Plastic Surgeons Named Chicago’s Top Grossing Practitioners
Physicians have a reputation for being well compensated financially, and plastic surgeons really come close to the top of the list of well paid medical practitioners, especially in Chicago. In a society that increasingly pays more attention to how people look and attaching value to outward appearance, plastic surgery is definitely a smart career choice, and that’s why there was a huge increase of breast augmentation procedures in Chicago.
The healthcare industry website, Medscape, estimated that by 2013 plastic surgery was ranked as the seventh highest paid medical specialty with a mean income of $321,000 a year. It is estimated that 14% of plastic surgeons earn $500,000 or more, 30% of plastic surgeons earned $300,000 to $500,000 while about 56% earned $300,000 or less. When asked if they would choose the same career if they got do it all over again, 82% of plastic surgeons reported that the would, which is an extremely high statistic compared to a mere 40% across all other specialty jobs. This means that they have one of the highest job satisfaction rates with regards to income.
For employed plastic surgeons, their main sources of income was from salaries, bonus` and planned profit sharing contributions but for partners it included all this as well as earnings from the practice after taxes. It is important to note that these statistics do not include other possible external sources of income that plastic surgeons earn such as earnings from being an expert witness and earnings from speaking engagements.
There is always a difference in income between men and women across most professions and plastic surgery is no exception. It is estimated that men are likely to earn about 39% more than women annually. Men earn an average of about $343,000 while women an average of about $250,000. It however is important to note that there are far less women in plastic surgery as compared to men.
Geographical location also matters as plastic surgeons in the Southeast of the USA earn more than their counterparts in the Northwest of the country. Dr. Placik, one of the top Chicago plastic surgeons (for more info visit Breast Enlargement Chicago Website), reported earnings of about $204,000, while those in the Southeast earn about $352,000 which is a significant income difference. Those in the mid-Atlantic report about $322,000 while those in Great lakes region report about $340,000.
Practice setting is also a significant factor contributing to the income of plastic surgeons as those working for healthcare organization are likely to earn a lot more than those in the solo practice or outpatient clinic. For example surgeons working for healthcare organizations on average earned about $411,000 a year while those in the office based solo practice and hospitals earned $297,000 a year, while those who worked outpatient clinics generated an annual income of $240,000. About 41% of all plastic surgeons run cash only service while 24% are part of the ACO or intend on joining soon, while 6% run a concierge practice.
There are several strategies that can be implemented to increase the salary of a plastic surgery. The first is that it is important because emerging technologies are radically changing the face of the industry and providing less invasive means and tools of performing the same tasks and are much safer.
Another way of improving income is realizing that the target market demographic for plastic surgery is changing. Traditionally only women were interested in plastic surgery and men who engaged in it were perceived as feminine leading to a stereotype but that is rapidly changing with male millennial now open to the possibility of going through plastic surgery so it is important that a surgeon address not just female but also male concerns.
For those running a solo private practice, it is critical that to increase income the proprietor must engage in marketing as a tool to reach his/her target audience and as a way of educating them on the services that are offered. Marketing involves placing ads, using brochures and most importantly word of mouth because nothing in marketing comes close to the good PR from a happy client.
For those plastic surgeons that are young and still have the ability to move from one state to another, statistics show that those surgeons working in the Southeast of the USA earn about 75% more than those in the Northwest, which means means moving to the Southeast could lead to significant increase in income.
A way of earning extra cash often overlooked by some plastic surgeons is writing books, articles in magazines and blogs. People want to know more about plastic surgery and writing could provide an opportunity to not only market a surgeons practice but also demystify the process of plastic surgery as well root out myths. A plastic surgeon can also give paid engagements and work as an expert witness in legal proceedings.
In conclusion it is important to note that the future looks bright for those in the practice with more and more people interested in plastic surgery as stereotypes fall away and technology makes the procedures safer everyday.