In recent weeks, physicians have gotten the first hints of how much income they could lose in the COVID-19 crisis.
"At a combined system and hospital board meeting yesterday, there was a financial presentation," said a cardiologist in Minnesota, who declined to be named. "We have 'salary support' through May 16, which means we will be receiving base pay at our 2019 level. After May 16, I think it's fairly certain salaries will be decreased."
A general internist in the same area added: "The system has decided to pay physicians and other employees for 8 weeks, until May 15, and they are borrowing about $150 million to do this. We don't know what will happen after May 15, but we are supposed to have an update in early May."
Physician income is of huge interest, and many aspects of it are discussed in Medscape's Physician Compensation Report 2020, just released.
The Worst May Be Yet to Come
Of all the categories of physicians, "I am worried about private practices the most," says Travis Singleton, senior vice president at Merritt Hawkins, a physician search firm. "They don't have a financial cushion, and will start seeing big drops in revenue at the end of May."
"A lot of the A/R [accounts receivables] for practices come within 30 days, and very little comes in after 90 days," says Terrence R.
