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Each year, Medscape publishes its report on Physician Compensation. Based on the survey responses of over 17,000 physicians in the US, the report details physician compensation trends, looking at variables such as: physician specialty, whether an incentive/productivity bonus is offered, which states are the highest earning, how many patients are seen and whether the assistance of PAs and NPs is utilized, and more. The information is undoubtedly interesting and relevant to physicians everywhere, who are eager to glean some understanding of how their own compensation compares to their peers around the country. In addition to compensation data, the report also takes a look at quality of life issues, aiming to determine how many physicians are actually happy and fulfilled in their roles, and whether they would choose medicine as a career again if given the chance. Suffice to say, the report serves as a spotlight into the lives of our nation’s physicians, bringing to light both the good and the bad.
This year, the Medscape report and similar studies performed by other organizations have taken the necessary step of shifting some focus to examining the effect of COVID-19 on health care practices and providers. There is already a great deal of data available about the impact COVID has had on revenues, productivity and much more. Needless to say, the impact has already been considerable, with the future of healthcare as we know it hanging in the balance. Practices throughout the country are reporting a 55% decrease in revenue and a 60% decrease in patient volume, while remote patient engagement has increased 225%. Sadly, our nation saw more than 43,000 layoffs among healthcare workers, and 9% of independent practices have shut down (at least temporarily). Additionally, both hospitals and practices throughout the country are reporting significant pay cuts and furloughs in order to keep the business afloat while operating on drastically decreased revenue. And while all health care providers are being affected in one way or another, it goes without saying that physicians whose primary services consist of elective procedures, which were entirely restricted in most places, are the hardest hit. Included among those who provide predominantly elective procedures are plastic surgeons, ophthalmologists, orthopaedic surgeons, gastroenterologists and vascular surgeons. In some cases, these physicians have lost up to 95% of their average patient volume.
The repercussions of COVID on the delivery of health care in our country brings to light many questions about the future. Will people engage in elective procedures at drastically lower rates due to the general fear surrounding hospitals and surgery centers as potential infection hot spots? Another important question is whether remote doctors visits will become more common even after the pandemic ends. Will people realize that it is not actually necessary to visit a doctor’s office in order to get the general health care they require? Or will people just avoid regular health care altogether? A scary thought when one considers the importance of regular check-ups for the long-term health of our population.
Time will tell what the future holds for the delivery of health care in our country. Encouragingly, as states start to open up, many health care providers are starting to see the light at the end of the tunnel, with many patients resuming their former health care habits. But whether we will ever return to “normal” is anyone’s guess at this point.