P&T
Our
Other
Journal
MediMedia Managed Markets
Managed Care

 

Combating the coming physician shortage

MANAGED CARE November 2002. © MediMedia USA
Compensation Monitor

Combating the coming physician shortage

MANAGED CARE November 2002. ©MediMedia USA











In Norman Rockwell's vision, physicians were respected and long-standing members of a community. How much resemblance Rockwell's depictions bore to reality has always been debated, but Martin/Fletcher finds that certain demographic and economic factors are breaking bonds that once kept physicians in hospitals and/or municipalities for years.

The consultant says that about 38 percent of the nation's 740,000 physicians are 50 or older — that's one of the reasons that health care faces a coming shortage of doctors. Martin/Fletcher estimates that 250,000 will be needed over the next 10 years to replace those lost to retirement, shrinking enrollments in medical schools, and departure from the profession due to skyrocketing medical malpractice costs. Martin/Fletcher surveyed 5,200 hospitals, clinics, and physician practices across the country to find out what specialties are in strong demand. It is important to note that these averages can vary greatly by region.

Compensation packages offered to attract physicians

Martin/Fletcher concludes: "It continues to become more challenging to find physicians to become part of a practice and community." One way respondents meet that challenge is to pay for relocation costs, which all respondents do. "Signing bonuses" also help, and 90 percent of respondents award them as well.

Relocation amount
Low Average High
$7,500 $10,000 Full reimbursement
'Signing bonus' amount
Low Average High
$10,000 $17,500 $50,000

SOURCE: ANNUAL PHYSICIAN COMPENSATION AND BENEFITS REPORT, MAY, 2002, MARTIN/FLETCHER

Meetings

Pharmaceutical Pricing and Contracting Conference Philadelphia, PA September 22–23, 2014
Private Health Insurance Exchanges Conference Washington, D.C. October 7–8, 2014
National Healthcare Facility Management Summit Palm Beach, FL October 16–17, 2014
National Healthcare CFO Summit Las Vegas, NV October 19–21, 2014
National Healthcare CXO Summit Las Vegas, NV October 19–21, 2014
Innovative Member Engagement Operations For Health Plans Las Vegas, NV October 20–21, 2014
4th Partnering With ACOs Summit Los Angeles, CA October 27–28, 2014
2014 Annual HEDIS® and Star Ratings Symposium Nashville, TN November 3–4, 2014
PCMH & Shared Savings ACO Leadership Summit Nashville, TN November 3–4, 2014
World Orphan Drug Congress Europe 2014 Brussels, Belgium November 12–14, 2014
Medicare Risk Adjustment, Revenue Management, & Star Ratings Fort Lauderdale, FL November 12–14, 2014
Healthcare Chief Medical Officer Forum Alexandria, VA November 13–14, 2014
Home Care Leadership Summit Atlanta, GA November 17–18, 2014