(PRWEB) June 06, 2013
The Concierge Medicine Research Collective, the independent health care research depository of the concierge and direct primary care industry's trade publication, Concierge Medicine Today, has just released new data summarizing concierge medicine physician salaries. The data is based on surveys, polling analysis and verbal responses received from concierge doctors across the U.S. from 2009-2012. Here are some of the highlights:
- The top 4 most popular specialties in concierge medicine are: primary care; family medicine; cardiology and pediatrics.
- The majority of concierge doctors (approximately 25%) earn between $200,000 - $300,000 per year.
- For the past five years, four states across the U.S. continue to have a significant amount of concierge doctors providing concierge medical care: Florida; California; Pennsylvania and Virginia. All of these states continue have a significant number of people (most over age 50) seeking out concierge and direct primary care doctors..
- The typical age of concierge doctor is between 40-59 years of age.
- Most concierge doctors and direct primary care physicians treat six to eight patients per day.
- Female concierge doctors fill up their concierge practices 30% faster than men.
The Collective estimates concierge medicine and direct care physicians number approximately 5,000-5,5000 physicians and/or physician clinics across the U.S. This according to in-depth review and recent examination of the national marketplace as well as interviews with corporate industry leaders. The Collective also found that the states which appear to be the leanest from a concierge physician service population perspective are in areas such as: Hawaii; Idaho; Iowa; Mississippi; Maine; New Hampshire and South Dakota. Furthermore, The Collective found the number of patients who are seeking concierge medical care in the past 24-months is far greater than the actual number of primary care and family practice concierge doctors available to serve them. Concierge medical services in rural areas like Idaho, North Dakota, South Dakota, Alaska, Hawaii, Louisiana and Mississippi are in shortly supply. Often times, they have found that there are less than half-a-dozen practitioners to serve an entire state.
"Growth in any service industry, particularly healthcare depends largely on consumer spending. Concierge medicine and it's cousin, direct primary care are approaching a tipping point," says Michael Tetreault, Executive Director of The Collective and Editor of the industry's trade publications, Concierge Medicine Today and The Direct Primary Care Journal. "Doctors are now deciding between what they have to do and what they want to do."
2013 Concierge Medicine Physician Compensation Data
- 14% of concierge doctors earn $1 - $100,000 per year.
- 23% of concierge doctors earn $100,000 - $200,000 per year.
- 25% of concierge doctors earn $200,000 - $300,000 per year.
- 21% of concierge doctors earn $300,000 - $400,000 per year.
- 6% of concierge doctors earn $400,000 - $500,000 per year.
- 7% of concierge doctors earn $500,000 - $600,000 per year.
- 1% of concierge doctors earn $600,000 - $700,000 per year.
- 3% of concierge doctors earn $700,000 per year and up.
When compared to traditional, insurance-based physicians working in a hospital setting, Today's Hospitalist conducted their own limited survey of non-concierge hospitalist physicians and found that the salary ranges very widely with some hospitalists making between $150,000 to $227,000 in annual income.
2013 Concierge Medicine Physician Compensation Data
- 13% of concierge physicians reported a decrease in income.
- 25% of concierge physicians reported income remained the same.
- 62% of concierge physicians reported an increase in income.
It's also important to note that Concierge Medicine and Cash Only practices are on the rise (albeit a slow one) but joining ACOs jumped up from 3% to 16%, this from a 2013 MedScape Survey.
Concierge Medicine Career Satisfaction
- 55% of concierge doctors across the U.S. state they are very satisfied with their decision to enter concierge medicine and would make the same decision.
- 27% of concierge doctors across the U.S. are somewhat satisfied with their decision to enter concierge medicine but would make the same decision.
- 18% of concierge doctors across the U.S. are not satisfied with their decision to enter concierge medicine and would not make the same decision.
"I think the most powerful piece of this data is this one that speaks to career satisfaction," adds Tetreault. "The modern-day primary care career path is more challenging today because things like low reimbursement, high-overhead and liability insurance only bother you when you do work that matters. The good news today is that the concierge medicine and direct primary care business models provide doctors with hope, a practical billing pattern, price transparency and trust with patients. This is a career path physicians can trust and it's a proven business model that patients value."
Overall, Concierge Medicine is thriving in metropolitan markets with the majority of incomes remaining the same or increasing slightly. Satisfaction in the field remains high. Only 18% of physicians stated they would not make the same decision again. In previous years, it was 25% but even so, the number overall is low and satisfaction with the business model is high when compared to traditional, insurance-based or managed care medical specialties.
Sources: The Concierge Medicine Research Collective, 2013; Concierge Medicine Today, 2013.
About Concierge Medicine Today
Concierge Medicine Today (CMT), is the premier news and multi-media organization and the industry’s oldest national trade publication for the direct primary care and concierge medicine marketplace. Their web site is the online destination for business, consumers and physicians to learn about the history of this industry, various business aspects of the marketplace, trends, breaking news and more that drive the conversation and generate the national buzz that concierge medicine and direct primary care is creating on a national and international level. For more information, visit: http://www.ConciergeMedicineToday.com.
About The Concierge Medicine Research Collective
The Concierge Medicine Research Collective is a research and data depository created by Concierge Medicine Today. The Concierge Medicine Research Collective is an independent health care research and data collection depository of the multimedia news and trade publication, Concierge Medicine Today based in Atlanta, GA. The Collective serves as an educational resource on all things concierge medicine and is geared towards those businesses, lobbyists, physician associations, health care advocacy groups and general consumers of healthcare who want to learn more about information available on the topic of concierge medicine. The Collective works in partnership with Universities, physicians, associations, businesses, individuals and even Graduate medical Students to further advance the educational awareness and facts surrounding unanswered questions about concierge medicine care in the U.S. and Canada. For more information, visit: http://www.AskTheCollective.org or http://www.ConciergeMedicineToday.com.