Independently contracted medical directors make more pay on average than employed medical directors, according to a recent survey. Median hourly rates edged up between 2011 and 2012, as well as performance bonuses.
The 2012 Medical Director Compensation Survey conducted by Integrated Healthcare Strategies included responses from more than 3,000 medical directors. The survey covered 94 medical director positions with questions addressing employment status, performance bonuses and specialty-specific hourly rates.
Survey results showed that independently contracted medical directors received on average 2.8 percent higher compensation than their employed counterparts in 2012, but the higher pay may be in lieu of benefits such as insurance payments. Median hourly rates rose 2 percent from 2011 to 2012, and bonuses leaped from 27 percent in 2011 to 35 percent in 2012.
Responses to questions dealing with contracts showed that the average length of a contract remained one year, and 77 percent of organizations offered formal contracts to their medical directors. Some 67 percent of organizations required medical directors to log in their time.
Integrated Healthcare Strategies of Kansas City, Mo., said it plans to make participation in the 2013 survey open in March 2013. Participants will receive survey results for free.