Best States to Practice Medicine…and Why
When it comes to deciding where you should go next for your practice, you have to ask yourself the question “where’s the best place to live?” Then you have to think about what should factor into your decision?
Things like income, taxes, cost of malpractice and cost of living probably come to mind. Wouldn’t it be nice if it was just as simple as picking the best location-based on those items alone and then pursing the job market? The problem is that it’s not that easy because there are other factors that play a major role. But we’ll table them for this discussion and focus on the components we can measure.
Let’s look at the top 5 rankings based on some of the data that was analyzed by Medscape’s Best and Worst Places to Practice in 2015
Guess which states are in the top 5? You might be surprised
#1 – Tennessee
The reason why is because it had the second lowest cost of living, income taxes were only 7.6%, malpractice costs were middle of the pack nationally and the average compensation was $279k. For lifestyle they have many theme parks and attractions like Gatlinburg and Pigeon Forge and the Great Smoky Mountains National Park.
#2 – Mississippi
Their average physician compensation is around $275k. They also have low-income taxes and the malpractice payouts were more favorable. A big plus for MS is their low-cost of living without the hefty price tag of that you’ll find among its more expensive peers.
#3 – Oklahoma
With a low-cost of living and an average income of $304k among doctors plus a 8.5% average state and local income tax rate, you can get a lot of financial mileage there.
#4 – Texas
This one has no state income tax and it has the benefit of the reduced malpractice payouts because of a 2003 constitutional amendment. There are many communities to choose from and lots of amenities for families. The sheer size of the state caters to almost any preference of geography, climate or city size.
#5 – Wyoming
It makes the cut because of no state income tax, higher compensation around $312 on average and much to see in the natural beauty of the landscape. For doctors who prefer a fee for service model since managed care is not available there, this is a great location for them.
So what is it that most important to you because there are many things to consider? If there is a change coming up in your future, you’ll have to figure out where everything falls and then begin your search. Once the search begins you don’t have to go at it alone. Feel free to reach out to one of our advisors who can help locate job prospects and get you introduced to specialized attorneys who can help you negotiate.