Please confirm that you would like to log out of Medscape.
If you log out, you will be required to enter your username and password the next time you visit.
Log outCancel
Keith L. Martin | May 14, 2021 | Contributor Information
Many physicians' offices closed temporarily or saw fewer patients in 2020 due to COVID-19, making it a worrisome year for physician compensation, on top of concerns about the well-being of both patients and providers. While the worst business days are over for some physicians — indeed, cardiologists reported an average increase in income in 2020 — others still struggle to recover.
2 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Although 46% of cardiologists reported some decline in compensation, average cardiologist income grew from $438,000 in 2019 to $459,000 in 2020. Average income for physicians overall varied little from 2019 to 2020, despite the hardships brought by COVID-19.
Almost 18,000 physicians in over 29 specialties told us about their income, bonuses, hours worked, greatest challenges, and the surprising impact of COVID on their compensation. Survey respondents reported their compensation for patient care. For employed physicians, that includes salary, bonus, and profit-sharing contributions. For self-employed physicians, it includes earnings after taxes and deductible business expenses, before income tax. Only full-time salaries were included in our results.
Some totals in this presentation do not equal 100% due to rounding.
3 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
The large majority of cardiologists who saw a drop in income cited COVID-19–related issues such as job loss, fewer hours, and fewer patients. Thirteen percent pointed to non–COVID-related factors. (Respondents could choose more than one answer.)
4 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Physicians' incentive bonuses are usually based on productivity but can also be tied to patient satisfaction, clinical processes, or other goals. Our prior year's report showed that the average payment among cardiologists who received a bonus was 14% of total salary, about the same percentage as this year's. (Results are shown only for specialties with sufficient sample sizes.)
5 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Sixty-two percent of cardiologists who earn an incentive bonus achieve more than three quarters of their potential annual payment, a bit up from the prior year (55%). On average, cardiologists achieve 69% of their potential bonus, about the same percentage as do physicians overall.
6 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Close to half of cardiologists who suffered financial or practice-related ill effects due to the pandemic expect their income to return to normal this year. Thirty-eight percent believe it will take 2 to 3 years. Eighty-three percent of such physicians overall anticipate a return to pre-COVID income levels within a couple of years. Notably, 45% of physicians overall said the pandemic did not cause them financial or practice-related harm.
7 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
On average among cardiologists, self-employment brings in somewhat higher income than does being employed. Among physicians overall, self-employment brings an average $352,000 in annual earnings while being employed commands an average income of $300,000.
8 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Cardiologist respondents reported how much time they spent on medical-related work outside of patient visits, including time devoted to paperwork, EHR documentation, administrative and managerial work, participation in professional organizations, and clinical reading. This year's average is similar to last year's (16.9 hours per week). Physicians overall spend an average of 16.3 hours per week on such tasks.
9 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Physician work hours generally declined for at least some time during the pandemic, and some physicians were even furloughed, but most are now working about the same number of hours they did prior to COVID-19. Cardiologists are back to an average 57 hours per week. Perhaps not surprising, intensivists, infectious disease physicians, and public health and preventive medicine physicians are pulling longer hours now, about 6 or 7 more per week than before.
10 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
While physicians who see patients generally are working about the same number of hours per week that they did pre-pandemic, they are typically seeing fewer patients due to time spent on medical office safety protocols, answering questions around COVID-19, and other factors. Pediatricians are experiencing one of the largest average declines (78 patients per week prior vs 64 now — down about 18%), followed by dermatologists, orthopedists, and otolaryngologists (each down about 15%). Cardiologists are seeing an average decline of about 6%, from 77 to 72 patients per week.
11 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Among self-employed cardiologists, 43% believe that a drop in patient volume of up to a quarter is permanent.
12 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
A majority of physicians overall plan to keep taking Medicare and/or Medicaid patients. Sixteen percent of cardiologists are yet undecided. (Respondents could choose more than one answer.)
13 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Thirty-nine percent of cardiologist respondents were planning to participate in the Merit-based Incentive Payment System (MIPS) in 2021. "The stakes for the Quality Payment Program — the program that incorporates MIPS — are high, with a 9% penalty applied to all Medicare reimbursement for failure to participate," says Elizabeth Woodcock, MBA, CPC, president of physician practice consulting firm Woodcock & Associates in Atlanta, Georgia. "With margins already slim, most physicians can't afford this massive penalty. It makes sense to protect your revenue by complying with — at least — the bare minimum." (Respondents could choose more than one answer.)
14 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Just like in last year's report, 61% of cardiologists said they feel fairly compensated. Nearly 8 in 10 oncologists feel that they are fairly compensated, up from 67% last year — putting them at the top of the list again. Plastic surgeons' attitudes saw the largest positive change (68%, up from 55% last year) while otolaryngologists' slid the furthest (57%, down from 66%).
15 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Despite professional challenges, most physicians find their work rewarding. Similar percentages of cardiologists pointed either to being very good at what they do, having positive relationships with patients, or making the world a better place as their main source of career satisfaction.
16 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
Rules and regulations continue to bog down physicians' daily work — 23% of respondents from across the profession said this is their biggest challenge. About the same percentage of cardiologists agreed.
17 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
If they had a choice, 86% of cardiologists would pick medicine again, a somewhat greater percentage than physicians overall (78%). Despite the shock, safety issues, stress, and grief wrought by the pandemic, this is similar to the prior year (82% of cardiologists and 77% of all physicians). In our 2013 Compensation Report, with almost 22,000 physician respondents, only 51% of physicians said they would choose medicine again as their career.
18 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
As they were in last year's report, dermatology, orthopedics, oncology, and ophthalmology are among the top of the list. Cardiology is unchanged, toward the top at 92%. Family medicine and internal medicine are typically toward the bottom, as they are again this year.
19 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
20 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
21 of 22
Scroll
Medscape Cardiologist Compensation Report 2021
Keith L. Martin | May 14, 2021 | Contributor Information
'Death by 1000 Cuts': Medscape National Physician Burnout & Suicide Report 2021
Burnout and depression are still serious problems among physicians, especially amid COVID-19. More than 12,000 physicians told us how burnout has affected their relationships, career, and happiness.Medscape Features Slideshow, Jan 2021
Commenting is limited to medical professionals. To comment please Log-in.
Comments on Medscape are moderated and should be professional in tone and on topic. You must declare any conflicts of interest related to your comments and responses. Please see our Commenting Guide for further information. We reserve the right to remove posts at our sole discretion.
Comments on Medscape are moderated and should be professional in tone and on topic. You must declare any conflicts of interest related to your comments and responses. Please see our Commenting Guide for further information. We reserve the right to remove posts at our sole discretion.
Close
Contributor Information
Keith L. Martin
Editorial Director
Medscape Business of Medicine
Close
References
Close
Image Zoom
Close
Feedback
Please do not use this form to submit personal or patient medical information or to report adverse drug events. You are encouraged to report adverse drug event information to the FDA.
Comments