A physician shall be assigned to every contest or exhibition by the executive director. The physician shall observe at all times the physical condition of the participants and may stop any contest or exhibition at any time to examine a participant and to terminate a bout when, in the judgment of the physician, severe injury could result to a participant if the contest or exhibition were to continue. The commission shall establish by rule or regulation a schedule of fees to be paid to physicians for their services. The physician's fee shall be paid by the promoter of the contest or exhibition attended by the physician.