Growth in Physician Salaries: Select Specialties Surge Over Past Year

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• Physician salaries are on the rise as demand for specialists outpaces supply

• Asset location is a powerful tax strategy that can increase your net worth over time

• You don't have to be rich to avoid these errors and earn money

• Are you drowning in medical school debt?

• Are you ready to create an irreplaceable brand and attract ideal clients?

• Leaving medicine after 18 years, this doctor shares the emotional moment that made her decision so difficult

LOUNGE TALK

Physician salaries continue to climb, with certain specialties seeing significant increases, according to a report from AMN Healthcare. The report, based on a sample of 2,676 permanent physician and advanced practitioner search engagements, found that dermatologists experienced a 22% increase in salaries compared to the previous year, while psychiatrists saw a 19% increase. Anesthesiologists and orthopedic surgeons also saw substantial gains. However, neurologists and cardiologists experienced slight salary dips compared to last year. Nurse practitioners witnessed a 9% salary increase, while certified registered nurse anesthetists (CRNAs) had relatively flat salaries. Orthopedic surgeons, urologists, interventional cardiologists, and gastroenterologists were the highest-paid physicians, with pediatricians making the least. Furthermore, signing bonuses for physicians increased, while NPs and CRNAs saw no change. Academic medicine resulted in salary reductions for most specialties, except for family practice physicians who made more in academia.

Asset location refers to strategically placing financial assets in the appropriate type of account to minimize income taxes and increase after-tax returns. By understanding the different types of accounts available and considering factors like cash flow needs and future tax rates, investors can optimize their portfolios. There are three main types of accounts: tax-deferred, tax-exempt, and taxable accounts. Each has different tax treatments and can be used strategically based on an individual's circumstances. Additionally, factors like taxability of investments and asset purpose should also be considered. Through proper asset allocation and location, investors can minimize their tax impact and potentially increase their net worth over time.

The super rich have their own strategies for accumulating wealth, but there are some mistakes they never make when it comes to investing. By learning from their approach, you can improve your own financial success. Some of the mistakes the super rich never make include: not doing their own research, only focusing on the upside of an investment, investing in companies with major issues, blindly following others, failing to adapt to market changes, neglecting to rebalance their portfolio, forgetting about savings, not diversifying investments, incurring consumer debt, thinking they need a house, and trying to do everything on their own. By avoiding these mistakes and incorporating the super rich's strategies, you can better grow your wealth.

Jobs in the healthcare industry offer high salaries but often come with significant student loan debt from medical school. This article provides 10 strategies to help you pay off medical school debt faster. It suggests options such as income-driven repayment plans, making payments during school or residency, and making extra payments whenever possible. Additionally, it explores loan forgiveness and repayment assistance programs available for healthcare professionals. It also advises considering employer assistance, using signing bonuses, taking advantage of tax deductions, exploring state incentive programs, and potentially refinancing student loans. By implementing these strategies, you can effectively manage and eliminate your medical school debt.

Eight years ago, the author started their online business, Rise Lean, with the mission to help people end their toxic relationship with food and lose weight using Asian wisdom. Facing challenges as a new entrepreneur, they have now built a company that attracts ideal clients from around the world and sees consistent growth of 20-40% month after month. The author shares five major components that have shaped their company's foundation and readiness to thrive and scale: creating a remarkable and irresistible product, making competition irrelevant through an irreplaceable brand, knowing your clients and articulating the problem you solve, pricing for success for both you and your clients, and building a multi-channel scaling ecosystem for lead generation. Through these strategies, the author has achieved a three-day workweek lifestyle while maintaining a steady flow of interested clients and delivering a high-quality coaching experience.

After 18 years of practicing medicine, including 13 years working with electronic medical records, the author decided to retire due to frustrations with bureaucratic tasks and a lack of time for quality patient care. During their final visit with a patient and her husband, a heartfelt expression of gratitude made the decision even more difficult. The author was tired of spending countless hours staring at a computer screen and navigating through boxes for insurance-driven requirements rather than providing the attention and care patients deserved. The pharmaceutical industry's overpricing of drugs and devices, leading to financial burdens for patients, further contributed to the decision. In order to avoid burnout and regain a sense of purpose, the author chose to leave medicine despite it being a lifelong passion.

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Growth in Physician Salaries: Select Specialties Surge Over Past Year