Physicians Practice - January 2008 - (Page 19)

YOU SHOULD BE THE BOSS Maybe you should go into management. Many physicians have found their compensation disappointing — in fact, almost 60 percent chose this term to describe their incomes in a survey published in October’s Physicians Practice — but those working as practice executives have found significant financial advantages. According to the American College of Physician Executives (ACPE) and Cejka Search, a recruiting firm, overall pay for such physicians is now $258,000, up 7.5 percent from the previous year. Driving the better pay is the increased demand for physicians who understand how to run efficient businesses in an increasingly complex healthcare world, says Carol Westfall, president of Cejka Search. While not the most highly paid, physicians in primary-care specialties may find that functioning in executive roles may have the greatest benefit to their wallets. The average family physician made just more than $160,000 last year, according our survey, but the ACPE/Cejka research found that family physicians made averaged $226,000 when working in executive jobs. Cejka Search will sell you a copy of its report for $350 or $150 for ACPE members, at the company’s Web site, www.cejkasearch.com. You can also get a section of the report, including the executive summary, for $150/$75. QUOTABLES “Almost all economists would agree that the main driver of high medical spending [in the United States] is our wealth. We are richer than other countries and so willing to spend more. —The New York Times, editorial, November 25, 2007 We’ve built this huge mechanism around getting paid by managed care, and now we’re going to have to get paid by patients, which is very difficult when you’re not sure what to collect, and often have a patient who’s confused or doesn’t want to pay.” —Susan Miller, a practice administrator in Lexington, Ky., on the challenges posed to practices by Health Savings Accounts, in next month’s Physicians Practice. People hear ‘doctor,’ and they think, ‘Oh, high salaries and luxury lifestyle.’ But I don’t think people are aware of the debt you accumulate.” —Pediatrician Megan Reis, whose student-loan debt, combined with her anesthesiologist husband’s, exceeds $480,000, in Money magazine. THEY STILL WANT TO BE DOCTORS Despite the deteriorating working conditions experienced by so many practicing physicians — including the fast-dropping reimbursement levels reported in this issue of Physicians Practice, starting on page 22 — more young Americans than ever are apparently choosing medicine as a career. That’s according to the Association of American Medical Colleges, which reported in October that the 2007 class of first-year U.S. med students was the highest ever, reaching nearly 17,800 students, a 2.3 percent increase over 2006. More than 42,300 people applied to medical schools last year — an 8.2 percent increase. Driving the trend is the rising number of minorities entering medical school, the association says. WWW.PHYSICIANSPRACTICE.COM JANUARY 2008 | PHYSICIANS PRACTICE | 19 http://www.cejkasearch.com http://WWW.PHYSICIANSPRACTICE.COM

Table of Contents Feed for the Digital Edition of Physicians Practice - January 2008

Physicians Practice - January 2008 Contents The Bigger Picture: Fixing Medicaid Letters Physicians Practice Pearls: You Can Teach an Old Dog New Tricks Noteworthy Cover Story: Fee Schedule Survey: 2007 Results Adding Ancillaries: Bucking the Practice Ask the Experts Idealab: 'How I Got Over My EMR Excuses' Technology: Don't Be Denied The Tech Doctor: Blessing or Curse? The Administrator's Desk: Learning From the Best Coding Career: To Partner, or Not? Management: Controlling Your Inventory Human Resources: How to Fire an Enployee Finance: Beyond Reimbursment - How to Fix Your Mix Classifieds Advertiser Index

Physicians Practice - January 2008

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