A 2006 article in the AMNews discussed the decline in physician incomes over the past decade. A report released in Summer '05 analyzes the income drop. Specifically, the average net income for primary care physicians, after adjusting for inflation, declined 10% from 1995 to 2003 to $121,262, according to a national study by the Center for Studying Health System Change. The average adjusted net income for medical specialists slipped 2% to $175,011 during the same period.
Income levels might still seem like a lot of money to most of us, but it's troubling when you account for factors like the years of investment in education and training, the long hours and risk of malpractice. Indeed, the healthcare profession is under assault and physicians increasingly need to become more adept at the business side of their profession.
There are signs that tomorrow's physicians are developing business and technical acumen that will aid in combating the challenges. Valuable forums like StudentDoctor.net allow the next generation of physicians to collaborate with one another and with practicing physicians. They provide a great resource for getting educated before making important career or purchasing decisions. Online communities can help identify the ins and outs of various residency programs or the relative merits of different electronic medical records systems.
iMedExchange is all about "Physician Care." Our aim is to create a tool and community, with your help, that will thwart the financial challenges physicians are facing.
As a physician, are you feeling the financial pinch? If so, in what ways? If you are a newer physician, does this trend concern you? Please feel free to share your comments.
