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Demand for physicians and surgeons is projected to continue to grow faster than the average for all occupations. Employment should be full, especially in rural and low-income areas where there has been a greater shortage of medical practitioners for some time. Demand for cardiology jobs vary depending on the part of the country. As with most medical specialties, there are fewer job openings in large cities or other desirable locations. Cardiologist salary is primarily based on the years of experience,the sub specialty, geographic location and the type of facility. Medical Group Management Association states the mean salaries for cardiologists are $400,000 for non-invasive cardiologists, $450,000 for invasive non-interventional cardiologists and $540,000 for interventional cardiologists. According to a study by the American Medical Association, a large portion of a cardiologist’s salary comes from incentives and bonuses, which are related to contributions to income and net revenues. Growing Demand Shrinking Supply The US population is aging. From 2010 and 2035, all age groups 70 and above will increase over 95%. This means there will be a greater demand for all health care services and relatively smaller younger population of physicians taking the retiring physicians place . Further, it is estimated that as many as one-third of today's practicing physicians will retire by 2020. However, the recession and massive job loss across the country has had a direct impact on the revenue stream to physicians. When people lose their job, they also lose their health care benefits and so access to health care. The recent stock market decline has impacted older physicians’ decisions. Some physicians are postponing retirement because of the economy's impact on their retirement savings. Rather than retiring and making room for the next generation of physicians, some are planning on working for a few years longer to replenish their savings. But even a three- to five-year delay won't address the impending loss of experienced physicians. Health Reform Another uncertainty is the outcome of national health reform. If the reform actually works in increasing the enrollment into health care insurance programs then when combined with the long term the aging population and these increased numbers should push demand for services and therefore cost higher. However, no one yet knows what will happen to reimbursement rates from Medicare and this new program. The question is will there be rate a cut of reimbursement rates for different procedures by Medicare and this new program that may ultimately decrease the income of all specialties. Because of these and other factors many physician practices are waiting before making any decisions until they have a better idea of how the health reform will impact these reimbursements and their income. These same forces are impacting Invasive Cardiology jobs and Noninvasive Cardiology Job alike.
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