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Physician Income Up Slightly in 2012, Risk of Fiscal Cliff Poses Worrying Signs
By: PR Newswire
Nov. 20, 2012 03:08 PM
NORWALK, Conn., Nov. 20, 2012 /PRNewswire/ -- Physician income increased modestly in 2012, with slightly higher percentages of doctors reporting incomes in the highest brackets, according to Physicians Practice's 2012 Physician Compensation Survey. Yet doctors also report higher practice overhead; consequently, physicians are more likely to say that their personal income is down this year compared to last year.
Physicians Practice surveyed 1,311 doctors and staff for its annual Compensation Survey, asking about personal income, practice overhead, practice outlook, and other financial issues. Full survey results are available in the November issue of Physicians Practice and at PhysiciansPractice.com. Although compensation seems to have grown slightly, the survey also found that:
"Physician compensation is not very well understood by the general public," explained Bob Keaveney, editorial director of Physicians Practice. "Compensation for doctors continues to be governed mainly by their specialty and the complexity of the cases they see."
Almost 40 percent of primary care physicians (and a majority of pediatricians) make less than $150,000 a year. But only 29 percent of OBGYNs and 10 percent of radiologists fall below that threshold.
Worrying signs are on the horizon for physician income, Keaveney said. Congress and President Obama continue to negotiate over the so-called "fiscal cliff," which, if unresolved would include a 27 percent cut in Medicare payments to physicians on Jan. 1. For now, only 15 percent of practices reported that they are no longer accepting new Medicare patients, but that might change if cuts go through.
Meanwhile, reductions in Medicare spending contained in the Patient Protection and Affordable Care Act (ACA) may erode physician compensation, especially for practices that struggle to reap increases in outcome-based payments.
About UBM Medica US
Addressing today' s healthcare information needs, UBM Medica US, delivers strategic, integrated communications solutions and comprehensive reach—online, in print, and via custom programs. Improving the effectiveness of healthcare through information and education, UBM Medica US provides unbiased clinical, practical, and business information for physicians, providers, payers, and patients around the world. Through journals, magazines, websites, online communities, drug databases, digital events, and other valuable resources, UBM Medica US also delivers comprehensive communication solutions for the pharmaceutical and related industries. Websites include CancerNetwork.com, ConsultantLive.com, DiagnosticImaging.com, MusculoskeletalNetwork.com, OBGYN.net, PhysiciansPractice.com, PsychiatricTimes.com and SearchMedica.com. UBM Medica US is part of UBM Connect – which provides marketing services across a number of communities, the largest of which are healthcare, medical device design and advanced manufacturing. UBM Connect also includes UBM Studios, the global leader in interactive digital environments. UBM Connect is a UBM plc company. For more information, visit http://www.UBMMedicaUS.com
SOURCE UBM Medica US
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