How much does a doctor’s income impact health care costs? A McKinsey study found that in other developed countries, generalists earn double and a specialist earns 2.7 times more than the average worker. Primary care physicians in the U.S. earn five times and specialists earn 10 times more than the average worker. Based on these statistics, “The United State would have spent $120 billion less in 2008 if the U.S. physicians were compensated in the same proportion to the national average worker as their counterparts in other developed countries,” the study stated. That is about 5% of the total money spent on health care in the U.S. that year. What’s the difference between U.S. physicians and those in other countries? Medical education is usually free in other countries, U.S. physicians train longer, the pressure for perfection is higher for doctors in the U.S.
A House Medicare for All hearing led to talk about making doctors salaried government employees.
If your sales are soft, here are ideas about how to fix that.
One of the weak performers was voluntary dental insurance.
Sponsored by FTJ | FundChoice
A full-service solution that helps you improve your process and client relationships sounds great, but you must be able to determine what will best help your firm grow.
Sponsored by Smarsh
New communication tools can open up your firm to risk and prohibition is not prevention. Learn five key practices you should implement now.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.