Compensation surveys in the medical world have seen several specialties dominate, with certain physician specialties becoming more high-paying than others with each passing year.
The specialty of Neonatology holds the distinction of having a far greater increase in average compensation which stands at 11.9%. Plastic surgeons finished second, and saw an increase of 8%. Intensivists, who dominated the surveys previously, experienced an increase of 4.8%. Invasive cardiologists and orthopedic surgeons also saw massive increases in their average annual compensation. Many specialties even faced declines in their compensation rates. For example, non-invasive cardiologists and anesthesiologists saw declines by 4.4% and 0.5% respectively.
Key reasons behind the high-paying specialties
The specialties which are enjoying the highest compensation rates at the moment are driven by a number of reasons. In the following points, we will be discussing reasons given by many experts, explaining the increase in compensation for particular specialties.
- ACA and Patient Protection: Several experts believe that the Affordable Care Act and Patient Protection have played key roles in increasing compensation gains for primary-care specialties. Medical reforms are overtaking the American healthcare sector, and stress strongly on primary-care as the foundation. For this reason, primary-care physicians have experienced massive increases in their average annual earnings.
- Preparations for medical reforms: The much awaited medical reforms, which have already started to restructure the healthcare industry in America, can be sighted as one of the most important reasons for the higher compensations. Many medical organizations and companies have already started to prepare for whatever the reforms are going to bring, and increasing compensation is definitely a part of that preparation.
- Payment Models: The newer payment models, especially the ones laid down by the government, which stress on value for customers, is also an important reason for the increase in earnings for certain specialties.
Thanks to their increased workload, physicians these days are concentrating solely on patients, and thus, have no time to look after the medical billing process. Moreover, insurance products in the healthcare sector have become so many, that keeping track of all the various events and transactions becomes a very hectic process. Many medical offices have not been paid their dues by the insurance companies, thanks to improper billing and coding. In such a situation, the role of streamlined medical billing has become even more significant.
Also, with future compensation packages becoming a combination of productivity, shared savings and efficiency incentives, physicians will have very little time to look into their medical billing process.For the physician looking towards the fulfillment of his billing requirements, MedicalBillersandCoders.com is the can offer a gamut of services in this area. This huge network of expert billers and coders operate smoothly through the latest in software technology, enabling them to assign the most suitable billers to a specific specialty. Medical Billers and Coders offer a great deal of help to physicians who have the shadow of medical reforms looming large over their heads. In an age where operating costs and denials are increasing, and intricate billing is more important than ever, Medical Billers and Coders ensure that medical practices and physicians get their payments fairly, and without much hassle.
FAQs
1. Which medical specialties saw the highest increase in compensation rates?
Neonatology experienced the highest increase in compensation, with an 11.9% rise, followed by plastic surgery (8%) and intensivists (4.8%). Invasive cardiologists and orthopedic surgeons also saw significant increases in their annual compensation.
2. Why are certain specialties seeing an increase in compensation?
The rise in compensation for specific specialties is attributed to factors such as:
- Affordable Care Act (ACA): Focus on primary care as a foundation of healthcare reform.
- Medical Reforms: Preparations for restructuring the healthcare system.
- Payment Models: Transition to value-based care, emphasizing efficiency and customer value.
3. How are medical billing challenges affecting physicians’ workload?
With increasing workloads and complex insurance products, physicians often lack the time to manage billing processes. Improper billing and coding can lead to denied claims and delayed payments, adding to their challenges.
4. What is the significance of streamlined medical billing for physicians?
Streamlined billing ensures timely and accurate claim submissions, reducing payment delays and denials. It allows physicians to focus on patient care while maintaining steady revenue flow, especially amidst increasing operational costs and reform-driven complexities.
5. How does MedicalBillersandCoders.com help physicians with billing needs?
Medical Billers and Coders (MBC) provides specialized billing services tailored to specific medical specialties. Leveraging advanced software and expert billers, MBC ensures accurate coding, reduced denials, and hassle-free payment processes, enabling physicians to focus on patient care while navigating complex healthcare reforms.
