Want to know how your pay and bonus compensation package stacks up next to those of your peers?
If you give a little bit of information, you can get a lot of data back by participating in our 2004 Physician Executive Leadership survey.
Since 1986, the Physician Executive Management Center, a Tampa, Fla., recruiter, has surveyed physician executives in hospitals, integrated systems, medical group practices and entrepreneurial ventures. Modern Physician has co-sponsored the survey since 1997.
Individual survey data will be received and analyzed only by the Physician Executive Management Center and will be kept confidential. Aggregate survey results will be published in the July edition of Modern Physician magazine and on ModernPhysician.com.
Historically, physician executives have done well vs. inflation, according to David Kirschman, president of the recruiting firm.
According to the survey released last year, which used 2002 compensation numbers, physician leaders working in hospitals saw average annual total compensation (defined as salary and bonus) increase 9.1%, or by $21,054, to $251,195 per year.
The average total pay for physician executives in integrated systems, while highest at $292,727, was up by a more modest 2.2%, or $6,215.
In medical groups, the average physician leader's pay package rose 7.5%, up by $16,712 to $239,253.
Inflation between 2001 and 2002 ran at a modest 2.8% according to the consumer price index for urban areas.
"Financially, the profession has had a steady upward increase in compensation levels for all the positions," Kirschman said.
In the past few years, Kirschman observed, the rate of compensation increases appears to have grown larger. "That suggests the value of these people to their organizations, especially in hospitals and hospital systems."
Pay ranges between the highest and lowest salaries in hospitals and systems, discounting certain outliers, seems to be more predictable than the range in medical group leadership, Kirschman said. Many more group leaders are still paid in part based on clinical work as well as executive duties, so their medical specialty is also a factor in their total pay, he said.