By: Cory Ellerd
Submitted: 2010-04-08 13:05:44 | Word Count: 657
Orthopedic Job Outlook
About 4% of all 650,000 physicians are specialized in Orthopaedic Surgery according to the Labor Dept. Approximately half of the doctors practicing orthopedics are general orthopedics, while eleven% are spinal, ten percent are sports medicine, and the remainder concentrate in other sub-specialtiesof Orthopedics. The big issue is that as many as thirty-three percent of today's practicing doctors may retire by the year 2020.
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The Aging citizenry
There is particular concern that in the near future as older physicians retire there is not enough physicians coming up for the increased demand caused by the growing older citizenry. Rural areas in particular are vulnerable to attracting and retaining healthcare providers. Orthopedic surgery employment are significant and will continue to be in high demand, with employment opportunities expected to grow faster than average between now and 2014. As the elderly population of the US increases, there will be a higher incidence of musculoskeletal problem that occur with growing older. As our citizenry ages and our need for health care expands, the need for health care in the US is expected to continue to grow.
The Bureau of Labor Statistics shows continued growth for surgery job opportunities, particularly in rural areas of the U.S. where there is a low ratio of healthcare providers to the citizenry . The earning capability for Orthopedic Surgeons can range from $350,000 to more than $500,000, the highest salaries being found in the private practice arena.
Slow Economy
Other factors are also impacting the future demands in both directions besides growing older population, the shrinking economy and finally the impending health care "reform". The general economic slowdown and the ensuing job loss across the country has had a direct impact on the revenue stream to doctors. When people lose their work, they also lose their health care benefits and so access to health care. This loss is felt more in some parts of the country than others but this should mitigate any shortages for the short term.
Last years stock market collapse has had a huge impact on older physicians' decisions. many doctors are postponing retirement because of the economy's impact on their retirement stockholdings. a great deal healthcare providers lost such a large part of their portfolio that they need to continue working to replace their loss. But even a three - to five-year delay won't address the lurking loss of veteran doctors to retirement. This postponement has resulted in some cases that fewer employment opportunities being currently offered and graduating residents not finding as numerous opportunities as before. Residents rather than committing themselves to less desirable job opportunities are opting for Orthopedic locum job opportunities and waiting before committing to full time employment.
Health Insurance Reform
Even with the healthcare reform finally signed into law its effect on our health care is not known. By 2014 their will be an increase in the enrollment into health care insurance programs. This raise, when combined with the long term getting older of the population, should push demand for services and therefore cost higher. However, no one yet knows what will happen to reimbursement rates from Medicare and this new program. The uncertainty is will there be rate a cut of reimbursement rates for different specializationsby Medicare and this new program that may conversely become a decreasing factor of the income of all specialtiesincluding Orthopaedics, its related specializations, and subspecialties.
Clearly the Obama administration has its hands full. We are getting older and there are less young people to shoulder this rising economic burden. The Sins of the Fathers...
