Average annual earnings for millennial physicians under age 40 climbed from $326,000 in 2022 to $338,000 in 2023, or around 4%, according to one new survey.
Medscape published "How Much Green Comes with the White Coat?" Sept. 27. The survey polled 7,000 physicians across more than 29 specialties from Oct. 2, 2023, to Jan. 16, 2024.
Eight other findings from the report:
1. Average earnings for primary care physicians increased by around 5% from $257,000 in 2022 to $271,000 in 2023.
2. Average earnings for specialists remained relatively flat at $355,000 in 2022, rising only to $357,000 in 2023.
3. Among all physicians surveyed, male physicians earned $374,000, on average, in 2023, compared to female physicians, who earned $302,000, on average.
4. Physician paychecks are best in the Midwest at $343,000 and worst in the Northeast at $300,000.
5. Forty-nine percent of physicians reportedly felt they were compensated fairly for their work while 51% said they didn't.
6. About one-third of physicians said they worked medical side gigs for money.
7. Physicians who received average incentive bonuses reported that their average bonus was $39,000.
8. Specialists said they still carry student debt. Among specialties, 67% of family medicine practitioners are still carrying debt, while only 19% of ophthalmologists still carry debt.