WHAT’S THE BIG DEAL ABOUT PHYSICIAN INCOME?
In addition to physician happiness, the Medscape survey quoted previously also questioned participants about lifestyle. Within this category were inquiries about income, debt, and net worth, among other things. Physician income, for some reason, is a popular topic on which survey takers like to report. I don’t understand the fascination generated by wanting to report on subjects as personal as one’s income. Is it public curiosity or demand or is an attempt to publicly embarrass a group of people? Of course, I don’t receive publications from organizations representing attorneys, so I don’t know if lawyers are subject to the same scrutiny. But I doubt it.
It seems that every year physician income reportedly increases. However, that was not my personal experience. It also seems plausible to doubt such statistics when it is common knowledge that each year for the past 30+ years, the amount Medicare and private insurers pay doctors has declined. Based on the fact that the Medicare conversion rate voted on annually by Congress is reduced, in reality, physician income has actually declined. Yet, once again Medscape reports income increases.
Compared to 2022, in 2023, the average physician income increased from $352K to $363K.
Primary care physicians (FP’s, Peds, OB-GYN) increased from $265K to $277K.
Specialists averaged an increase from $382K to $394 K.
Orthopedic surgeons had the highest average income of $558K. Plastic Surgeons—$536K. Cardiologists—$525K. Urologists—$515K. Emergency Medicine —$379K. OB-GYN—$352K.
Internists—$282K. FP’s—$272K. Pediatricians—$260K.
When asked in picking a specialty, was pay a major factor in the decision?
It was the main factor: 3%
It was a leading factor: 14%
It was a minor factor: 38%
Not a factor at all: 45%
Male vs. Female Physicians, Average Income by Gender:
Average of All Physicians: Men $400K Women $309K
Average of Primary Care Physicians: Men $295K Women $253K
Specialists Average Income: Men $435K Women $333K
Men continue to exceed Women in Physician income, but reasons are not cited.
Specialists Happiest About Their Pay:
Dermatologists 62% are happy or very happy
Family Medicine: 50%
Cardiologists: 48%
Internal Medicine: 45%
Orthopedics: 44%
Pediatrics: $42%
OB-GYN: 42%
Plastic Surgery: 39%
Physician Net Worth: See previous blog post—“Physician Lifestyle and Happiness Survey”
Physician Monthly Personal Expenses:
Mortgage: 60% have one
Auto Loan: 31%
Credit Card Debt: 26%
Education Loans: 21%
College Tuition: 19%
Balance of Mortgage Owed:
$100K: 20%
$100 to $200K: 7%
$200K to $300K: 9%
$300K to $400K: 8%
$400K to $500K: 8%
>$500K: 18%
No Mortgage: 31%
Personal Financial Losses:
None: 63%
Bad Investments: 18%
Business/Practice Losses: 10%
Job Loss: 5%
Net Worth Exceeding $5 Million:
Men: 14%
Women: 7%
Blacks: 9%
Asian: 20%
White: 12%
Hispanic: 7%
What Make of Car Do Physicians Drive?
Toyota: 17%
Honda: 13%
BMW: 9%
Ford: 9%
Subaru, Mercedes-Benz, Tesla: Each 8%
That’s it. That’s the whole survey. My takeaway from this is doctors are compensated well, but not as well as in past years. Doctors have bills, mortgages, debts, and expenses just like everyone else. They tend to be more on the conservative side, though, choosing Toyota and Honda almost 4:1 over more expensive luxury models. They like vacation time but don’t overdo it. Friends and family are the major source of enjoyment, and both are also very important to professional success. I wish physician income wasn’t such a popular subject for medical publications. It’s a personal issue that’s private business. It leads the public to irrationally conclude that physicians are greedy. Most work hard, yet are forced to take reduced compensation on every patient they see. One question I would like to see is, “Knowing what you know now, would you still want to be a physician?” Another: “Would you want your children to pursue a career in medicine?” The answers would be shocking, I’m sure.
References: Same as Lifestyle and Happiness Survey Blog.
Reference: McKenna J. Infographic: How Physicians Strive for Healthy Lifestyle Medscape Int Med 2024 February 20.
McKenna J. Medscape Physician Lifestyle and Happiness Report 2024: The Ongoing Struggle for Balance Medscape Int Med 2024 February 13.
McKenna J. What Makes Doctors Happier At, Away From Work. Medscape Int Med 2023 January 25.
McKenna J. Building a Financial Future: Medscape Wealth and Debt Report 2024. 2024 June 12.
McKenna J. Medscape Physician Compensation Report 2024: Bigger Checks Yet Doctors Still See an Underpaid Profession Medscape Int Med 2024 Apr 12.
