Healthcare Market Grows Despite Obstacles
The healthcare industry is still growing, despite the economic recession and struggles faced by many families, hospitals and insurers alike. In fact, it's estimated that healthcare spending will reach more than $3 trillion this year.
Impact on Physician Compensation
The impact on physician compensation? It depends how you look at it. While there are many factors influencing how much physicians make today (and in the future), there are also some things physicians can do to protect against potential declines in pay or even job loss due to consolidation within their organizations.
Transitioning Payment Models
In the last decade, there has been a significant shift in how physicians are compensated. Historically, fee-for-service models were the norm, but today many health organizations have moved to value-based payment models. This means that physicians get paid based on how well they perform and deliver care, rather than just the number of services provided.
While this is a welcome change to some, it also means that the amount physicians earn is more directly tied to performance. It’s important for all of those in healthcare to stay up-to-date on how they are being paid and how they can improve our performance over time. For example, one of the ways that physicians take control of their own compensation is by working with an advising partner.
Informed Decision Making through Data & Analytics
One of the biggest benefits to an advising partnership is having access to quality data on what other providers are earning in the same marketplaces. This type of information allows physicians to benchmark compensation and make sure they are being fairly compensated for their work.
Med X offers consultation and advising to physicians in addition to their well-known locum tenens service offering. On Monday May 1st, we will be issuing our 2022 Locum Tenens Physician Compensation by Specialty Report. The report is an in-depth analysis using all the data gathered from 2022 Locum Tenens Placements Nationwide.
If you'd like to receive a copy of the report, we'd love to supply it to you. Click the button below and you'll receive your copy to download immediately upon release.