It Pays to Be in Healthcare; Recruiting Firm Releases Physician, Nurse & Allied Health Compensation Reports

IRVING, Texas -- Martin, Fletcher, a leading national healthcare recruiting and consultancy firm, has released the results of both its annual physician compensation survey and combined nursing and allied health industry trends and benefits report. Gathering data from more than 2,000 healthcare organizations across the nation that encompass more than 35 physician, nurse and allied health specialties, Martin, Fletcher’s studies have identified key compensation and benefits trends that point to elevated turnover rates at hospitals, and an exodus to group practices.

“On the surface, these sign-on bonuses and other benefits may seem unusually generous, but in our experience of job placements nationwide, we have found that shortages among healthcare workers are real and significant,” said John Buffa, CEO of Martin, Fletcher. “A shortage of 1 million nurses alone is expected by 2020 if hiring trends don’t improve, meaning that healthcare facilities must be aggressive in their compensation packages in order to attract enough staff to stay buoyant.”

Among physicians, Martin, Fletcher evaluated more than 3,500 individuals’ salaries across 17 medical specialties. The top five-paying specialties are:

-- Cardiology (invasive)   $460,000  

-- Radiology   $425,000  

-- Orthopedic   $424,000  

-- Gastroenterology   $405,000

-- Urology   $380,000    

According to Martin, Fletcher research, the lowest paying positions among physician specialties surveyed include: family practitioner, internal medicine, pediatrics and hospitalist, with median salaries ranging from $146,260 to $170,980. The top three incentives used by medical groups to recruit physicians include: production-driven incomes starting year one, buy-in based on A/R and full pension for retirement.

Among nurses and allied health professionals (healthcare workers other than physicians or nurses), Martin, Fletcher evaluated the compensation and benefits packages of more than 1,000 allied health professionals and nurses nationwide. Ten specialties were reviewed including: nursing/nurse practitioner, CT technology, physical therapy, medical technology, occupational therapy, speech and language pathology, radiological technology, magnetic resonance imaging technology, certified registered nurse anesthetists (CRNAs) and pharmacists. Key findings include:

-- Overall, the western region of the U.S. is one of the highest-paying regions across most allied health professional and nursing specialties.

-- The northeastern region of the U.S. is one of the highest paying regions for nurses.

-- 99 percent of hospitals offered relocation benefits, with an average stipend of $5,280.

-- 88 percent of hospitals paid signing bonuses, averaging $7,500.

-- Full college loan forgiveness was made available to 40 percent of nurses, CRNAs and pharmacists.

-- 88 percent of allied health professionals and nurses were offered full health insurance.

According to U.S. Bureau of Labor Statistics, healthcare is cited as the largest industry, providing nearly 13.5 million jobs and comprises approximately 10.8 percent of all employment in the U.S. However, the Bureau of Health Professionals says that healthcare jobs will need to grow by more than 1 million per year in the next three years just to meet national demand. To that end, healthcare compensation benefits reflect a response to a highly competitive hiring market.

Well-known academic institutions, rural areas, and major U.S. cities are all feeling the effects of employee shortages. Martin, Fletcher has found regions of the country that require high malpractice insurance, and healthcare facilities that do not offer young medical workers access to expensive technology they seek to further their careers, both demand creative staffing solutions to meet workforce needs.

“The healthcare crisis is not just about skyrocketing insurance costs,” said Buffa. “Medical technology is advancing at a furious rate, the population is aging rapidly, and more states are mandating higher nurse-to-patient ratios. The availability of better pay to attract more workers will play a significant role in resolving this problem until employee supply can stem demand.”

Source: Martin, Fletcher

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