NORWALK, Conn., Jan. 11, 2013 /PRNewswire/ -- Personal incomes dropped among a significant minority of primary care physicians, according to Physicians Practice 2012 Physician Compensation Survey. Almost 21% of survey respondents reported that their incomes dropped by more than 10% compared with 2011.
Information was gathered about personal income, practice overhead, practice outlook, and other financial issues from physicians in a variety of specialties—including primary care and pediatrics.
Summaries of responses from primary care physicians, which can be seen at Consultant Live, also found that:
- Almost 40% of primary care physicians and most pediatricians make less than $150,000 a year.
- The majority (60%) pay between $15,000 and $30,000 annually for malpractice insurance.
- These physicians have taken steps to boost their revenues, including taking on work outside their practice.
- Almost a third of those surveyed describe their practice's viability as "shaky," and report that they are working harder just to maintain their income. Another third say they practice is not growing significantly.
- Almost 21% of primary care physicians reported that their income was down by more than 10 percent in 2012, compared to 2011. Another 16% reported income drops of less than 10%.
- Fewer physicians than ever report being owners or partners of their own practices, as hospitals and health systems continue to seek market share through direct employment and practice ownership and smaller group practices consolidate.
Conversely, income for physicians in other specialties (eg, OB/Gyn, radiology) increased modestly in 2012. Forty percent of primary care physicians and a majority of pediatricians make earn less than $150,000 per year, while only 29 percent of OBGYNs and 10 percent of radiologists earn less than $150,000 annually.
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SOURCE UBM Medica US