COMPENSATION & CAREER

Transcription

1 T O D A Y S H O S P I T A L I S T COMPENSATION & CAREER SURVEY RESULTS 2013 HOSPITALIST COMPENSATION REPORT RESEARCH FINDINGS FROM THE 2013 TODAY S HOSPITALIST COMPENSATION & CAREER SURVEY Prepared by Today s Hospitalist Magazine and Accelara Research, Harrisville, New Hampshire Copyright 2013 Today s Hospitalist. All rights reserved.

2 Table of Contents Introduction... 2 Findings... 2 Participant Profile Compensation... 4 HOW MUCH DO HOSPITALISTS MAKE?... 4 TOTAL HOSPITALIST DIRECT COMPENSATION... 4 HOSPITALIST COMPENSATION BY U.S. REGION... 5 HOSPITALIST COMPENSATION BY NO. OF YEARS WORKING AS A HOSPITALIST... 5 Changes in Compensation... 6 CHANGE IN COMPENSATION COMPARED WITH LAST YEAR... 6 HOW INCREASES IN SALARY ARE DETERMINED... 6 FAIRNESS OF SALARY INCREASES WITHIN GROUP... 7 Bonus and Incentive Pay... 7 PAY TYPE... 7 INDIVIVUAL VS. GROUP-BASED INCENTIVES... 8 BONUS/INCENTIVE METRICS... 8 CHANGES WOULD PREFER TO CURRENT PAY STRUCTURE... 8 Satisfaction with Pay... 9 SATISFACTION / DISSATISFACTION WITH CURRENT ANNUAL COMPENSATION... 9 REASONS FOR DISSATISFACTION WITH CURRENT ANNUAL COMPENSATION... 9 Background and Methodology About the Premium Edition Cross-tab Report i

3 Today s Hospitalist 2013 Hospitalist Compensation Report Introduction For the sixth year, Today s Hospitalist has conducted an in-depth survey of hospitalist compensation. Nearly 800 hospitalists responded to the 2013 Today s Hospitalist Compensation & Career Survey, providing information about everything from pay and productivity to their attitudes about their jobs and the specialty. This Compensation Report provides a look at hospitalist compensation from January to December Available separately is the full 2013 Compensation & Career Report, with an executive overview of the 2013 Compensation & Career Survey results, plus all of the raw data on hospitalist pay, group size, type of employer, size of hospital, respondents age and experience, and more in an Excel spreadsheet cross-tab report (figure 1). FIGURE 1. Click here now to learn more about ordering the full 2013 Compensation & Career Report and a cross-tab report. Findings Over the six years we ve been conducting our survey, we ve seen hospitalist pay rise very nicely, and this year is no different. Compensation for the specialty overall is up 9%, or roughly $16,000, over last year s numbers, bringing the mean paycheck for full-time hospitalists who treat adults to just over $251,000. But our survey found that hospitalists aren t entirely pleased about their pay. The reasons for this get at real issues affecting rank-and-file hospitalists. While hospitalists may be telling us they re unhappy with their pay, they may really be pointing to deeper issues like burnout and mission creep that threaten to drive good physicians from the specialty. Because those issues may eventually trump any annual raise in pay, the specialty should be concerned. 2

4 Participant profile The information in this report reflects survey responses from full-time hospitalists who treat adult patients. The survey collected responses from hospitalists at various levels of experience from many different types of practice ownership and populations. YEARS WORKING AS A HOSPITALIST EMPLOYMENT MODEL <1 to 2 years 17.4% Hospital or hospital corporation 47% 3-4 years 17.1% Local hospitalist group 17% 5-9 years years 15+ years 7.3% 18.6% 39.5% National hospitalist mgt. company Multispecialty/ Primary care group 12% 10% University/Medical school 9% Other 2% U.S. REGION PRACTICE SETTING South 24.7% Other 1% Northeast 23.8% Rural 17% Midwest 23.2% Urban 40% Pacific Southwest 9.5% 14.3% Suburb an 42% Mountain 4.5% 3

5 compensation HOW MUCH DO HOSPITALISTS MAKE? Q What was your total direct compensation as a hospitalist in 2012, including all bonuses, incentives and other forms of regular compensation other than benefits? All hospitalists $241,110 Full-time adults $251,360 Full-time pediatrics $184,380 On average, hospitalists received $241,114 in compensation in 2012, including all bonuses, incentives and other regular compensation. TOTAL 2012 HOSPITALIST DIRECT COMPENSATION (25k INCREMENTS) < $50,000.2% $50-$74k.2% $75-$99k.7% $100-$124k 1.2% $125-$149k.8% $150-$174k 2.3% $175-$199k 10.2% $200-$224k 22.1% $225-$249k 16.1% $250-$274k 14.3% $275-$299k 9.2% $300-$324k 7.9% $325-$349k 4.1% $350-$374k 3.1% $375-$399k 1.2% $400k and over 3.3% Prefer not to say 3.1% Mean: $251,360 Annual compensation for full-time hospitalists who treat adults. 4

6 HOSPITALIST COMPENSATION BY U.S. REGION Southwest $248,821 South $246,131 Pacific $244,183 Mountain $241,176 Midwest $229,507 Northeast $212,003 Annual compensation for full-time hospitalists who treat adults. Location and payment models According to the 2013 Today's Hospitalist Compensation & Career Survey, significant geographic pay differences persist. In the Northeast where there are more bodies available to fill jobs and a greater proportion of traditionally lowerpaying academic positions, hospitalists earn on average $41,540 less than hospitalists in Texas and other states in the Southwest. But demographics don t explain all of that discrepancy. Hospitalists in the Northeast also report working 40 fewer hours a month on average. And considerably more hospitalists in the Southwest report being paid entirely on productivity than those in the Northeast: 13% vs. 1%. HOSPITALIST COMPENSATION BY NUMBER OF YEARS WORKING AS A HOSPITALIST 11 years or more $262, years $245, years $234,075 2 years or less $205,222 Annual compensation for full-time hospitalists who treat adults. Long-term career choice On average, physicians have been working as hospitalists for just over seven years and plan to continue working as a hospitalist four on another 12 years. Typical hospitalists have been in their current job for just over five years and plans to continue in their current job for another nine years. 5

7 Changes in compensation CHANGE IN COMPENSATION COMPARED WITH LAST YEAR Q What percent increase in compensation did you receive this year over last year? (enter % for increase, negative % for decrease) Compensation reduced by 1% to 50% 6.4% No change from previous year 46.6% Increased 1% to 3% 17.0% Increased 4% to 5% 12.2% Increased 6% to 9% 3.2% Increased 10% to 12% 7.8% Increased 13% to 20% 2.6% Increased more than 20% 20.1% Mean: 3.0% Base: Total hospitalists N=657 Annual pay increases In the six years that Today s Hospitalist has conducted its survey, the specialty has seen consistent increases. Still, the way in which hospitalist pay grows may be a sticking point with many in the specialty. According to this year s survey, nearly half of all hospitalists report that their pay was unchanged from the previous year, while nearly as many received an increase. Overall, hospitalist pay increased 3% over the previous year. Analysts say that at many groups, physician compensation has been rising through larger bonuses, not increases in base pay. HOW INCREASES IN SALARY ARE DETERMINED Q How are increases in your salary determined? (please select all that apply) Periodic market analysis 33.7% Annual increase 18.5% Merit-based / performance 17.6% Longevity / seniority 16.6% Other 11.9% I don't anticipate ever receiving a salary increase 25.0% Base: Receive salary (100% or combination) N=739 6

8 Introduction to the Today s Hospitalist 2013 Compensation & Career Report FAIRNESS OF SALARY INCREASES WITHIN GROUP Q Do you think the way salary increases are determined within your group is fair? Yes 57.9% No 42.1% Base: Receive salary (100% or combination) N=739 Fairness of increases Another sticking point with hospitalists is the way in which increases are awarded. Half of all hospitalists say they don t think the salary increases in their group are given fairly. One-quarter don t anticipate ever receiving a salary increase, and only one in six say they receive increased pay based on merit, performance, longevity or seniority. Another onethird report that pay increases result only during periodic market adjustments. Bonus and incentive pay PAY TYPE Q How are you paid? Percent of hospitalists Average compensation Combination of salary and productivity with bonuses/incentives 61.3% $256, % salary 33.3% $234, % productivity 5.4% $284,380 Base: Total Hospitalists Answering N=781 Annual compensation for full-time hospitalists who treat adults. Method of payment This year s survey showed that the proportion of hospitalists whose compensation comes via straight salary is shrinking. Going up, however, are hospitalists paid a combination of base salary and bonuses or incentives, usually for both productivity and for meeting various quality targets. Our data indicate that hospitalists paid a combination of salary and incentives reported considerably higher income ($256,520) than those paid a straight salary ($234,720). Among those reporting bonuses, respondents received more than $45,000 on average, which was 19% of their total compensation. Most said bonuses were paid for productivity (number of admissions, shifts worked and RVUs), quality measures (satisfaction scores, guideline compliance and documentation), and clinical measures (core measures). 7

9 INDIVIDUAL VS. GROUP-BASED INCENTIVES Basis for incentive pay One-third of hospitalists like their current pay structure, although a substantial minority would like more opportunities for bonus and incentive pay. Taking a closer look at satisfaction based on the type of compensation, the majority of the one in 20 hospitalists who are paid based on productivity alone want no change and like their current pay structure. On the other hand, the majority of the one in three hospitalists paid by 100% salary would like more opportunities for bonus and incentive pay. Among the three in five who are paid by a combination of salary and incentive, nearly two in five would like more opportunities for bonus/incentive pay, while one-third would like a higher percent of their pay as salary. Combination of individual & group based: 41% Groupbased: 18% Individual: 42% BONUS/INCENTIVE METRICS Q Which individual measures are used to calculate your bonus or incentives? (please select all that apply) Productivity (# of admissions, shifts worked, RVUs) Quality measures (satisfaction scores, guideline compliance, documentation, etc.) 85.0% 68.3% Clinical measures 65.9% Committee work 34.1% CHANGES WOULD PREFER TO CURRENT PAY STRUCTURE Q How would you change your current pay structure? Total Combo salary & 100% 100% Sample bonus/incentive salary productivity More opportunities for bonus/incentive pay 44.5% 37.8% 59.9% 28.6% Higher percent of pay as salary 25.8% 31.6% 16.7% 14.3% More opportunities for pay based on productivity 18.6% 17.3% 23.0% 7.1% No change - like the current pay structure 31.1% 32.1% 25.0% 57.1% N=479 N=260 N=42 8

10 Satisfaction with pay REASON(S) NOT SATISFIED WITH CURRENT COMPENSATION Responsibilities have been added for which I am not compensated My compensation has not increased with cost of living My compensation is not at the level of other comparable specialties in my group/hospital 31.8% 23.4% 19.0% ARE YOU SATISFIED WITH YOUR CURRENT ANNUAL COMPENSATION? Not satisfied 52.6% Satisfied 47.40% I work too many hours for too little pay 18.8% Bonus targets are not attainable 13.1% Most and least satisfied hospitalists Nearly half of the hospitalists surveyed describe themselves as satisfied with my current compensation. Certain groups of hospitalists voiced more satisfaction than others: The most content were hospitalists over age 50 (56% of whom were satisfied with their compensation) and those who have worked more than 20 years as a hospitalist (80% of whom were happy with what they earned). The type of shift that doctors work seems to matter. Those who work only as a nocturnist expressed higher than average satisfaction (53%). The happiest nocturnists, moreover, were those who see fewer than 10 patients per shift. Within that group, 72% said they were satisfied with their compensation. Not surprisingly, hospitalists whose shifts are shorter than the mean of hours were also more content with what they earn. Among hospitalists working shifts that are less than 10 hours, 54% were satisfied with their pay. And control seems to matter. Among the happiest hospitalists were those whose compensation is based entirely on their productivity, with no salary. In this group, 55% reported satisfaction with pay. Among the reasons for dissatisfaction, nearly a third report that responsibilities have been added to their job for which they are not compensated. A fourth state that compensation hasn't kept up with the cost of living. About one in five hospitalists say they work too many hours for too little pay, and a similar number think they re underpaid compared to other comparable specialties. One in eight feel their bonus targets are not attainable. Subsets of hospitalists less satisfied than the average include: Nocturnists, again, occupy this slot. But this time, it s nocturnists who work busy shifts. Nearly 70% of hospitalists who see more than 11 patients per night said they were dissatisfied with their current compensation. Hospitalists who work at a university or medical school are more likely to feel underpaid. Within this group, 60% voiced discontent. Also dissatisfied are those who work in small groups (1-4 FTEs) and those who rotate day and night shifts. About two-thirds (62%) of these hospitalists were unhappy with their pay. Demographically, the hospitalists least satisfied with pay are those between the ages of 41 and 50 (60% dissatisfied), those who have worked in the field for three or four years (59% dissatisfied), and those in the Northeast (64% dissatisfied). 9

11 Background & methodology To conduct the sixth annual Today s Hospitalist Compensation & Career Survey, Today s Hospitalist worked with Accelara Research Inc. invitations were sent to 15,000 hospitalists in June A total of 812 responses were received, of which 781 were from hospitalists and used for data analysis. The full survey included 82 questions, which were divided into two tracks. While all respondents answered questions critical to the survey results such as annual compensation, other questions were specific to each of the two tracks. For questions answered by all respondents, the statistical confidence interval at a 95% level of confidence for this sample is +/- 3.4% for statistics near the 60%/40% distribution, and +/- 2.1% for statistics at a 90%/10% distribution (where 19 of 20 random samples are likely to show results within this range). Get the full report Get inside information on hospitalist pay and productivity This is the sixth year Today's Hospitalist has surveyed hospitalists, but only the first time we've ever released a full set of data. To give you the most detail possible, the 2013 Today's Hospitalist Compensation & Career Report contains two different tabs: One version has data for all hospitalists who responded to the survey. The second version has data for full-time adult hospitalists. In addition to an executive overview of the full survey results, we provide all of the raw data on hospitalist pay, group size, type of employer, size of hospital, respondents age and experience, and more in an Excel spreadsheet cross-tab report. The Excel spreadsheet format of this report allows users to drill down and get more details. When it comes to compensation, for example, you can get pay data by various breakdowns such as region, hours worked, patient load and more. And you can get the same level of detail on other areas including hospitalist workload and career satisfaction. Find out the average number of patient encounters per shift for hospitalists in certain types of practices or certain parts of the country, for example, or see how many hours hospitalists are working in different practice settings. And because the Today's Hospitalist survey is completed by individual hospitalists (not program managers), we offer insights into what hospitalists are thinking about their jobs, the specialty and more. To order your full copy of the Today s Hospitalist Compensation & Career Report on a CDROM, click on the link below. Click here now to learn more about ordering the full 2013 Today s Hospitalist Compensation & Career Cross-Tab Report. 10