Every year Medscape surveys about 10,000 physicians about their compensation. The 2023 report is out this week.
You can click here to read the entire 2023 report. You need to sign up for a free Medscape account first.
Here are the major findings:
A trend for increased compensation. In the 2018 survey, the average physician compensation was $299K; this year it’s $352K.
The top-earning specialties remain unchanged.
More than half of physicians are offered incentive bonuses. Many physicians are working harder and longer for bonuses which ranged from $31K (Pediatrics) to $134K (Orthopedics).
A growing disillusionment with Medicare. Remember, physicians saw two Medicare cuts in 2022. About 10% of physicians said that they will no longer accept Medicare patients, and about 20% are undecided.
Physicians’ incomes correlate with their gender, skin color and ancestry. I joke with physicians that if you want to optimize your revenue, be a Caucasian male physician. Being tall helps, too. I could tell you stories about my own experience as a short female physician in the male-dominated specialty of general surgery.
This year’s compensation survey offers data that underscores this sobering truth. There’s also a glimmer of hope: the compensation gaps are narrowing.
- Last year male specialists earned 33% more than their female colleagues. This year the gap was slightly reduced to 31%.
- In years past, male primary care physicians (PCP’s) earned 25% more than female PCP’s. This year, the gap is reduced to 19%.
- Caucasian/ White physicians ($358K) and Asian American physicians ($351K) earn more than African American physicians ($311K).
- Caucasian/ White physicians (64%) are more likely to be male than Asian American physicians (58%) or African American physicians (36%).
- Caucasian/ White physicians (74%) are more likely to be age 45 years or older than Asian American physicians (60%) or African American physicians (67%).
About 40% of physicians engaged in side gigs in 2022.
Self-employed physicians earn more than employed physicians overall.
Approximately 3 out of 4 physicians were employed in 2022.
What this means for you.
Gain clarity about YOUR ideal doctor client. The financial needs of employed physicians, for example, are different than the needs of self-employed physicians. Do you serve one group better than another?
Make sure that your choice of your ideal doctor client aligns with YOUR business model. Is your revenue tied to physicians’ incomes, net worth or both?
If you accelerate wealth-building with tax strategies, for example, you make a bigger impact with self-employed physicians.
If you manage assets, you know that physicians as a group have a hard time translating their high incomes into wealth. You might find that nurses, PA’s and pharmacists have accumulated more assets than their higher-paid physician colleagues.
Explore YOUR interest in helping groups of physicians achieve financial parity with Caucasian male physicians. In general like attracts like. If you’re a woman financial advisor, you might find that you attract woman physicians. If you’re an African American advisor, you mighty already serve African American doctors. However, I know a Caucasian male financial advisor who works primarily with African American physicians.
Some food for thought as you plot your course to business growth as you attract, engage and service more doctor clients in 2023.
To your success!
Dr. Vicki
PS Here’s a friendly reminder that I will be hosting the upcoming Masterclass “The Doctor Burnout Breakthrough.”
You will take away:
- My take on what doctor burnout is, and what causes it.
- What I advise physicians whom I coach about how to break through burnout–and it’s NOT what they think!
- Show YOU how to break through doctors’ attention bubbles with the burnout message.
What’s the value of having a tool in your back pocket to engage more doctor prospects and clients in more conversations? Priceless! That makes the investment of $97 for this Masterclass a real bargain. Click here to register.
Here’s the schedule:
- Tuesday, April 25th at 11:00 AM Central
- Thursday April 27th at 11:00 AM Central
- BONUS CALL Friday, April 29th “Ask Dr. Vicki Anything” LIVE Coaching call
Can’t make the live training? You will have access to the replays.
Hope you will join us!
PPS Click here to register for the Doctor Burnout Breakthrough Masterclass.