Is it true that academic physicians have lower net incomes than physicians in private practice? If so, are there notable exceptions to this rule? I'm just curious, because I'm going to graduate with an enormous debt. Earning potential will be an issue for me.
What is the earning potential of academic physicians?
- Thread starter elias514
- Start date
Also, how exactly are academic physicians compensated for their services as an instructor, clinician, etc.? Are they salaried professionals, traditional fee-for-service practitioners, or is it some combination of salary and fee-for-service? Do they get a cut of university profits on their research? I'm totally clueless as to the income of academic physicians.
- Joined
- Dec 18, 2003
- Messages
- 623
- Reaction score
- 7
In general, salaries for academic physicians are lower, often much lower than those in private practice. However, the benefits are often better, and the prestige of an academic position allows many people to have other sources of income, such as books, pharmaceutical contracts, etc.
I thought the same way in medical school but once you get out you realize that the money will come.
There is a huge range of salaries within all specialties, between academic and private. Please take it from me that now is not the time to consider such things. People who choose a field of medicine for the money are kicking themselves in the butt. If you choose something you enjoy, you are liable to find lots of different ways to make money doing it.
I thought the same way in medical school but once you get out you realize that the money will come.
There is a huge range of salaries within all specialties, between academic and private. Please take it from me that now is not the time to consider such things. People who choose a field of medicine for the money are kicking themselves in the butt. If you choose something you enjoy, you are liable to find lots of different ways to make money doing it.
Z
Z
The AAMC sends out a salary survey to different medical colleges in the USA every year. The data are then broken down by region of the country. When negotiating for an academic position, the chairman of the department or division head will quote a number based on the such and such percentile of the AAMC salary survey. For example, they might say they will hire you at the 50th percentile of the AAMC Salary Survey at the Assistant Professor level.
The data are best for the Associate and Assistant Professors because there are more of them. Also, this is usually a starting salary. Some departments have "incentive" plans that say if you bill enough clinical dollars to pay your salary you get to keep 20,30, 40, 50 percent of what you bill over and above that needed to cover your salary.
Here is a website at the University of Florida that gives the breakdown of the AAMC salary survey adjusted for Florida. It will give you an idea. Hope this helps.
http://hsc.usf.edu/facultyaffairs/Handbook/com_comp_aamc11_clinMD.xls
The data are best for the Associate and Assistant Professors because there are more of them. Also, this is usually a starting salary. Some departments have "incentive" plans that say if you bill enough clinical dollars to pay your salary you get to keep 20,30, 40, 50 percent of what you bill over and above that needed to cover your salary.
Here is a website at the University of Florida that gives the breakdown of the AAMC salary survey adjusted for Florida. It will give you an idea. Hope this helps.
http://hsc.usf.edu/facultyaffairs/Handbook/com_comp_aamc11_clinMD.xls
- Joined
- Dec 30, 2002
- Messages
- 2,537
- Reaction score
- 825
OP-
I think a periodical from the university setting, called The Chronicle of Higher Education, gives out information on the salaries of deans, presidents, and chancellors of various institutions of graduate education.
If memory serves, I think there are a couple of people in very lofty positions that are earning seven digit salaries.
dc
I think a periodical from the university setting, called The Chronicle of Higher Education, gives out information on the salaries of deans, presidents, and chancellors of various institutions of graduate education.
If memory serves, I think there are a couple of people in very lofty positions that are earning seven digit salaries.
dc
