In a general sense, one might think that physician payments are equal across the board and that all doctors who practice medicine earn the same pay for the same job within a specialty. If one Urologist earns one salary, another Urologist should earn the same one, right? Well, this is not actually the case. Employers within the healthcare industry base physician payments on a wide variety of factors. These attributes make it so certain doctors earn more money for the same position. In this article, we will discuss physician payments and 5 reasons why certain doctors earn more money than others.
Factors That Affect Physician Payments:
1) Physician “Celebrities”
- One thing that really earns physicians a higher yearly salary is their reputation. The journey of their clinical skills and the status it has earned them can really set them apart in the field. Physician payments for “celebrities” in the field are higher because these doctors generally bring more business to the practice/organization. If you want the patients and small industry this physician brings with them, their pay must be worthy of their reputation.
2) Executive Roles
- Doctors who have experience in both the field and in the business roles of the industry generally earn more money. These physicians have a wider knowledge base and skill set that sets them apart from other doctors. Their ability to function in both roles earns them a diverse set of capabilities that calls for increased pay. So, if a provider is seeking higher physician payments, they might consider adding some administrative responsibility to their resume.
3) Size of Practice
- While we don’t like to think of healthcare organizations as businesses, they are. And as with any business, the larger it is, the more money it has to offer. Because of this, physician payments at larger organizations are generally higher than at a smaller practice.
4) Amount of Patients
- The number of patients a physician sees in a day obviously affects the earnings of an organization. But it often goes unnoticed how it affects physician payments. Doctors who see more patients in one day, while providing quality care makes them more desirable to an organization. If a doctor can earn them more money on their bottom line, they are more likely to offer them increased pay to lock down the position.
5) Attitude During Job Search
- The negotiation process is not always thought of as a key factor in the variation in physician payments. Doctors who have a more firm and aggressive attitude during the job hunt often earn more money. Employers will often offer you a salary that is lower than they are willing to go so that they can save money. Physicians that don’t fall prey to this often earn more than doctors that don’t fight for the salary they want.
There are many factors that feed into the level of physician payments within an organization. If you are looking for a career change, consider these five elements before you start your search and you may end up with the higher salary you’re hoping for.