| While in the past there have been concerns that there | | | | as one-third of today's practicing physicians will retire |
| may be too many Cardiologists for the number of | | | | by 2020. However, the recession and massive job |
| Cardiology jobs that are open, a study of the market | | | | losses across the country have had a direct impact on |
| by the ACC concluded that this was not the case. | | | | the revenue of physicians. When people lose their jobs, |
| Demand for physicians and surgeons are projected to | | | | they also lose their health care benefits and, in turn, |
| continue to grow faster than the average growth rate | | | | access to health care. |
| of any other occupation. Employment should be full, | | | | The recent stock market decline has impacted older |
| especially in rural and low-income areas, where there | | | | physicians' decisions on retiring. Some physicians are |
| has been a greater shortage of medical practitioners | | | | postponing retirement because of the economy's |
| for some time. Demand for cardiology jobs also varies | | | | effect on their retirement savings. Rather than retiring |
| depending on the part of the country. As with most | | | | and making room for the next generation of physicians, |
| medical specialties, there are fewer job openings in | | | | some are planning on working for a few years longer |
| large cities or other desirable locations. However San | | | | to replenish their savings. But even a three- to |
| Diego, in particular, currently has a shortage of | | | | five-year delay won't address the impending loss of |
| cardiologists. | | | | experienced physicians. |
| A Cardiologists salary is primarily based on years of | | | | Health Care Reform |
| experience, subspecialty, geographic location, and type | | | | Another uncertainty is the pending outcome of national |
| of facility. Medical Group Management Association | | | | health reform. If the reform actually succeeds in |
| states the mean salaries for cardiologists are $400,000 | | | | increasing the enrollment into health care insurance |
| for non-invasive cardiologists, $450,000 for invasive | | | | programs, it will push demand for services, and |
| non-interventional cardiologists, and $540,000 for | | | | therefore cost, higher, due to the dramatic increase of |
| interventional cardiologists. According to a study by the | | | | people needing these services. However, no one yet |
| American Medical Association, a large portion of a | | | | knows what will happen to reimbursement rates from |
| cardiologist's salary comes from incentives and | | | | Medicare and this new program. The question is will |
| bonuses, which are considered contributions to income | | | | Medicare cut of reimbursement rates for various |
| and net revenue. | | | | procedures for this new program that may ultimately |
| Growing Demand Shrinking Supply | | | | decrease the income of all specialties? |
| The US population is aging. From 2010 to 2035, all age | | | | Because of these and other factors, many physicians |
| groups 70 years and above will increase by over 95%. | | | | are waiting to making any decisions until they have a |
| This means there will be a greater demand for all | | | | better idea of how the health reform will impact |
| health care services, and a relatively smaller and | | | | reimbursements and, ultimately, their income. These |
| younger population of physicians taking the retiring | | | | same forces are impacting Invasive Cardiology and |
| physicians' place. Further, it is estimated that as many | | | | Non Invasive Cardiology jobs alike. |