Doctors in Demand
By Christopher J. Gearon
To size up the job market in medicine, one only has to check in with physician headhunters. "Every physician staffing firm is having record years," says Kurt Mosley, vice president of business development for Merritt, Hawkins & Associates. With demand outstripping supply,
physician salaries are robust, signing bonuses are the norm, and
the opportunities for young doctors are ever expanding. "Doctors coming out of school are no different than a Heisman Trophy winner," Mosley says. "They are wooed and wooed."
That's what Milan Sekulic, a cardiologist who completed his advanced training last summer, found. Sekulic says he received as many as 65 job offers between starting his residency and landing his position as director of cardiology at Titus Regional Medical Center in Mount Pleasant, Texas. "I'm still getting offers coming in," says Sekulic, who also has an appointment to the East Texas Medical Center. Cardiologists were the most sought-after specialists last year, fetching salaries ranging from $234,000 to $525,000 and averaging $320,000 a year, according to surveys.
Close behind cardiologists are radiologists and orthopedic surgeons. Other prime areas where salaries are among the highest in medicine include ophthalmology, anesthesiology, and dermatology. Salaries for some of these specialties range from about $250,000 to more than $600,000, never mind the lucrative signing bonuses, income guarantees, and vacation packages that can be counted in months, not weeks.
Yet it's not just these specialists who are being courted; it's all doctors. "There's no such thing as an unemployed physician," Mosley says. Psychiatrists are hot commodities these days, as are overworked and lower-paid internists and family practitioners.
A decade ago, experts were predicting a national glut of doctors; today
a shortage exists. Aging baby boomers, people living longer with chronic conditions, rapid advances in medical technology, and further medical specialization have spurred the rise in demand for doctors and a host of advanced health professionals. For example, there was an oversupply of radiologists 15 years ago, but the huge leaps in imaging technology since then have made these specialists highly prized. "We're getting older, we're getting heavier, and we want to look better," Mosley says. "We want to look younger." People are paying for cosmetic-related procedures out of pocket, while a call for weight-loss surgeries has created a fresh demand for general surgeons.
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Hospitals and group practices are still big draws for physicians, as is academia. But correctional facilities are hotly pursuing physicians these days, and you can add the U.S. Army to those looking. "More and more large employers are looking at recruiting physicians," says William Jessee, president and CEO of the Medical Group Management Association. Self-insured employers are trying to control healthcare costs and improve workers' health. Temporary physician placement, or locum tenens, is rapidly increasing. "We're seeing temporary neurosurgery now," Mosley says. Temporary physician staffing firm Staff Care Inc. estimates the temp doctor market is a $3 billion industry.
Pediatrician Mona Iskander planned to join a practice in Tampa last summer after finishing her residency, only to decide she wasn't ready to make a long-term commitment. She chose the temporary market to test-drive different practices. Iskander is extending her original six-month stint at DeWitt Hospital, a military hospital in Fort Belvoir, Va. Meanwhile, other young doctors are seeking careers in health policy and business and consulting.
Traditionally, the wooing of doctors starts in the last half of residency, the four years or more of on-the-job training following medical school. But recruiters are starting earlier. Robert Stenger, who is finishing up his last year at Johns Hopkins University School of Medicine, says consulting firms are recruiting students before they start their residencies. "Here in medical school, it almost seems like an unimaginable set of choices," says Stenger, who is looking to pursue a career in public health.
Behind a lot of the changes in the medical marketplace is a desire among the younger generation for more work-life balance. "Lifestyle issues have been a significant issue in terms of choice of specialty," says Vice Dean for Professional Services David Kennedy of the University of Pennsylvania School of Medicine, who is also senior vice president at the University of Pennsylvania Health System. It's a big reason more medical students choose specialties--including ophthalmology, radiology, anesthesiology, and dermatology--that offer high salaries and normal work hours.
While older physicians say today's doctors are more focused on money than they were, perhaps they have to be. Debt levels for medical school graduates--including undergraduate and medical school loans--average about $120,000, according to the Association of American Medical Colleges. Still, "passion seems to outweigh finance," says Kelli Harding, chief psychiatry resident at Columbia University's New York Presbyterian Hospital and the New York State Psychiatric Institute. "There are better ways to make money than going into medicine."
Thanks to a sizzling medical job market, though, today's young doctors have the luxury of limiting the hours they work and still getting paid handsomely.