Primary care physicians generate more revenue for their hospitals than specialists--$1.57 million versus $1.42 million, respectively--according to a May report from recruiting firm Merritt Hawkins.
Representing a "seismic shift" toward primary care and hospital physician employment, revenue generated by primary care physicians jumped 23 percent while specialists' generated revenues declined 10 percent over the past decade, Medical Economics reported.
The emergence of accountable care organizations suggests revenues will continue to increase for primary care docs and decrease for specialists, the article noted.
Moreover, the report found that on average, one full-time physician brings in $1.45 million in annual revenue to his or her affiliated hospital. Net annual inpatient and outpatient revenue is generated through patient admissions, procedures performed at the hospital, as well as tests and treatments ordered, according to a Merritt Hawkins announcement.
Looking at 18 different physician specialties, the report showed orthopedic surgeons make the most revenue for their affiliated hospitals at $2.68 million, followed by invasive cardiologists at $2.17 million and family practice physicians at $2.07 million, Becker's Hospital Review noted.
Those figures follow a new physician compensation report from Medscape Today that found orthopedic surgeons earn the most money, with a mean income of $405,000. Internists and family physicians remain among the lowest earners, making between $175,000 and $185,000 a year, FiercePracticeManagement previously reported.
Understanding physician revenue generation can help hospitals recognize the financial value of physicians, as well budget for and justify recruitment efforts, Phil Miller, Merritt Hawkins's vice president of communications, said in an accompanying video.