Given the Choice, Most Physicians Would Choose Medicine Again. Most Would Even Opt for the Same Specialty.

Medscape recently published its 2023 Physician Income report. For this year’s report, over 10,000 providers, across 29 specialties, submitted responses.

We provide highlights from the report below:

Amidst the well-documented physician shortage and effects of the pandemic, which further reduced the supply of providers, it is not surprising that physician incomes are continuing to increase. From 2018 to 2023, the average physician income increased from $299,000 to $352,000. In 2023, Specialists’ compensation averaged $382,000, and Primary Care Physicians (PCPs) averaged $265,000. Male physicians continue to make more than women, with average salaries 19 percent higher for PCPs and 27 percent higher for specialists. The gap between the sexes, however, is smaller in 2023 than it was in previous years for both groups.

The top 10 highest paid specialties have remained relatively unchanged for the past decade with the exception of Plastic Surgery, which now garners the highest annual compensation ($619,000). Average pay increased the most from last year among Oncology (+13 percent), Gastroenterology (+11 percent), Anesthesiology, Radiology, Critical Care, and Urology (all +10 percent). The specialties with the biggest declines from last year include Ophthalmology (-7 percent), Emergency Medicine (-6 percent), Physician Medicine and Rehab, Nephrology, Allergy & Immunology, and Rheumatology (all -5 percent).

Most physicians (52 percent) feel that they are compensated fairly. Satisfaction does not correlate perfectly with average compensation, as physicians in some of the lower-paying specialties are among the most likely to report that they are satisfied. Physicians who work in Psychiatry (68 percent), Dermatology (65 percent), Public Health and Preventative Medicine (65 percent), and Critical Care (63 percent) are the most likely to feel compensated fairly. And, with the exception of Dermatology, none of the specialties fall within the top ten highest paid. Physicians working in Infectious Disease (35 percent), Ophthalmology (42 percent), Internal Medicine (43 percent), and Nephrology (43 percent) are the least likely to feel satisfied with their pay.

Almost three-quarters (73 percent) of physicians reported that they would choose medicine again and most would choose their specialty. Almost all Plastic Surgeons (97 percent), Urologists (96 percent), and Orthopedists (95 percent) would opt for their specialty again. The least likely to say that they would choose their specialty again are physicians working in family medicine (66 percent) and Internal Medicine (61 percent).

Physicians feel rewarded by their expertise and their relationships with patients, although they name many challenges. Just under one-third of respondents (30 percent) said that the work itself or “being very good at what I do” is the most rewarding part of the job. An additional 24 percent named “gratitude/relationships formed with patients,” and 19 percent said “helping others and doing good”. When asked about the challenges, physicians responded with a variety of items, including rules/regulations (21 percent), long hours (16 percent), dealing with difficult patients (15 percent), dealing with Medicare and/or insurers (13 percent), and working with electronic health records (13 percent), among others.

On average physicians spend 15.5 hours per week on administrative duties. This includes an average of nine hours on EHR documentation weekly. Specialists who spent an average of 18 (plus) hours per week on these duties, include Physical Medicine and Rehabilitation (19 hours), Critical Care (18), Internal Medicine (18), Nephrology (18), Neurology (18), and Oncology (18). On the other end of the spectrum, Anesthesiologists (9) and Ophthalmologists (10) spent fewer hours on administrative work.

Worried About Medical School Debt? Financial Advisors Weigh In.

Medscape’s 2022 Medical Student Lifestyle Report found that med students’ top concerns deal with managing finances, debt, and contracts. As a follow-up to these findings, Medscape ran a poll of medical students to learn more about their financial issues. Over two-thirds (68 percent) of the 151 respondents said that they always/often worry about finances. Among first- and second-year med students, this percentage jumps to 75. Over half said that they are confused about money and only 42 percent—just 26 percent of female respondents—said that they feel prepared to manage their finances.

Most students named debt as their primary concern (86 percent). This was followed by investments (52 percent), contracts (27 percent) and business operations (16 percent). Some addressed their difficulty in balancing spending for necessities and “fun” items, and cited issues with budgeting for the residency application process in the fourth year. 

Financial planner and advisor to young doctors, Paul Morton, spoke with Medscape, noting that medical students are often asked to make binding decisions, many of which they don’t feel confident making, about loans and investments. He also acknowledged that student loan rules have become more complex.

James Nutter, Director of Client Experience for IM Wealth, also spoke with Medscape and reassured medical students that loans for medical school are a remarkably safe investment for their future.

In addition, he encourages medical students to consider the following:

• Examine your relationship with money. Are you being overly influenced by your childhood experiences, your parents struggle with money, or other external factors such as social media? What personal experiences may be driving or coloring your spending behaviors?

• Take note of exactly how you spend your money on a monthly basis. What types of items are buying? Detailed knowledge of your spending habits can inform how much you need to borrow.

• Identify three core values, and spend your money in ways that align with those values. This will help to reduce the noise of external pressures on your spending and ensure that your spending is reflective of who you are.  

Despite Stress and Burnout, Most Students Feel that Medical School Prepared Them Well for Board Exams and Residency

In Medscape’s 2022 Medical Student Lifestyle report, which included responses from over 2,000 medical students, many respondents reported experiencing burnout: 37 percent of students reported occasional burnout, while a full third of respondents (33 percent) reported frequent burnout, and 12 percent reported constant burnout. And while 37 percent said that they rarely or never experience doubt about becoming a doctor, many said they did experience doubt sometimes (44 percent), frequently (15 percent), or constantly (4 percent).

Despite many medical students experiencing stress and even doubt, most reported feeling that their medical schools prepared them for the future. The majority of students (64 percent) noted that they felt prepared or very prepared for the USMLE, with half favoring the move to a pass/fail format for the test. Just over two-thirds of students, 67 percent, reported satisfaction with the relationships they formed with their professors. And 59 percent reported feeling prepared or very prepared for residency, with that proportion increasing to 75 percent among fourth year respondents. 

Many students also reported that they found meaning during the pandemic. Over one-third of respondents, 39 percent, reported that Covid reinforced or strongly reinforced their drive to become a doctor. In terms of specialty selection, 24 percent noted that Covid slightly or somewhat influenced their specialty choice, and 12 percent said that Covid influenced or strongly influenced their selection of a specialty. The majority of students (54 percent) said that they felt satisfied or very satisfied with how their medical school handled Covid.