When choosing a physician specialty to study and ultimately practice, medical students may want to consider just how in-demand and beneficial their chosen line of work will be to a potential employer. A new survey by Merritt Hawkins, a Dallas-based physician research firm, may help shed some light on the subject.
Researchers asked a group of hospital CFOs to quantify the amount of revenue physicians in 18 medical specialties generated for their hospitals in the previous 12 months, taking into consideration net inpatient and outpatient monies derived from patient referrals, tests, prescriptions and procedures performed or ordered.
Here’s how the top three specialties stacked up:
- Orthopedic surgeons topped the list with each full-time practitioner bringing in an average $2.7 million in revenue for his or her affiliated hospital in 2015.
- Invasive cardiologists ranked second, generating an average of $2.4 million annually.
- Neurosurgeons took third place, generating just under $2.4 million each.
- General surgeons took the fourth spot on the list, generating nearly $2.2 million annually.
- Primary care physicians landed fifth place, generated about $1.4 million in revunue.
Despite the sheer amounts, however, primary care physicians offered the best return on investment for hospitals. With average starting salaries of $198,000, family physicians last year generated 7.5 times that amount in hospital revenue, compared with orthopedic surgeons who brought in just 5.5 times their $497,000 average starting salaries.
No matter which type of medicine you choose to practice, know that while opportunity is plentiful, competition will always be fierce. Give yourself the competitive edge by enrolling at St. Augustine, FL-based WOLFPACC. Call 904-209-3140 find out how we can help assure your success in medical school and beyond.