Becker's Spine Review

58 HEALTHCARE NEWS 14% of physicians under 40 years old are in private practice: 17 insights By Alan Condon E arly-career physicians continue to favor employed opportunities over private practice as declining reim- bursements, steep medical school debt and the cost of malpractice insurance premiums remain key factors driving career choices, according to the "Medscape Young Physi- cian Compensation Report 2021." Almost 2,500 "young physicians" — defined by Medscape as under 40 years old — participated in the survey, published Sept. 24. Data was col- lected from Oct. 6, 2020, through Feb. 11, 2021. Here are 17 insights on early-career physi- cian compensation, practice situation, gen- der pay gap and more: 1. Fourteen percent of physicians under 40 are self-employed, compared to 29 percent of physicians between 40 and 69 years old. 2. On average, specialists in the survey report- ed earning an annual salary of $304,000, com- pared to $200,000 for primary care physicians. For physicians overall, specialists earn $344,000 and primary care physicians earn $243,000. 3. On average, male physicians under 35 years old earn $281,000 and women of the same age range earn $197,000. 4. Among physicians under 40 years old, 46 percent are women, compared to 35 percent among physicians between 40 and 69 years old. 5. e largest income disparity between male and female physicians occurs at 35 to 54 years old, where men earn $346,000 on aver- age compared to $248,000 for women. 6. Early-career physician compensation based on practice situation: • Office-based single-specialty group practice: $295,000 • Hospital: $282,000 • Office-based multispecialty group practice: $272,000 • Academic (nonhospital), research, military, government: $268,000 • Healthcare organization: $266,000 • Outpatient clinic: $200,000 7. Among survey respondents, emergency medicine (69 percent), psychiatry (68 percent) and radiology (68 percent) specialists were among those most satisfied with their pay. 8. Respondents specializing in gastroenter- ology (44 percent), orthopedics (47 percent) and otolaryngology (48 percent) ranked the lowest in terms of compensation satisfaction. 9. Twenty-one percent of physicians under 40 deferred or refinanced mortgages or stu- dent loans in 2020. 10. Percentage of certain ethnicities and rac- es represented in physicians under 40: • White: 55 percent • Asian: 26 percent • Black: 7 percent • Other: 6 percent • Multiracial: 3 percent • Prefer not to answer: 8 percent 11. Four percent of physicians under 40 years old reported spending more than 65 hours a week with patients, while 19 percent report- ed spending less than 30 hours a week. 12. Ten percent of respondents said they spend less than five hours a week on administrative work, compared to 36 percent who reported spending more than 20 hours a week. 13. Relationships with patients (26 percent), helping others (26 percent) and finding answers/ diagnoses (20 percent) were among the most rewarding parts of early-career physicians' jobs. 14. Dealing with difficult patients (20 percent) and working with many rules and regulations (20 percent) were among the biggest challenges for physicians under 40 years old. Seven per- cent of respondents cited EHRs as a challenge. 15. If given the choice, 76 percent of respon- dents said they would choose medicine again. 16. ose in critical care (88 percent), oph- thalmology (88 percent) and gastroenterol- ogy (87 percent) were most likely to pursue medicine again. Just 56 percent of physical medicine and rehabilitation physicians said they would pursue medicine again. 17. One-hundred percent of gastroenterolo- gists said they would choose their specialty again, compared to 73 percent of internal medicine and family medicine specialists. n $17B coming for physician groups with pandemic revenue losses, HHS says By Laura Dyrda H HS made $17 billion in funds available for physician groups and other healthcare providers that reported revenue loss during the COVID-19 pandemic. The funding is part of a $25.5 billion effort to financially support healthcare pro- viders affected by the pandemic, the agency announced Sept. 10. It includes $8.5 billion as part of the American Rescue Plan for rural providers. Four details: 1. The funds are for providers who lost revenues and expenditures from July 1, 2020, to March 31, 2021. 2. Funding is intended for small provider groups that operate on thin margins and incurred expenses related to COVID-19, with a focus on those that serve vulnerable populations. 3. Applications for the funding opened Sept. 29. 4. The money is part of phase four of the Provider Relief Funds, and require- ments for funding are consistent with the Coronavirus Response and Relief Supplemental Appropriations Act of 2020. n

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