“Doctors, Lawyers and
Chief Executives”
Panel Discussion
Session # 312
Michael D. Seymour, Keck School of Medicine, USC
Thomas Hampsey, Lafayette College
Jill Meister, Brown University
Sources to locate information on doctors and other
medical professionals
•
Doc Finder -- http://wwwdocboard.org/
This site will take you
to individual State medical board home pages
•
American Board of Medical Specialists (ABMS) -http://www.abms.org/
•
American Osteopathic Association (AOA) – http://www.aoanet.org/index.cfm
Information on osteopaths (alternative
medicine)
•
American Academy of Physician Assistants (APA) –
http://aapa.org
PA’s are the fastest growing field in medicine!
Sources to locate information on doctors and other
medical professionals, continued
•
California Medical Board -- http://www.medbd.ca.gov/Lookup.htm
•
New York doctor finder -- http://www.nycdoctors.net
•
Eye care, optometry, opthalmology, vision care and eye disease:
http://www.american-optometrist.com/
Sources for salary and compensation information
http://www.bls.gov/oco/ocos074.htm#earnings
(this is the U.S. Department of Labor’s Bureau of Labor
Statistics page on physicians and surgeons. It is very
thorough and detailed. A good place to start)
http://www.cejkasearch.com/compensation/amga_physician_co
mpensation_survey.htm
(this is the American Medical Group Association’s physician
compensation survey and is an excellent source. It breaks
out salaries – All Physicians, starting out, East, West, South
and North)
Sources for salary and compensation information,
continued
•
http://www.healthcarejobstore.com/hb_cfmfiles/salary/index.cfm
This site contains medical salaries that are based on survey
information that is self reported by individuals. However, you can
select by specialty areas and region.
•
http://www.physicianssearch.com/physican/salary2.html
This site contains general salary information with the physician’s low,
average and high ranges.
•
http://www.acponline.org/journals/news/feb01/pay.htm
This is an article for February 2001 on medical salaries with an
overview and it includes a look at specialty areas.
•
Earnings of physicians and surgeons are among the highest of any occupation. According to
the Medical Group Management Association’s Physician Compensation and Production
Survey, median total compensation for physicians in 2004 varied by specialty, as shown in
table 2. Total compensation for physicians reflects the amount reported as direct
compensation for tax purposes, plus all voluntary salary reductions. Salary, bonus and/or
incentive payments, research stipends, honoraria, and distribution of profits were included in
total compensation.
•
Table 2. Median total compensation of physicians by specialty, 2004
Less than two years in specialty
Over one year in specialty
•
•
•
•
•
•
•
Anesthesiology
$259,948
Surgery: General
$228,839
Obstetrics/gynecology: General
$203,270
Psychiatry: General
$173,922
Internal medicine: General
$141,912
Pediatrics: General
$132,953
Family practice (without obstetrics) $137,119
•
SOURCE: Medical Group Management Association, Physician Compensation and
Production Report, 2005.
•
Self-employed physicians—those who own or are part owners of their medical practice—
generally have higher median incomes than salaried physicians. Earnings vary according to
number of years in practice, geographic region, hours worked, and skill, personality, and
professional reputation. Self-employed physicians and surgeons must provide for their own
health insurance and retirement.
$321,686
$282,504
$247,348
$180,000
$166,420
$161,331
$156,010
MEGA sites
http://www.pohly.com/books_healthcare_directories_data.html
This site is great ! It contains directories, data, trends and
benchmark books for all of the various healthcare professions.
It is a great MEGA site with tons of resources.
http://www.MDExpress.com/
M.D. Express is “designed by busy physicians for busy
physicians”. This is a one-stop shop site that has scientific
journals, medical search engines, professional associations, health
organizations, medical school listings, pharmacology, physician
resources, patient resources, and lots more ! Definitely one to
bookmark !
On the other side of the equation
Factors to consider:
• Medical Liability Insurance (malpractice insurance)
Medical Liability Insurance in Kentucky
for OB/GYN is $60,000/yr. compared to the national
average of $70,000 - $100,000.
Low risk fields of medicine: general internists, family medicine
High risk fields of medicine: obstetricians, neurosurgeons,
and cardiothoracic surgeons -- over a decade ago, they paid
about $35,00/yr in medical liability insurance, now averages
are $110,00 - $140,000
On the other side of the equation, continued
• Staffing / Operations -- You also have to keep in mind that
office staff and nurses are expensive part of business
operation. Payroll eats up a good portion of the business.
• Marketing / Promotions -- Depending on the type of practice
[certainly the case with plastic and reconstructive surgery
physicians], you have to market and promote your business
in order to get and keep patients. These costs again can be
tremendous.
Executive Compensation
• www.jobsmart.org/jobstar.org
Meta site - Links to 150+ profession specific
salary surveys
Including: Banking, Finance, Manufacturing,
Marketing and Sales and Management
• Career Journal – www.careerjournal.com
Click on the salary and hiring tab, it will take you
to a section to get salary survey information and
hiring trends.
Executive Compensation
• E-Comp: www. Ecomponline.com – free
executive compensation data on 50,000 senior
executives at 12,000 U.S. public companies
• Hoovers: www.hoovers.com - fee based service,
will provide age, salary and bonus for top five
officers, sometimes more.
• SEC proxy statements (10k Wizard, sec.gov,
Yahoo, Google finance sections)
• The Riley Guide:
www.rileyguide.com/salguides.html - another
metasite - many salary guides
Investment Banking
• Article from Investment Banking Daily from 2000 profiled the
different salaries earned.
• A managing director is always higher up than a vp – vp is
entry level.
• Look for MBAs from the top schools – they garner the top
salary.
• Location – NY City is where top dollar is made, and in other
key financial cities (Boston, San Fran., London)
• Managing Directors start at $2 million, and can go as high
as $10 million.
• VPs - $150,000-$250,000.
Venture Capital Managers
• Tend to make money over the long term. Will feel
“poor” one month, and then feel successful the
next.
• Venture Capital invest in companies – provide
seed money. In return, when the company is
profitable, will earn a rate of return on its
investment.
• Watch for M&A activity on VC firms (The Deal,
Investment Business Daily, Bloomberg) –
successful deals are a good time to have a
fundraiser solicit for a gift.
Hedge Fund Managers
• Hedge fund managers earn 1% on invested
assets, and take 20% return on investment.
There are 5 managing partners that you can
assume will split equally. 1% of $4 billion is $40
million. 20% of $600 million is $120 million.
Income: $8 million + $24 million = $32 million.
• The above is based upon $4 billion in hedge fund
assets.
• Anybody can be a hedge fund manager – this
type of investment tool is under close scrutiny by
the SEC.
Other salary sources
• Vault Guide: www.vaultreports.com/ - career
guide site with many salary resource guides
• Salary Expert: www.salaryexpert.com
• Cert Cities:
www.certcities.com/editorial/salary%5Fsurveys/ IT professional salary surveys
• Internet Prospector: www.internetprospector.org/salaries.html - links to salary sites
mentioned in this list, plus others (links rather old)
Lawyer Biographical Information
• To find attorney biographies and links to the
law firm web site:
Martindale Hubbell
http://www.martindale.com/xp/Martindale/home.x
ml
FindLaw Lawyer Directory
http://lawyers.findlaw.com/lawyer/lawyer_dir/searc
h/jsp/name_search.jsp
Lawyer Biographical Data
• To obtain additional biographical data:
Ziggs.com - http://www.ziggs.com/home.aspx
• Zoom Info
http://networking3.zoominfo.com/PeopleSearch/A
dvancedSearch.asp?nlb=4%2F8%2F20
Lawyer Compensation
•
Amlaw 100 and 200 (July)
A good way to search for new major donor prospects. Do you have any
constituents that are Partners at these prestigious law firms? :
Top ten firms
Compensation per Partner (2004
1. Wachtell*
http://www.wlrk.com/
$3,500,000
2. Cahill Gordon
http://www.cahill.com/
$2,420,000
3. Sullivan & Cromwell*
$2,350,000
http://www.sullivancromwell.com/Home.aspx
4. Simpson Thacher*
http://www.simpsonthacher.com/
$2,330,000
5. Cravath**
http://www.cravath.com/Cravath.html
$2,205,000
Lawyer Compensation
•
Amlaw 100 and 200 (July)
6. Paul, Weiss*
$2,155,000
http://www.paulweiss.com/Home.aspx
7. Davis Polk**
http://www.dpw.com/
$2,005,000
8. Milbank, Tweed**
http://www.milbank.com/en
$1,875,000
9. Schulte Roth
http://www.srz.com/
$1,795,000
10. Cadwalader**
http://www.cadwalader.com/
$1,750,000
* Note: Attorney list is searchable by undergraduate school and law school
attended.
** Attorney list is searchable by law school attended
Other sites
• To find information on them in the news:
New York Times, Wall Street Journal, USA Today,
Washington Post, Time, Newsweek, U.S.
News and World Report, and others (all archived!)
http://www.allentownsd.org/NewspapersLocal.htm
Biz Journals (select all markets, and date, and “all
issues”) http://www.bizjournals.com/search.html
Other sites
• For quick snapshots of public company
executives including free alerts on an
individual’s title or compensation change, sign
up for:
Forbes People Tracker
http://www.forbes.com/cms/template/peopletracke
r/index.jhtml
Other sites
• http://www.ceocast.com (broadcast interviews
of CEOS)
• http://www.chiefexecutive.net (“the only
magazine written strictly for CEOs and their
peers.”
• http://www.investorguide.com/ (if you don’t
have a subscription to hoovers.com this web
site can be used as a good way to do quick
research on public companies)
Other sites
•
To find if they made any very large philanthropic gifts:
Chronicle of Philanthropy Archives (to check for large
philanthropic gifts) http://philanthropy.com/free/search.htm
(requires account to search back through 1997)
•
To find if they make political contributions above $200: FEC
Political Contributions http://www.tray.com/cgiwin/indexhtml.exe?MBF=NAME
•
To verify if they have set up a private charitable foundation:
Guidestar http://www.guidestar.org/ (some parts of the site
are free but require username and password)
•
To find real estate values: Tax Assessor Database
http://www.pulawski.com/ or
http://homepage.mac.com/researchventures/
Other sites
•
A Few More Doctor Related Sites:
http://www.ama-assn.org/ (select “doctor finder for patients.”)
Contains select biographical detail for 690,000 physicians
http://www.doctordirectory.com (search for physicians by
state and by area of specialization)
http://www.mdjunction.com/ (another doctor finder that
contains reviews of some doctors)
http://www.webdental.com/find_dentist.asp (find a dentist;
just basic contact info)
http://www.thehealthpages.com/ (yet another doctor and
dentist finder)
http://www.physicianssearch.com/physician/salary.html
(additional compensation estimates)
http://www.castleconnolly.com/index.cfm?dws=ey (haven’t
checked this out yet; is a partially free, partially fee-based
database of “America’s Top Doctors”)
Contact Information
Michael D. Seymour
Senior Director, Development Operations
Keck School of Medicine
University of Southern California
(626) 457 – 4076
mseymour@usc.edu
Contact Information
Tom Hampsey
Director of Development Research
Lafayette College
108 Watson Hall
Easton, PA 18042
610-330-5026
hampseyt@lafayette.edu
Contact Information
Jill Meister
Brown University
110 Elm Street
Providence, RI 02912
401-863-7700
jill_meister@brown.edu