Despite major concerns over how the Affordable Care Act will impact physician pay, a recently released Merritt Hawkins survey found physician compensation, especially for specialists, is increasing, according to Fortune. Physician pay accounts for 22 percent of all U.S. healthcare spending, with overall healthcare spending reaching $3 trillion in 2014.
The survey found specialty pay was up nearly 14.3 percent across eight specialties including family medicine, psychiatry, dermatology, urology, general surgery, non-invasive cardiology, OB/GYN and otolaryngology. Non-invasive cardiology physicians and advanced nurse practitioners experienced the highest increase in salary, with a 21 percent boost from last year.
Physician pay is not drastically falling, contrary to popular belief, due to a number of reasons. For one, the United States has an increasing geriatric population, fueling healthcare's demand. Additionally, the ACA expanded coverage to 20 million more Americans; all the while the nation will soon face a physician shortage of up to 90,000 physicians by 2025. Currently, 52 percent of orthopedists, 60 percent of psychiatrists and nearly 33 percent of oncologists are 55 years or older.
To combat the pending shortage, various new providers, such as urgent care clinics and concierge practices, are flooding the industry, as well as different providers participating in accountable care organizations. The market is consolidating to prepare for healthcare's tumultuous future.
However, while the survey found pay is increasing, the upcoming presidential election could pose a threat to physician pay. In 1993, leading Democratic presidential candidate Hillary Clinton took a stance against physician compensation. If she continues to win electoral votes, granting her access to arguably the most powerful position in the United States, physicians may face a sharp pay cut.
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