. The highest-paying specialties include plastic surgery, orthopedics, cardiology, urology, gastroenterology, otolaryngology, radiology, oncology, anesthesiology, and dermatology, while the lowest-paying specialties are public health and preventive medicine, pediatrics, family medicine, infectious disease, diabetes & endocrinology, internal medicine, rheumatology, allergy & immunology, physical medicine & rehab, and psychiatry. The gender pay gap persists but is starting to narrow, with male primary care physicians earning 19% more than their female counterparts, and the gap for specialists being 27%. Despite ongoing challenges such as staffing shortages, reimbursement pressures, and administrative burdens, the majority of doctors (73%) express satisfaction in their profession and highlight the rewards of being skilled practitioners, fostering patient relationships, and making a positive impact on the world.

The Merit-Based Incentive Payment System (MIPS) is a program that ties Medicare payments to the quality of care provided by physicians. In recent years, the weight of cost measures in MIPS has increased, which could disproportionately penalize oncologists. A study published in JCO Oncology Practice found that the recent increase in the weight of cost measures, combined with lower cost scores, will likely result in lower composite MIPS scores, fewer total payment bonuses, and greater negative payment adjustments for oncologists. In non-oncologists, the maximum penalty decreased from $8,262.82 in 2018 to $7,473.57 in 2022. This suggests that oncologists are more likely to be penalized under the current MIPS scoring system. The researchers who conducted the study believe that the current paradigm of the MIPS scoring system will financially penalize heterogeneous and complex care-driven specialties such as oncology. They recommend that policymakers monitor whether the potential loss in revenue results in altered practice patterns and varying degrees of health care quality for patients with cancer.

Orthopedic surgeon Dr. Ahmed Siddiqi wanted to find a better approach to postoperative monitoring – one that came closer to direct, continuous visibility of patient progress during recovery – while reducing the burden on patients and the management team. His new digital care solution enabled his team to provide long-term remote patient monitoring while directly communicating with all patients. The platform’s remote therapeutic monitoring (RTM) module helps the team meet the minimum engagement and data submission requirements to be eligible for RTM coverage.

There is excellent news in the upcoming Medscape Female Physician Compensation Report for 2022. Female primary care and specialist physicians had pay increases of 8.1% and 8.5% from the prior year, respectively. This has resulted in a 2% reduction in the pay difference between men and women in both situations. Despite the fact that this is progress, there is still a huge 25% disparity in primary care and 31% in specialties, with female doctors underrepresented in the higher paying specialties.