Revenue Cycle Management Blog | GroupOne Health Source

2014 Survey Reveals Insight Into Physicians' Incomes, Attitudes & Practice Changes

Written by Kaitlyn Houseman | September 10, 2014
Medscape's 2014 survey of more than 24,000 physicians provides insights into doctors' incomes, attitudes, and practice changes as a result of healthcare reform. Between December 11, 2013 and January 24, 2014, physicians in 25 specialties participated in providing detailed information that helps answer questions such as:
  • Who earns more? Employed or Self Employed Physicians
  • Which specialty is the earning leader in 2014?
  • Which physicians feel most failry compensated?
  • Who spends more than 40 hours per week seeing patients?

 

Short Summary of Medscape's 2014 Physician Compensation Report

  • Self Employed physicians earning $53,000 more than employed physicians
  • Slight increase among primary care physicians, which could reflect early changes in reimbursement resulting from the Affordable Care Act
  • 52% of primary care physicians do not feel fairly compensated
  • 24% of physicians are participating in an ACO, 10% are not but plan to be this year
  • Participation in concierge practices increased from 1% to 3%. 
  • About 72% of respondents to this survey regularly or occasionally discuss the cost of treatment with patients. This has gone up from 68% in 2012.
  • In this year's survey, 50% of primary care respondents said they spent 16 minutes or less with patients and about 48% spent more than 17 minutes, compared with last year's 55% and 42%, respectively, which suggest that patients may be getting slightly more attention from their PCPs this year.
  • 35% of employed physicians spend at least 10 hours a week on paperwork compared with 26% of the self-employed
  • The most satisfied physicians were dermatologists (65%) and then psychiatrists (58%) -- a large gap between first and second place. The least satisfied, from the bottom up, were plastic surgeons (45%) and then neurologists and internists (47%).
  • Over half (53%) of physicians who responded to the Medscape survey were still not sure about whether they would participate in health insurance exchanges, while 20% said that they wouldn't and only 27% said that they would. 

Is GroupOne a Good Fit for Your Practice?

GroupOne Health Source helps medical practices utilizing a complete electronic health records (EHR) software improve revenue cycle management (RCM) processes and outcomes. With 20+ years of medical coding and billing experience, GroupOne is changing the way physicians view RCM and manage their practice by introducing profit maximizing technologies and processes to the GroupOne complete RCM services package. The unique combination of services, talent, skill, and experience has led GroupOne's clients to generate an increase in revenue, on average, of 32% in monthly collections.

Click here to view the complete Medscape Physician Compensation Report 2014

 

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