Yet another analysis shows that cardiologists’ compensation took a dive, which may not come as a surprise to the physicians who noticed their pay checks shrinking in the past year or two. At the same time, efforts to reduce cardiovascular disease are beginning to pay off.
Earlier this month the physician recruiting firm Merritt Hawkins unveiled its annual review of search assignments. On the bright side, cardiology remained among the most sought after specialties, according to the analysis. But average income for both noninvasive and invasive cardiologists slipped in 2013-14 compared with the previous 12-month period, by $5,000 and $7,000, respectively.
More recently, MedAxiom released its annual report on physician compensation and productivity, based on survey responses from 134 practices representing 2,554 full-time physicians. The bottom line: Overall median compensation dropped from $548,587 in 2012 to $505,266 in 2013 for almost an 8 percent tumble. Meanwhile, median compensation per work Relative Value Unit remained the same at $54.
Keep in mind that 2012 capped an upward climb in cardiologists’ compensation. Two years earlier the median compensation was $456,110, so this may be a short-term decline or the beginning of a longer erosion in pay.
On the flip side, a decade or more of efforts aimed at reducing the toll of cardiovascular disease are showing their worth. Cardiologists as well as primary care physicians and others can take credit for progress on many fronts. A study published this week found that among Medicare beneficiaries, rates for hospitalization and 30-day mortality dipped for MI, unstable angina, heart failure and ischemic stroke.
Another report from Europe painted a gloomier picture that reflected the disparate situations in the region. France, for instance, has achieved gains in reducing the burden of cardiovascular disease while former Soviet bloc nations have a ways to go.
Physicians supported by evidence-based treatments, a more educated public and effective preventive interventions are making headway. As healthcare shifts from volume to value, ideally these improvements will be acknowledged and adequately reimbursed. We shall see.
Candace Stuart
Cardiovascular Business, editor