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39 PRACTICE MANAGEMENT 21 Statistics and Facts for Orthopedic Surgeons — Compensation, Net Worth & More By Eric Oliver 1. Orthopedists earn an average salary of $443,000 annually. Orthopedics has been at the top of the Medscape physician compensa- tion report since 2015. Cardiology is second at $410,000, according to Medscape Orthopedist Compensation Report 2016. 1 2. e 11 highest paying states for orthopedic surgeons are: 4 • New Jersey: $494,510 • Washington, D.C.: $487,773 • California: $484,118 • New York: $475,933 • Connecticut: $469,966 • Massachusetts: $463,856 • Alaska: $460,991 • Maryland: $456,717 • Rhode Island: $450,404 • Washington: $450,100 • Delaware: $449,467 3. Orthopedic surgeons' compensation in- creased 5 percent from 2015. Rheumatologists had the greatest increase at 12 percent. 1 4. e orthopedic surgeon compensation breakdown by setting is: • Healthcare organizations: $510,000 • Single specialty groups: $489,000 • Multispecialty practices: $470,000 • Hospitals: $378,000 • Academic, research, military or government: $342,000 • Outpatient clinic: $155,000 5. Only 44 percent of all orthopedic surgeons feel they are fairly compensated. e dif- ference between those that are fairly paid to those who think the compensation is unjust is $156,000. 6. Compensation for orthopedic surgeons varies between genders. A male orthope- dist makes $448,000 to $395,000 for females. ose numbers break down further when considering if a physician is self-employed or employed by another organization. A self-em- ployed male makes $464,000 compared to $340,000 for a self-employed female. An em- ployed male physician makes $433,000 com- pared to $422,000 for an employed female. 7. Compensation varies based on geographic location because of the cost of living in certain areas as well as the need to recruit physicians to underserved places with lower costs of liv- ing. • e highest earnings for orthopedists were in the Southwest and the Great Lakes with both regions averaging $467,000. e Northeast was second with $466,000. e lowest were in the Mid-Atlantic and South Central region with $405,000 and $415,000, respectively. • e highest earner in 2015 was the North- west at $460,000. In 2016, it dropped to $435,000. However, the lowest earners of 2015, the West at $333,000, and the North- east at $381,000, both saw substantial in- creases averaging $426,000 and $466,000, respectively. 8. Orthopedic physicians have the highest lev- el of net worth among any medical specialty. 5 • Approximately 22 percent of orthopedic physicians are worth $500,000. • Approximately 14 percent are worth be- tween $500,000 and $999,999. • Approximately 20 percent are worth be- tween $1 million and $1,999,999. • Approximately 26 percent are worth be- tween $2 million and $5 million. • Approximately 18 percent are worth more than $5 million. 9. Orthopedic surgeons were the ninth most in-demand provider. Family physicians were the most demanded, according to the Medi- cus Firm 2016 Provider Placement Summary. 3 10. Men account for 91 percent of all ortho- pedic surgeons. Women account for only 9 percent of the field. 1 11. Approximately 29 percent of orthopedists participate in ACOs, an 8 percent increase over last year. Six percent of orthopedists not currently in ACOs expect to join an ACO this year. 12. Cash-only practices and concierge practic- es are not popular payment models for ortho- pedists with a mere 3 percent of orthopedists engaging in cash-only practices and a report- ed 1 percent in concierge practices. 13. Of the surveyed orthopedists, 45 percent spend between 30 to 45 hours a week with patients, 11 percent spend under 30 hours a week with patients and 44 percent spend more than 46 hours a week with patients. 14. Bureaucratic tasks are the primary cause of physician burnout. Among surveyed phy- sicians, 56 percent who are self-employed and 66 percent who are employed spend 10 or more hours a week on paperwork and admin- istrative tasks. 2 15. ACA participation continues to be rela- tively low for orthopedics. Only 21 percent plan on participating in the exchanges this year, which is a 3 percent increase from last year. e number of physicians declining to participate dropped steeply from 81 percent to 34 percent, with the remaining 45 percent undecided. 1 16. Self-employed orthopedists accept new and see current Medicare and Medicaid pa- tients at a rate of 62 percent, and employed orthopedists are at a rate of 87 percent. e percentage among both groups has in- creased from last year's rates of 58 percent for self-employed and 73 percent for employed. 17. Orthopedists find numerous aspects of the job rewarding: • 46 percent said gratitude/relationships with patients were the most rewarding elements. • 28 percent said career proficiency was the most rewarding aspect. 18. Only 49 percent of orthopedists claimed they would choose a career in medicine again if they were able to start over; 65 percent or orthopedists said they would stay in the same specialty. 19. Physician burnout is approaching an "al- most critical level." Burnout rates for 2016 are higher across all specialties this year. For orthopedics, 47 percent report feeling burned out. Critical care, urology and emergency medicine physicians have the highest reported rate of burnout at 55 percent. 2 20. Fiy-three percent of orthopedists reported being overall satisfied with their careers. e