Ten Physician Specialties That Generate Most Revenue for Hospitals | OrboGraph (2024)
Our parents always told us to aspire to big things — “Be a doctor or a lawyer — they make lots of money.”
We can’t speak for the legal profession (though they seem to be doing well), but a recent survey by physician staffing firm Merritt Hawkins assures us that the amount of revenue physicians generate for hospitals is typically considerably higher than their annual salaries, making them positive assets, to say the least.
The survey was emailed to roughly 3,000 hospital CFOs and other financial managers across the nation between October 2018 and December 2018, and the survey results include data on 93 hospitals. Despite the relatively small data set, Merritt Hawkins believes the survey results are generally reliable and accurate because the overall number for average annual revenue generated by all physician specialties for their affiliated hospitals has remained relatively constant over the 16 years the survey has been conducted.
While healthcare’s main focus should be the health of their patients, healthcare providers/hospitals are well aware that the collection for payment from insurance companies and patients is not as simple as send a bill and receive payments.
While the healthcare industry strives for 100% electronification of payments, paper and PDF-originate payments continue to be an issue, as it requires manual processing and delays cash flow — both contributing to inefficient operations and even investment in their workforce.
Hospital revenue is the money that a medical center generates from operations. Most hospital revenue comes from patient care services, including procedures, such as surgeries or diagnostic imaging, and billing for doctor appointments and services.
Hospital revenue is the money that a medical center generates from operations. Most hospital revenue comes from patient care services, including procedures, such as surgeries or diagnostic imaging, and billing for doctor appointments and services.
How Much Do the Highest-Paid Doctors Make? The highest-paid physicians in the US are in surgical and procedural specialties such as neurosurgery, thoracic, and orthopedic surgery. These physicians earn an average annual salary of $600,000 or higher.
The biggest, UnitedHealth Group, made $324bn in revenues last year, behind only Walmart, Amazon, Apple and ExxonMobil, and $25bn in pre-tax profit. Its 151m customers represent nearly half of all Americans.
Being an anesthesiologist will be the highest-paying medical job in 2024. Data shows that anesthesiologists can earn a yearly wage of as low as USD 239,000 to as high as USD 445,000, with an average annual salary of around USD 270,000 per year.
The majority of healthcare revenue comes from reimbursem*nts by insurance providers. This includes payments for services rendered, procedures, and treatments covered by insurance policies. Government Funding: Healthcare organizations often receive funding from government programs, such as Medicaid and Medicare.
Health technology was actually projected to be the most profitable sector of the year with a 21.6 percent net profit margin. Technology services (17.2 percent net margin) were second, narrowly edging past finance (17.1 percent). Electronic technology and consumer nondurables round out the top five.
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