Ten Keys to Physician Retention
1. Understand the Value Physicians Bring Despite the proliferation and increased importance of other types of clinicians, including physician assistants and nurse practitioners, physicians remain at the center of the healthcare system. They handle some 1.2 billion office-based, inpatient, and emergency department encounters a year, or an average of four encounters for every American, according to the Centers for Disease Control and Prevention (CDC). When not directly admitting, diagnosing, or operating on patients, they often oversee the treatment plans carried out by other professionals.
From a quality of care perspective, physicians are indispensable.
In addition, physicians remain the drivers of healthcare economics. Physicians direct 87% of personal spending on healthcare in the United States, according to the Boston University School of Public Health, and generate $1.6 trillion in economic activity. Each physician generates $3.1 million in purchases, wages, and other economic activity for his or her community and supports approximately 17 jobs ( National Economic Impact of Physicians. American Medical Association. January, 2018 ). The revenue-generating potential of physicians is captured in AMN Healthcare’s 2023 Physician Billing Report , which tracks annual billing by physicians in 18 medical specialties to commercial payors. The annual average for all specialties tracked in the report is $3.8 million, though billing varies by specialty:
Average Annual Physician Billing by Specialty to Commercial Payors
$11,669,016
1.
General Surgery
$9,809,514
2.
Orthopedic Surgery
$6,677,319
3.
Critical Care (Intensivist)
4.
Urology
$5,886,763
5.
Gastroenterology
$5,530,221
6.
Otolaryngology
$4,190,555
7.
Obstetrics/Gynecology
$3,761,777
8.
Rheumatology
$3,410,281
9.
Cardiology
$3,406,027
10. Anesthesiology
$3,329,020
Source: Physician Billing Report. AMN Healthcare. 2023
© AMN Healthcare 2024
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