People of the United States annually spend more than three trillion dollars on healthcare. This presents a tremendous opportunity for hospital industry because this number is expected to grow. If the past few years are any indicator, then this is certainly true: United States’ healthcare industry has grown from three trillion dollars to 3.8 trillion dollars in just over two years. This article explores the future of this industry and points out the most promising occupations of medical field.
The Association of American Medical Colleges projects that the United States will be short of more than 90,000 physicians by 2020. By 2025, that figure will rise to 130,000. In order to fix this problem, healthcare companies would have to introduce lots of innovations, such as more effective technology and team-based care. However, even if these innovations are introduced, there would still be a significant shortage of physicians. Given this shortage, it is no wonder that any person with a doctorate degree in one of the medical fields would have lots of six-figure salary offers right after graduation. Moreover, if he or she were to start his own medical practice, they would likewise be in a good position because a profit margin for physicians is one of the highest at 14.1%.
Most In Demand Medical Specialties
Cardiologists are the most in demand medical professionals. Their salaries range from $230,000 to $520,000. Other highly paid medical professionals include plastic surgeons, anesthesiologists, dermatologists, and ophthalmologists. Most of them are making more than hundred thousand dollars a year. Moreover, the demand for these professionals is expected to continue growing well into the next few decades.
Why Demand for Doctors Will Grow
The demand for doctors will grow primarily because the population is growing older. This causes an increase in the number of age-related conditions, such as arthritis, osteoporosis, cancer, cardiovascular disease, and hearing loss. The medical professionals treating these diseases will see a sharp increase in earnings.
United States’ Healthcare Companies
There are many healthcare companies in the United States. Overall, these companies produce billions of dollars in profit. However, their profit margins are relatively low when compared to such highly profitable industries as oil and mining. Some of them – health insurance corporations, for example – had a profit margin of only 3.4 percent. Some companies outshine the others, however. Companies like Nueterra have developed top-of-the-line physician owned surgical hospitals that are known for integrating capabilities with investor interests. It helps corporate clients build surgical hospitals, develop efficient health systems, and improve clinical outcomes. After one of these hospitals is built, the company can help establish the hospital’s procedures and negotiate employee salaries.
Any medical student residing in the United States has a good chance of having a financially successful future. The growth of medical industry has made it possible for anyone with a doctorate degree to earn a six figure salary. Doctors treating age-related conditions will see an especially sharp increase in earnings.