healthcare.wurk.net

Like any industry, healthcare needs to have some people in charge. Physician executives, especially those that hold a Master of Medical Management (MMM) degree, have seen a steady increase in their salaries.

Average salaries for physician executives:

• The highest paid were medical directors of single-specialty group practices, reporting an average yearly income of $340,000.
• The lowest compensated physician executives worked for government run institutions, with an average income of $170,000.
• Physician executives in rural settings earn $20,000 less than those in urban and suburban areas.

Deedra L. Hartung, vice president, executive search practice leader at Cejka Search, which conducted the 2005 Physician Executive Compensation Survey with the American College of Physician Executives (ACPE):

The steady increase in physician executive compensation corresponds to the rising demand for executives with advanced training and the ability to lead efforts to improve clinical, quality, financial, and operational outcomes.

Other healthcare developments spurring the need for physicians in leadership roles include the trend toward pay-for-performance reimbursement, the rise of new specialty care facilities and programs, the race to stay at the forefront of new technology and services, and ongoing efforts to launch innovative research and development operations.

Making the effort to hone your managerial skills does pay off. Just don’t make the mistake of becoming an atrocious alpha boss.

Newswise, November 14, 2005