The Million-Dollar Doctor

Physician's Money Digest, September30 2004, Volume 11, Issue 18

Who says physicians aren'tmoneymakers? In fact, theygenerate substantial revenuefor the health care facilities with whichthey are affiliated—averaging $1.8 millionper physician, per year, according toa March 2004 survey by Merritt, Hawkins& Associates, a Dallas-based physiciansearch and consulting firm.

The average primary care physicianbrought in annual revenues of nearly $1.6million, while the average specialist hit$1.9 million. The data, from hospital chieffinancial officers (CFOs), indicate howmuch revenue physicians in 15 differentspecialties generated for their hospitals inthe past 12 months. Figures included bothinpatient and outpatient net revenuederived from physician-patient referralsand associated patient treatment.

Orthopedic surgeons were the topannual revenue generators for hospitalsat over $2.9 million a year, while pediatriciansgenerated the least amount ofannual revenue at $860,600 a year. Theaverage annual revenue generated byinternists was $2.1 million, $2 million forfamily practitioners, $1.9 million forOB/GYN physicians, $1.7 million for gastroenterologists,$1.3 million for urologists,$1.7 million for pulmonologists, and$1.3 million for psychiatrists. Other highrevenueproducers included cardiologists($2.6 million), neurosurgeons ($2.4 million),invasive cardiologists ($2.4 million),general surgeons ($2.4 million), andhematologists/oncologists ($1.8 million).The survey was mailed to 4000 hospital

CFOs nationwide. Data was based onresponses from over 145 hospitals, themajority of which have 200 beds or lessand serve areas of 250,000 or fewer. Formore information, call 800-876-0500 orvisit www.merritthawkins.com.