One of the “must read” sections of Independent Practitioner Today, a business magazine aimed at doctors with a private practice, is “Profits Focus”. Profits Focus is put together by Ray Stanbridge who runs an accountancy, and tax advisory service and Martin Murray, a partner at Sandisson Easson & Co, a medical accountants.
But first...any idea what consultants get paid in the NHS? Here’s the basis for NHS consultant salaries for 2011/12. There are several elements to an NHS consultant salary:
Base salary: This depends on the number of years of experience. A new consultant is paid £74,504; A consultant with 9 years experience receives £89,370 pa; A consultant with 19 plus years experience receives £ 100,446 pa.
Clinical excellence awards: Basic salary is supplemented according to levels of clinical excellence. Clinical Excellence Awards are meant to reward consultants who perform over and above the standard expected of their role - consultants who can demonstrate that they’re delivering safe, high quality services:
A Level 1 Award warrants an additional £2,957pa;
A Level 5 Award warrants an additional £14,785pa;
A Level 9 Bronze Award warrants an additional £35,484;
A Level 12 Platinum Award warrants an additional £75,796 pa.
Around 30 consultants earn the top level Platinum award each year. Around 350 consultants earn the Bronze award each year.
According to the NHS Information Centre, NHS Staff Earnings report (January - March 2011), the average NHS consultant salary (under the new NHS contract) is £117,700 pa. (There are around 35,000 consultants working in the NHS.)
So, a consultant earns £117,700 pa in the NHS. What does he or she earn from his private practice? Or...if you’re planning to direct your son or daughter towards a medical career, which specialty has the best chance of paying for a comfortable retirement for Mum and Dad...?
Here’s your answer, based on my analysis of the monthly specialty reviews published in Independent Practitioner Today:
Specialty
Fee income
Profit
Orthopaedic Surgeons
£168,000
£128,000
General Surgeons
£146,000
£94,000
Urologists
£114,000
£80,000
Opthalmologists
£121,000
£80,000
Cardiologists
£108,000
£79,000
Radiologists
£91,000
£67,000
ENT Surgeons
£119,000
£68,000
Gynaecologists
£105,000
£64,000
Physicians
£64,000
£47,000
Anaesthetists
£62,000
£47,000
Source: Independent Practitioner Today. Fee income and net profit for 2008, by specialty.
So, if your son or daughter is headed off for medical school this Autumn, make sure you send them off with a copy of the Oxford Textbook of Trauma and Orthopaedics (£237.50 from Amazon). You won’t regret the investment.
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