AACE Learning Center Professional Resources-Finances in Endocrine Practice

Video Transcription

Video Summary

In this video, the speaker discusses the financial aspects of endocrine practice. They begin by providing an overview of the endocrinology marketplace, mentioning the high demand for endocrinologists. The speaker explains that endocrinology is one of the lowest reimbursed internal medicine subspecialties, which contributes to the higher rates of unfilled endocrinology fellowships and fewer US-trained physicians choosing endocrinology. They then discuss endocrinologist compensation, mentioning that the median base salary is around $255,000 per year, with additional compensation for bonuses and benefits. The speaker emphasizes that compensation is largely driven by RVU productivity, explaining how RVUs work and how they are monetized. The importance of proper billing and coding is also highlighted. The speaker provides practice management strategies to increase efficiency and work RVUs, including delegation, efficient use of electronic health records, coding and billing appropriately, and collaboration with advanced practice professionals. The importance of reputation management with colleagues and patients is discussed as well. The video ends by stating the speaker's excitement for new endocrinologists entering the field. No credits are provided for this transcript.

Asset Subtitle

W. Reid Litchfield

Keywords

endocrine practice

endocrinology marketplace

demand for endocrinologists

endocrinology fellowships

endocrinologist compensation

RVU productivity