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Carol Peckham | May 4, 2017
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
The survey for Medscape's Physician Compensation Report 2017 included questions on physician debt and net worth. We compiled the responses of more than 19,200 physicians in over 27 specialties. Interesting insights emerged, showing that physicians are often better planners and smarter with their money than some might think.
Note: Values in the graphs have been rounded.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
The top three earners among all physicians this year are orthopedists ($489,000), plastic surgeons ($440,000), and cardiologists ($410,000). Orthopedists were the highest earners in the 2016 report as well ($443,000), while cardiologists placed second ($410,000) and dermatologists third ($381,000). This year, the lowest earners are pediatricians ($202,000), family physicians ($209,000), and endocrinologists ($220,000).
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Physician incomes have steadily increased, according to 7 years of responses to Medscape's annual physician compensation surveys. Travis Singleton, senior vice president of physician search firm Merritt Hawkins said, "The major reason for the increase in salaries of recruited physicians is intense competition for doctors. There is competition between hospitals and healthcare systems, and also with urgent care centers, federally qualified health centers, direct care, concierge care, and other delivery systems, which all employ doctors."
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Physicians estimated their net worth, defined as total assets minus total liabilities. Not surprisingly, the rankings of those with net worth of $2 million or more followed closely with their compensation, in most cases. The top three were orthopedists (44%), otolaryngologists (42%), and radiologists (40%), who are also within the top six in earnings. At the bottom were family physicians (12%), pediatricians (14%), and psychiatrists (15%), who are also within the bottom six in earnings.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Net worth increases over time in most cases. Very few physicians (5%) under 35 have a net worth of $1 million or more. Twenty-nine percent of physicians by age 49, and over half (65%) aged 50-64, say they have accumulated this amount of wealth. Fifty-nine percent of those 65 or over are worth $1 million-$5 million, and 14% are worth more than that.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
When ranking physicians by highest net worth (over $5 million in our survey), income—perhaps obviously—plays a role. The top two are orthopedists (15%) and plastic surgeons (13%) in both earnings and net worth. Next in line in net worth are ophthalmologists and dermatologists (both at 13%), followed by radiologists (11%); these three groups are all within the top 11 specialties in earnings. Physicians with a net worth of $5 million or more are certainly in the minority, however.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
For physicians with a net worth under $500,000, there is also a connection with income, as might be expected. Those in the bottom five (net worth less than $500,000) are also in the bottom eight in earnings among all physicians. Nearly half of family physicians (44%), neurologists and internists (both 43%), and pediatricians (42%), as well as 39% of endocrinologists, have a net worth under $500,000.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
According to Medscape's Physician Compensation Report 2017, among primary care physicians there is a gap in income of 16% between men ($229,000) and women ($197,000), and among specialists the gap is even wider (37%), with men making $345,000 on average and women making $251,000. Women's net worth is also much lower in our report. Over half (51%) of male physicians report a net worth of $1 million or more, compared with 33% of females. It should be noted that fewer women are in the higher-paid specialties.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
When looking at net worth by race/ethnicity, white/Caucasian physicians come out ahead. Half enjoy $1 million or more in net worth, followed by Asian (39%) and Hispanic/Latino (33%) physicians. One quarter of black/African American physicians have this amount of wealth. It should also be noted that black/African American physicians make up the largest percentage of primary care physicians, of any racial group.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Nearly half (48%) of those who were trained in the United States have a net worth of $1 million or more compared with about a third (36%) of those who were trained elsewhere.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Over one third (37%) of emergency medicine and a third of family physicians are still paying off school loans. Those least saddled with such debts are pulmonologists and rheumatologists, both at 17%.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
It's not surprising that the percentage of those with school debt falls steadily with age. About two thirds (67%) of those between 28 and 34 are still paying it off. The percentages begin to decline in the years that follow, but at age 40-44, nearly half of physicians (45%) still have that debt, and over a quarter (26%) are working it off in their late forties.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Although percentages are relatively small, 10% of infectious disease physicians and 8% of oncologists, ob/gyns, pediatricians, and cardiologists account for the top five specialist groups that admit to living above their means. Although pediatricians and infectious disease physicians are within the bottom five in earnings, none of the other aforementioned groups are among the lowest earners. Physicians overall appear to do a good job of living within their means.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
More than half (51%) of orthopedists, the highest-earning physicians, say they live below their means, followed by half of otolaryngologists (fifth in earnings). Next in the top five of physician savers are ophthalmologists (48%) and radiologists and anesthesiologists (both 47%), all of whom are toward the top in earnings.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
In spite of their typically large differences in earnings, primary care physician (PCP) and specialist spending habits are in line with each other. Seven percent of PCPs and 6% of specialists live above their means, while 41% of specialists and only slightly fewer PCPs (38%) are savers, living below their means. Perhaps spending and saving are related more to attitude than to earnings.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
In the current Medscape report, 22% of female physicians say that their significant other earns either the same as or more than they do, compared with 9% of men. About three quarters (76%) of men say that their significant other earns less than they do, compared with 54% of women.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Fewer losses were reported this year compared with our previous report: Over three quarters (79%) of all physicians have not experienced any significant financial losses versus 73% in 2016's report. Ten percent have experienced loss due to practice issues, the same as in the previous report. Fewer, however, have lost large amounts in the stock market (6% versus 12% last year)
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Physicians were asked specifically what bad investments they had made. The list here represents the six most frequent responses. Other common failed investments were in various stocks, restaurants, and energy companies (Enron was mentioned by many). Many physicians mentioned the 2008 market crash. In addition, many physicians commented that their financial problems were due to bad partners, bad advice, or divorce.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Sometimes efforts to expand or change one's medical practice don't turn out as intended. Practice issues included anything from purchasing a new piece of equipment that went unused, to employee embezzlement, to negative changes in insurance reimbursement. The two physician groups most disadvantaged by practice issues were allergists (17%) and ob/gyns (15%).
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
Sixty-two percent of pediatricians said they have never made any investment mistakes. The other safe investors within the top six (endocrinologists, neurologists, psychiatrists, family physicians, and internists) were also toward the bottom in earnings and net worth. Those who made the most mistakes were anesthesiologists. Also among the most risk-taking physician investors: plastic surgeons, orthopedists, cardiologists, urologists, and radiologists, who are also among the wealthiest physicians.
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Physician Wealth and Debt Report 2017
Carol Peckham | May 4, 2017 | Contributor Information
More than 19,200 physicians in over 27 specialties responded to this year's Medscape compensation survey and told about their compensation, productivity, challenges, and more.Medscape Features Slideshows, April 2017
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Carol Peckham
Director, Editorial Services
Art Science Code LLC
New York, New York
Disclosure: Carol Peckham has disclosed no relevant financial relationships.
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