CardiologyJob Outlook 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. There are over 25,000 members in the American College of Cardiology.
Employment of physicians and surgeons is expected to grow faster than the average for all occupations. Cardiology jobs opportunities should be very good, especially for cardiologists willing to practice in specialties in rural and low-income areas where there is a greater shortage of medical practitioners. Opportunities for cardiologists vary depending on geographical location. As with most medical specialties, there are fewer job openings in large cities or other desirable locations. However, San Diego currently has a shortage of cardiologists and has many job openings.
Overall, a Cardiologist salary is based on years of experience, specialty, geographic location, the type of facility. Medical Group Management Association states the mean salaries for cardiologists are $400,000 for non-invasive cardiology jobs, $450,000 for invasive cardiology jobs 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 related to contributions to income and net revenues.
Growing Demand Shrinking Supply
The US is aging. Between 2010 and 2035, all age groups 70 and above will increase over 95%. This means there will be a greater demand for all health care services and relatively smaller 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 loss across the country has had a direct impact on the revenue stream to physicians. When people lose their job, they also lose their health care benefits and so access to healthcare.
The recent stock market collapse has had a major impact on older physicians’ decisions. Some physicians are postponing retirement because of the economy's impact on their retirement savings. But even a three- to five-year delay won't address the impending loss of experienced physicians.
Health Insurance Reform
Another uncertainty is the outcome of national health reform. If the reform actually works in increasing the enrollment into health care insurance programs then when combined with the long term the aging population and these increased numbers should push demand for services and therefore cost higher. However, no one yet knows what will happen to reimbursement rates from Medicare and this new program. The question is will there be rate a cut of reimbursement rates for different procedures by Medicare and this new program that may ultimately decrease the income of all specialties.
Because of these and other factors many physician practices are holding off making any decisions until they have a better idea of how the health reform will impact these reimbursements.
Questions and Answers
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