Recruitment Report Shows Employers Responding to High Demand for Orthopedic Specialists

Sarasota, FL (WorkersCompensation.com) – While the number of orthopedic surgeons had gradually increased from 2016 through 2019, there has been a slight .3 percent decrease in the last two years. According to a new report from Definitive Healthcare, there are around 23,000 licensed and practicing orthopedic surgeons in the U.S., with the top three subspecialties being hand surgery, sports medicine, and joint replacement.

According to Merritt Hawkins, a healthcare recruitment consulting firm, Orthopedics is still a specialty in high demand. Releasing a 2022 report on top recruiting searches and salaries, orthopedic surgery ranks fifteenth of the top twenty most requested specialty searches, increasing from 45 requests in 2020-2021 to 51 for 2022.

The report found that specialist physicians are in higher demand than primary care providers with 64 percent of their searches including specialists. Analysts speculate that an aging population is the crucial driver of the need for specialists. While seniors account for 15 percent of the population currently, they generate 37.4 percent of diagnostic tests and 34 percent of inpatient procedures, and tally up more than twice the amount of annual physician visits than younger age categories.

 Additionally, the analysts cite revenue generation as yet another driver as specialists tend to earn a higher reimbursement. Physicians generate an average of $2.4 million annually for their affiliated hospitals, however certain specialties bring in more than that. For instance, Orthopedics generates over $3.2 million average annual net revenue for hospitals.

Apparently, employers are responding to these drivers as the median Orthopedic annual recruitment salary in 2022 increased by 3 percent up to $565,000 from $546,000 in 2021. According to the report, the orthopedic average is the highest starting salary of all physician specialties. Interestingly enough, the highest salary in 2021 was $1 million, compared to only $790,000 for this year. In 2019, while the highest salary was $850,000 the average salary was also higher at $626,000.

In cases where a production bonus was given, only 31 percent included quality metrics in calculations. While slightly higher than the 23 percent rate in 2020, in 2019 64 percent included quality metrics in their calculations of bonuses. Though the percentage of bonuses based on quality metrics has changed, the weight has not. Quality metrics account for 11 percent of the bonus total, which is the same percentage used in 2018 and 2019, and is one percent higher than last year.

In 2021, 61 percent of recruiting searches offered a sign on bonus. For 2022 more employers  are offering perks as 92 percent of searches included offering a sign on bonus. The ranges for sign on bonuses have increased as well, going from a low of $1,000 up to $240,000 for physicians in 2020, to $5,000 to $400,000 in 2022.

While the consulting firm saw a drastic decrease in their recruiting services at the start of pandemic due to furloughs and layoffs, as of the last quarter 2021 the company states they have had more engagements than any other quarter of their history. While there has been an increase in the recruitment of providers, the analysts contend that the U.S. may still have to contend with provider shortages.

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