Medical profession relates to the practice, diagnosis and treatment of health issues as it relates to a number of diseases. The healthcare industry has experienced significant growth of medical professions in the recent years. The median salaries also increase because there is a huge demand of workers, but a limited supply. There are inconsistencies between salaries because of various factors.
“Medical professionals’ responsibilities, hours and stresses grew dramatically during the pandemic and, as a result, we’ve seen an increase in burnout, especially among female physicians.”
– Peter Alperin, M.D., Vice President of Product at Doximity about medical professions
List of medical professions
- Critical care medicine specialists
- Emergency medicine specialists
- Medical geneticists
PRIOR YEAR PRODUCTIVITY (RVU)
Prior year productivity (RVU) is an important factor that impacts salaries for over one third of professionals. If the physician performs well, there is a possibility to receive more salary next year.
Key methods of assessing salary levels
- Pure/ straight salary: the person receives the same salary every month or week;
- Revenue minus expenses: occurs mostly in private practice, the professional receives a share of total practice revenue minus the share of expenses;
- Base salary + incentives: the professional receives straight salary per month plus bonuses based on performance;
- Percentage-based salary: the physician or other professional receives salary based on the percentage earned by the organization (Maresca, 2020)
Out of all methods mentioned above, each professional chooses the best that works for them. Gee (2022) recommends that organizations mix guaranteed base salary with different other components. For example, it can be a mix of base salary, productivity incentive like a percentage from revenues and a non productivity pool.
- Dark blue: Guaranteed Base
- Light blue: Productivity Incentive
- Yellow: Non Productivity and Quality Incentive Pool
– Salaries are consistent => more employees’ job interest, less stress, more productivity.
– Low salaries => loss of job interest => A shortage of professionals because of high turnover.
=> It is critical to conduct regular salary reviews and ensure people receive adequate salaries.
- Gee, K. (2022). Rethinking Physician Compensation. Huron. https://www.huronconsultinggroup.com/insights/rethinking-physician-compensation
- Healthcare Occupations (2022). US Bureau of Labor Statistics. https://www.bls.gov/ooh/healthcare/home.htm
- How to Measure Employee Productivity in Healthcare (n.d.). BIZ30. https://biz30.timedoctor.com/how-to-measure-employee-productivity-in-healthcare/
- Physician Compensation Models (2022). HSG. https://hsgadvisors.com/articles/physician-compensation-models/
- Physician salary report 2021: Compensation steady despite COVID-19 (2021). Weatherby. https://weatherbyhealthcare.com/blog/annual-physician-salary-report
- Maresca, S. (2020). Physician Compensation Series: Compensation Models. Withum. https://www.withum.com/resources/physician-compensation-series-compensation-models/
- Whitbourne, K. (2020). What Are the Different Types of Doctors?. WebMD. https://www.webmd.com/health-insurance/insurance-doctor-types
- Rama, A. (2018). Policy Research Perspectives. AMA. https://www.ama-assn.org/sites/ama-assn.org/files/corp/media-browser/member/health-policy/prp-how-physicians-paid.pdf