Currently there is a widespread shortage of qualified physicians to fill the many vacancies that have been left by individuals who have left their positions to retire, for better opportunities, or for a change of life and career. In addition to the vacated positions, the natural growth of the field has created an increased need for health care services especially in suburban communities. This shortage has created a dynamic market for job seekers, but has left many institutions in compromising positions.
Interestingly, despite the demand to fill these positions, particularly senior management positions, pay has remained relatively steady since about 2001. Some specialties, such as both invasive and non invasive cardiologists, have even experienced a decrease in pay. Many institutions are struggling with implementing incentives to hire new physicians while still trying to balance a practical budget. A common practice among these institutions is to shift their budgets to include performance-oriented incentives and substantial hiring bonuses to attract potential employees. Some institutions are offering target bonuses of up to 28%, the highest wage earners falling into the...
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