Orthopedic surgeons continue to be the goose that lays the golden egg for hospitals.
According to Merritt Hawkins’ 2016 Physician Inpatient/Outpatient Revenue Survey that tracks the net revenue that 18 different types of physicians generate on average for their affiliated hospitals, once again, orthopedic surgeons generated the most of any physician group with an annual average of $2.75 million in revenue. Orthopedic surgeons have an average salary of $497, 000.
A cardiologist (invasive), with an average salary of $525, 000 brings almost $2, 500, 000 of physician generated annual revenue to a facility, with a family practice physician generating almost $1, 500, 000 and earning an average salary of just under $200, 000.
The survey shows how much revenue physicians generate on behalf of their affiliated hospitals through admissions, tests, prescriptions and other activity.
The average for all specialties is $1, 560, 688, up from $1, 448, 136 when the survey was last conducted in 2013. Average annual revenue generated was up for 10 of the medical specialties tracked relative to 2013, down for five and flat for three.
Continued Prevalence of Fee-For-Service
The Merritt Hawkins press release says the survey, “suggests that capitation value-based payment systems have not to date reduced the volume of revenue-generating activity performed by physicians, and it reinforces the continued prevalence of the fee-for-service model. It also raises the question of how health providers can do more than embrace the ideology of pay for value and get to the reality.”
The survey also allows for a cost benefits analysis comparing physician salaries to the amount of net revenue they generate.
Top Revenue Generators
Here are some of the revenue and (salary) statistics from the survey:
- Orthopedics – $2.74 million ($497k)
- Cardiology (Invasive) – $2.44 million ($525k)
- Neurosurgery – $2.44 million ($553k)
- General Surgery – $2.17 million ($339k)
- Family Practice – $1.49 million ($198k)
At the bottom of the list is:
- Pediatrics – $665, 000 ($195k)
The Merritt Hawkins’ 2016 Physician Inpatient/Outpatient Revenue Survey can be downloaded here.
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