Using PayScale's extensive database, we examine the 100 largest metros and determine the top 10 Healthcare Hotspots, based upon employment opportunities and relative pay.
Total Cash Compensation (TCC):
- First, we look at the ratio of healthcare workers (e.g. physicians, nurses, health techs, etc.) relative to all workers within the metro to see if the metros have an above average presence of healthcare workers.
- Second, we find the typical pay of healthcare workers to see if the metros have an above average pay for healthcare workers.
- Lastly, we calculate a score that takes into account both the relative presence of healthcare workers and the relative median pay of healthcare workers and use this measure to determine the top spots for healthcare.
TCC combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, and other forms of cash earnings, as applicable. Total Cash Compensation does not include equity (stock) compensation, cash value of retirement benefits, or value of other non-cash benefits (e.g., healthcare).
Years of Experience:
These are the number of years the respondent has spent in their field/career. Therefore the years of experience will incorporate all applicable jobs in the field, not just the current job.
The median pay is the median (50th Percentile) annual total cash compensation. Half the people doing the job earn more than the median, while half earn less. This also is referred to as "typical pay." Range in pay can be very wide depending upon job choice, years of experience, scope of responsibility, number of employees, location, etc.
We report median pay for workers who have between three and seven years of experience, with a typical experience level of five years.
Metropolitan Statistical Areas (MSAs):
These are the geographic areas defined by the U.S. Office of Management and Budget (OMB) (December 2003 Definition). To be considered an MSA, the area must contain a core urban population of 50,000 or more. Each MSA consists of one or more counties, including the county containing the core urban area and any adjacent counties that have a high degree of social or economic integration with the urban core. The latter is measured by commuting to work. We specifically focus on the 100 largest MSAs, as determined by population estimates given by the United States Census Bureau on July 1, 2009.
Healthcare Employment Ratio:
For each MSA, we find the ratio of healthcare workers to all workers and standardize the ratio by the national proportion of healthcare workers. A ratio greater than one implies the metro has more healthcare positions available than average, while a ratio less than one implies the metro has less healthcare positions available than average.
Median Pay Ratio:
This is the ratio of the median pay for Healthcare workers by metro to the national median pay for healthcare workers ($50,600). The higher the ratio for a metro, the higher its median healthcare pay relative to the national median.
Healthcare Hot Spot Score:
This is the product of the Healthcare Employment Ratio and the Median Pay Ratio. Thus, the top spots take into account both the employment opportunities and pay level for healthcare jobs.