Cardiology forecast
http://www.careerfeed.net/articles/11774/1/Cardiology-forecast/Page1.html
Robert Truog
Robert Truog is the founder of Physicians Employment in 1994 one of the first online physician job sites. By Robert Truog
Published on 02/5/2010
At one point, people believed that too many cardiologists and specialists were being trained to keep up with the shrinking number of jobs. However, a study conducted by the ACC revealed that all graduate fellows found a position and typically continued with a goal in medical practice
Cardiology forecast
While in the past there have been concerns that there may be too many Cardiologists for the number of Cardiology jobs that are open, a study of the market by the ACC concluded that this was not the case. Demand for physicians and surgeons are projected to continue to grow faster than the average growth rate of any other occupation. Employment should be full, especially in rural and low-income areas, where there has been a greater shortage of medical practitioners for some time. Demand for cardiology jobs also varies depending on the part of the country. As with most medical specialties, there are fewer job openings in large cities or other desirable locations. However San Diego, in particular, currently has a shortage of cardiologists.
A Cardiologists salary is primarily based on years of experience, subspecialty, geographic location, and type of facility. Medical Group Management Association states the mean salaries for cardiologists are $400,000 for non-invasive cardiologists, $450,000 for invasive/non-interventional cardiologists, and $540,000 for interventional cardiologists. According to a study by the American Medical Association, a large portion of a cardiologist’s salary comes from incentives and bonuses, which are considered contributions to income and net revenue.
More Cardiology Jobs than Cardiologists
The US population is aging. From 2010 to 2035, all age groups 70 years and above will increase by over 95%. This means there will be a greater demand for all health care services, and a relatively smaller and younger population of physicians taking the retiring physicians’ place. Further, it is estimated that as many as one-third of today's practicing physicians will retire by 2020. However, the recession and massive job losses across the country have had a direct impact on the revenue of physicians. When people lose their jobs, they also lose their health care benefits and, in turn, access to health care.
The recent stock market decline has impacted older physicians’ decisions on retiring. Some physicians are postponing retirement because of the economy's effect on their retirement savings. Rather than retiring and making room for the next generation of physicians, some are planning on working for a few years longer to replenish their savings. But even a three- to five-year delay won't address the impending loss of experienced physicians.
Health Care Reform
Another uncertainty is the pending outcome of national health reform. If the reform actually succeeds in increasing the enrollment into health care insurance programs, it will push demand for services, and therefore cost, higher, due to the dramatic increase of people needing these services. However, no one yet knows what will happen to reimbursement rates from Medicare and this new program. The question is will Medicare cut of reimbursement rates for various procedures for this new program that may ultimately decrease the income of all specialties?
Because of these and other factors, many physicians are waiting to making any decisions until they have a better idea of how the health reform will impact reimbursements and, ultimately, their income. These same forces are impacting Invasive Cardiology jobs and Non Invasive Cardiology jobs alike.
A Cardiologists salary is primarily based on years of experience, subspecialty, geographic location, and type of facility. Medical Group Management Association states the mean salaries for cardiologists are $400,000 for non-invasive cardiologists, $450,000 for invasive/non-interventional cardiologists, and $540,000 for interventional cardiologists. According to a study by the American Medical Association, a large portion of a cardiologist’s salary comes from incentives and bonuses, which are considered contributions to income and net revenue.
More Cardiology Jobs than Cardiologists
The US population is aging. From 2010 to 2035, all age groups 70 years and above will increase by over 95%. This means there will be a greater demand for all health care services, and a relatively smaller and younger population of physicians taking the retiring physicians’ place. Further, it is estimated that as many as one-third of today's practicing physicians will retire by 2020. However, the recession and massive job losses across the country have had a direct impact on the revenue of physicians. When people lose their jobs, they also lose their health care benefits and, in turn, access to health care.
The recent stock market decline has impacted older physicians’ decisions on retiring. Some physicians are postponing retirement because of the economy's effect on their retirement savings. Rather than retiring and making room for the next generation of physicians, some are planning on working for a few years longer to replenish their savings. But even a three- to five-year delay won't address the impending loss of experienced physicians.
Health Care Reform
Another uncertainty is the pending outcome of national health reform. If the reform actually succeeds in increasing the enrollment into health care insurance programs, it will push demand for services, and therefore cost, higher, due to the dramatic increase of people needing these services. However, no one yet knows what will happen to reimbursement rates from Medicare and this new program. The question is will Medicare cut of reimbursement rates for various procedures for this new program that may ultimately decrease the income of all specialties?
Because of these and other factors, many physicians are waiting to making any decisions until they have a better idea of how the health reform will impact reimbursements and, ultimately, their income. These same forces are impacting Invasive Cardiology jobs and Non Invasive Cardiology jobs alike.