Medscape released its 2022 Physician Compensation Report.
Overall, things looked up financially for many physicians, as COVID’s harshest impacts receded.
Physician compensation increased significantly in early 2022 compared with the last two years of the pandemic as practices reopened, and elective cases ramped up.
Still, many physicians reported bigger workloads, salary cuts and less staff.
I will summarize some specific findings. You can read the entire report by signing up for a free Medscape account.
Here are some additional numbers:
Despite the challenges COVID presented, the percentage of physicians who say they would choose medicine again as a career is higher than it was a decade ago.
Here’s what these numbers mean for you:
To your success!
Dr. Vicki
Vicki Rackner MD FACS
Principal Engaging Doctors Helping financial advisors attract, engage ad serve doctor clients
PS Thank you for your well-wishes for my father. Yesterday he had his open-heart surgical procedure, and it went well. This morning my dad was up in a chair eating breakfast. Our faith in the medical team, supported by their clinical outcomes data, is well-placed!
PPS Do you have questions about working with doctors? Click here to schedule brief conversation and laser coaching.
Overall, things looked up financially for many physicians, as COVID’s harshest impacts receded.
Physician compensation increased significantly in early 2022 compared with the last two years of the pandemic as practices reopened, and elective cases ramped up.
Still, many physicians reported bigger workloads, salary cuts and less staff.
I will summarize some specific findings. You can read the entire report by signing up for a free Medscape account.
- For the first time in Medscape’s 11 year history of reporting physician compensation, all specialities saw an increase in income from last year.
- The highest earning specialties remained unchanged.
- About 20% of physicians reported drops in their incomes from last year. Physicians specifically commented on the absence of COVID loans and grants as a contributing cause.
- Almost 40% of physicians generated revenue outside of their clinical practices last year.
- Self-employed physicians earned 20% more than employed physicians.
Here are some additional numbers:
- Since 2015, physician compensation increased by 30%, while cumulative inflation increased by 14.7%.
- The income gap between men and women persists, with men earning 25% more in primary care, and 31% more in the specialties.
- The income gap between white physicians and physicians of color is decreasing.
Despite the challenges COVID presented, the percentage of physicians who say they would choose medicine again as a career is higher than it was a decade ago.
Here’s what these numbers mean for you:
- Physicians have an ongoing interest in moving up retirement, paying back student loans more quickly and achieving financial independence. You can help them put their money to work and accelerate wealth-building.
- While physicians are catching up with financial losses sustained during the first two years of the pandemic, income is only part of their financial picture. You can help them KEEP more income by cutting their primary expense—taxes.
- You can engage doctors by delivering value to the increasing numbers of physicians expressing interest in entrepreneurship. My physician beta readers offer very positive feedback to my current book How Doctors Build TrueWealth. Email me if you want to see the sample copy.
To your success!
Dr. Vicki
Vicki Rackner MD FACS
Principal Engaging Doctors Helping financial advisors attract, engage ad serve doctor clients
PS Thank you for your well-wishes for my father. Yesterday he had his open-heart surgical procedure, and it went well. This morning my dad was up in a chair eating breakfast. Our faith in the medical team, supported by their clinical outcomes data, is well-placed!
PPS Do you have questions about working with doctors? Click here to schedule brief conversation and laser coaching.