Cost of living adjustment

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
coffeebythelake

coffeebythelake

I'm not a word-mincer
Lifetime Donor
Verified Member
Physician
Faculty
15+ Year Member
Gold Donor
Joined
Apr 9, 2006
Messages
5,429
Reaction score
7,292
Any of you guys getting on, or in discussion about getting one? Inflation was something like ~9% on 2021.
Members don't see this ad.
 
Members don't see this ad :)
My academic job gives you a ~1% raise each year, if you get academically promoted you get something like a 5% raise. The nurses only got like 3-4%. You know who got the biggest ‘market adjustment’? The APNs of course! But even that was less than 9% so everyone has less purchasing power than last year.
 
  • Like
Reactions: 1 user
ambiturner said:
My academic job gives you a ~1% raise each year, if you get academically promoted you get something like a 5% raise. The nurses only got like 3-4%. You know who got the biggest ‘market adjustment’? The APNs of course! But even that was less than 9% so everyone has less purchasing power than last year.
Click to expand...

the biggest gains in salary definitely not in healthcare
 
  • Like
Reactions: 1 user
Yeah I told the homeless to start paying up and stop expecting free care for their drug use and general self neglect so I expect my pay to shoot up
 
  • Like
Reactions: 1 users
Members don't see this ad :)
As an employee of a medical system and now on salary I believe the lack of COLA will truly hurt your real income over the next 5 years. Without a COLA your income will stagnate as the cost of everything else keeps going up. That is the very definition of reduced buying power. Real Estate is skyrocketing in cost. How is a new grad supposed to succeed out there with such a scam.

AMCs are notorious for this as are some academic/hospital positions. The prices of almost everything are way up except my salary. While I have a large investment portfolio to offset this scam many others do not. Personally, I am happy to have a limited number of years doing this gig fulltime so the inflation of 7-8% last year plus the inflation of 5%? in 2022 should not impact me much but I do feel for my colleagues stuck in this situation. A 12% reduction in purchasing power over 2 years is no joke.
 
Here is some basic math for you. An anesthesiologist earns $400,000 in income/salary at the start of 2020. If inflation runs at 5% annually for 5 years, 2020-2025, what salary does he/she need at the end of 5 years to have the same buying power as in 2020?

Answer: Inflation Calculator - Save Enough to Account for Inflation

$510,000 is the answer.

At 5% inflation over 10 years it gets much worse. That $400,000 salary is effectively worth $245,000 after 10 years (without a raise or COLA). Hence, if you NEVER get a COLA or a nice raise you are hosed.
 
Last edited:
  • Like
Reactions: 3 users
We’ve had COLAs written into our commercial contracts over the past 10+ years. Even though they are only 2-3% per year, over the years they have added up.
 
  • Like
Reactions: 2 users
nimbus said:
We’ve had COLAs written into our commercial contracts over the past 10+ years. Even though they are only 2-3% per year, over the years they have added up.
Click to expand...
I have no doubt the AMCs, hospitals, academic centers, etc have COLAs in their contracts. But, they rarely pass along those COLAs to their employees. Even when they do the COLA that the employee receives is less than the COLA the employer/company gets. It's another way they cheat the worker and diminsh their standard of living.
 
  • Like
Reactions: 1 users
Do reimbursements from private insurers ever take this in to account?
 
Greedy Bxxxxxd! You got 20+% raise from the stock market!
 
  • Like
Reactions: 1 user
dabears505 said:
Payout? Are your hours better because of a slowdown in cases?
Click to expand...
Nope - a pay cut in my shop. As for hours - we'd been a little slow and pushed off of days, but we don't get paid for days we don't work. That said, some of our previously compensated tasks have now had associated pay reduced. In other words we were told we'll be making less for the same work, with no COLA certainly either.

So they watered down our pepsi with sewage, if you will.
 
  • Like
Reactions: 1 user
BLADEMDA said:
As an employee of a medical system and now on salary I believe the lack of COLA will truly hurt your real income over the next 5 years. Without a COLA your income will stagnate as the cost of everything else keeps going up. That is the very definition of reduced buying power. Real Estate is skyrocketing in cost. How is a new grad supposed to succeed out there with such a scam.

AMCs are notorious for this as are some academic/hospital positions. The prices of almost everything are way up except my salary. While I have a large investment portfolio to offset this scam many others do not. Personally, I am happy to have a limited number of years doing this gig fulltime so the inflation of 7-8% last year plus the inflation of 5%? in 2022 should not impact me much but I do feel for my colleagues stuck in this situation. A 12% reduction in purchasing power over 2 years is no joke.
Click to expand...

lack of cola is nothing new though in our specialty. plus the lacking reimbursement increases, purchasing power for anesthesiologists have gone way down over the years
 
anbuitachi said:
lack of cola is nothing new though in our specialty. plus the lacking reimbursement increases, purchasing power for anesthesiologists have gone way down over the years
Click to expand...

What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
 
  • Like
Reactions: 1 users
coffeebythelake said:
What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
Click to expand...

i complain to my boss a lot. i complain openly in public often too. i complained to HR.
problem is majority of doctors dont have the time to fight the problem seriously. they dont have time, they start late, and they are dragged down by loans. the entire system is kind of broken against doctors. i been in a negotiation with hospital for 1.5 years now asking for a raise. but if they dont want to give, theres nothing i can do except quit and find a new job, and they'll replace me with one of the many new grads graduating each year. meanwhile nurses have their powerful union behind them, and can strike. even if they dont strike, they can call out sick a lot

nurses work 36-40 hr weeks, plenty of their programs pay for education of some sort (a couple got phd, and masters), none of jobs here pay for doctors education in something else and we often dont have the time anyway. nurses have time (in both workweek and age) to fight this stuff. there are a ton of nurses in leadership positions
 
  • Like
Reactions: 1 users
coffeebythelake said:
What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
Click to expand...
I voted with my feet and started my first full-time locum job. Get paid hourly whether I was doing cases or trading stocks. Don't get mad at the slow surgeons as long as they are not killing the pts. 5pm case, surgeon did not show up until 7pm, no problem. 2 hours' free $.

Downside is a few days away from home per week. Food not great. Surprising point is that spouse magically starts to clean the house and wash dishes. I guess everyone adapts.
 
  • Like
Reactions: 7 users
anbuitachi said:
i complain to my boss a lot. i complain openly in public often too. i complained to HR.
problem is majority of doctors dont have the time to fight the problem seriously. they dont have time, they start late, and they are dragged down by loans. the entire system is kind of broken against doctors. i been in a negotiation with hospital for 1.5 years now asking for a raise. but if they dont want to give, theres nothing i can do except quit and find a new job, and they'll replace me with one of the many new grads graduating each year. meanwhile nurses have their powerful union behind them, and can strike. even if they dont strike, they can call out sick a lot

nurses work 36-40 hr weeks, plenty of their programs pay for education of some sort (a couple got phd, and masters), none of jobs here pay for doctors education in something else and we often dont have the time anyway. nurses have time (in both workweek and age) to fight this stuff. there are a ton of nurses in leadership positions
Click to expand...
So why don't you quit? A taylor swift type hottie drags you there?
 
  • Like
Reactions: 2 users
coffeebythelake said:
What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
Click to expand...
You might see more of this if we actually get non-compete reform (which we won't). Switching jobs as a physician is much more difficult too with credentialing taking months before you can even get started working a new job, need a license for each state etc.
 
anbuitachi said:
i complain to my boss a lot. i complain openly in public often too. i complained to HR.
problem is majority of doctors dont have the time to fight the problem seriously. they dont have time, they start late, and they are dragged down by loans. the entire system is kind of broken against doctors. i been in a negotiation with hospital for 1.5 years now asking for a raise. but if they dont want to give, theres nothing i can do except quit and find a new job, and they'll replace me with one of the many new grads graduating each year. meanwhile nurses have their powerful union behind them, and can strike. even if they dont strike, they can call out sick a lot

nurses work 36-40 hr weeks, plenty of their programs pay for education of some sort (a couple got phd, and masters), none of jobs here pay for doctors education in something else and we often dont have the time anyway. nurses have time (in both workweek and age) to fight this stuff. there are a ton of nurses in leadership positions
Click to expand...
Can you move? Even an hour away? You got young kids and need family help? Your pay raise may be able to cover a nanny and you may still come out on top. Why are you so stuck at a job you hate? Is your spouse making a killing on Walstreet?
 
chocomorsel said:
Can you move? Even an hour away? You got young kids and need family help? Your pay raise may be able to cover a nanny and you may still come out on top. Why are you so stuck at a job you hate? Is your spouse making a killing on Walstreet?
Click to expand...
:rofl: at the spouse part. need to support her
its cause i dont feel like driving. havent driven in decades
 
  • Like
Reactions: 1 user
coffeebythelake said:
What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
Click to expand...

Nurses are way better at arbitrage than we are. Our hospitals are acting like they’re doing us a favor to allow us to work for them.
 
  • Like
Reactions: 1 user
coffeebythelake said:
What physicians tend to do less compared to nurses is vote with their feet. Nursing incomes have skyrocketed during covid. Pay raises. Crisis pay. Etc. For us? Nothing
Click to expand...


If someone across town is offering 2-3x my current income, I’d seriously consider it. Sadly that’s not the case. But it is for our nurses.
 
nimbus said:
If someone across town is offering 2-3x my current income, I’d seriously consider it. Sadly that’s not the case. But it is for our nurses.
Click to expand...
What’s crazy is that a lot of nurses are making much more the we do. An icu travel rn friend of mine is pulling in 10k/week for 48 hrs of work. Three month contract with option to renew… all expenses paid.
 
  • Like
Reactions: 1 users
kidthor said:
What’s crazy is that a lot of nurses are making much more the we do. An icu travel rn friend of mine is pulling in 10k/week for 48 hrs of work. Three month contract with option to renew… all expenses paid.
Click to expand...
Eventually this will damage the market very much. Not today, not tomorrow, but certainly in the next 2-4 years. It will be really ugly.
 
kidthor said:
Nurses are way better at arbitrage than we are. Our hospitals are acting like they’re doing us a favor to allow us to work for them.
Click to expand...

It’s hard to compare us to nurses when we have non-compete clauses, arduous credentialing, state licensing barriers, and the general thinking that a physician who changes jobs with any sort of frequency must have some sort of “red flag.”

I’m of the belief that if you are an employee, you should meet with your employer annually AS A GROUP and discuss things like compensation, workload, and any other quality of life issues. Designate one or two people as the point person to lead the meetings. Spend a couple weeks before any such meeting gathering points and asks that you would like to bring up at these meetings. The employers will try to peel you off into smaller cohorts, but it’s important to maintain the full group. You’d be surprised at how much you can accomplish when approaching the employer as a unified group.
 
  • Like
Reactions: 1 users
kidthor said:
What’s crazy is that a lot of nurses are making much more the we do. An icu travel rn friend of mine is pulling in 10k/week for 48 hrs of work. Three month contract with option to renew… all expenses paid.
Click to expand...
It's unsustainable and everyone knows it. Hospitals are getting "travel RN fatigue" the way the general population is getting "pandemic fatigue".

There's a seething rage building in the RNs who can't/don't travel.

I don't know if the break will come this year or next year or in 3 years but it's coming and it'll all end in (travel RN) tears.
 
  • Like
Reactions: 1 users
OptionOffense said:
Eventually this will damage the market very much. Not today, not tomorrow, but certainly in the next 2-4 years. It will be really ugly.
Click to expand...

How does that saying go? Make hay while the sun is shining? Right now nurses are in very high demand and they are taking advantage of that demand. Predicting when that demand will end is like trying to predict when the bull market will end.
 
  • Like
Reactions: 1 user
GravelRider said:
It’s hard to compare us to nurses when we have non-compete clauses, arduous credentialing, state licensing barriers, and the general thinking that a physician who changes jobs with any sort of frequency must have some sort of “red flag.”

I’m of the belief that if you are an employee, you should meet with your employer annually AS A GROUP and discuss things like compensation, workload, and any other quality of life issues. Designate one or two people as the point person to lead the meetings. Spend a couple weeks before any such meeting gathering points and asks that you would like to bring up at these meetings. The employers will try to peel you off into smaller cohorts, but it’s important to maintain the full group. You’d be surprised at how much you can accomplish when approaching the employer as a unified group.
Click to expand...
Even as a group, how much leverage do you have? I approached one of my colleagues about this and his/her response was I dont need to make waves, "I need this job, it works for me"
 
  • Sad
  • Like
Reactions: 1 users
pgg said:
it'll all end in (travel RN) tears.
Click to expand...
I don't think so. I think it will end in hospital tears. The nurses WILL win. Why? Because there is simply not enough of them. There aren't. It is too easy for them to move on. The system and obama-care created this. They can become clipboard nurses, chart reviewers, school nursing, online med rec nurses, online nurse practitioners or simply leave the field entirely. Anything but remain a bedside nurse. This is like watching a slow train wreck in the making. We can make bold moves to mitigate this but we are just simply too weak as a nation politically to make any bold moves.
 
  • Like
Reactions: 2 users
OptionOffense said:
I don't think so. I think it will end in hospital tears. The nurses WILL win. Why? Because there is simply not enough of them. There aren't. It is too easy for them to move on. The system and obama-care created this. They can become clipboard nurses, chart reviewers, school nursing, online med rec nurses, online nurse practitioners or simply leave the field entirely. Anything but remain a bedside nurse. This is like watching a slow train wreck in the making. We can make bold moves to mitigate this but we are just simply too weak as a nation politically to make any bold moves.
Click to expand...
Serious question. What does Obamacare have to do with this?
 
  • Like
Reactions: 2 users
OptionOffense said:
I don't think so. I think it will end in hospital tears. The nurses WILL win. Why? Because there is simply not enough of them. There aren't. It is too easy for them to move on. The system and obama-care created this. They can become clipboard nurses, chart reviewers, school nursing, online med rec nurses, online nurse practitioners or simply leave the field entirely. Anything but remain a bedside nurse. This is like watching a slow train wreck in the making. We can make bold moves to mitigate this but we are just simply too weak as a nation politically to make any bold moves.
Click to expand...

i agree. nurses got a huge advantage on this. soon their regular wage will be comparable to ours. hospitals are screwed. and hospital anesthesiologists wont be getting raises, and maybe cuts cause they got to pay insane salaries to nurses.
 
You must log in or register to reply here.
Next unread thread

Similar threads

P
Thoughts on I Bonds. Buy now or wait for rate adjustment?
Replies
43
Views
3K
triggermaster
T
G
Adjusting to higher acuity?
Replies
16
Views
700
Beeftenderloin
Beeftenderloin
S
Cost of CRNA with 3:1 coverage
Replies
47
Views
3K
anaesthetic
anaesthetic
P
  • Question
Office-Based Anesthesia costs
Replies
17
Views
1K
nimbus
nimbus
O
  • Locked
What’s it like living on an attending’s salary
2 3 4 5
Replies
204
Views
13K
Arch Guillotti
Arch Guillotti
Top