According to the Congressional Budget Office, without congressional action Medicare physician payment rates will be reduced 10 percent in 2008. The 2007 Medicare Trustees report predicts total cuts of about 40 percent by 2016.I continue to be amazed that most professions in America can usually expect at least a cost-of-living increase in salary to adjust for inflation, but physicians can virtually guarentee continued annual cuts in their salaries. Am I missing something? Consider these pearls about corporate CEO's:
It’s hard not to be cynical when the CEOs of America’s biggest companies received a collective 38 percent pay raise last year, boosting their salaries to $7.5 billion, according to a May issue of Forbes. That’s an average salary of $15.2 million apiece. Could any CEO be worth that much?Cynicism rules indeed...
Certainly not, says Bill George, the former CEO of Medtronic for 10 years and a professor of management at Harvard Business School.
Updated to reflect corporate salary increases.