Physician wealth & debt: 5 Medscape report takeaways

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The average primary care physician's salary amounts to $242,000, while specialty physicians make an average $102,000 more annually, according to a new report from Medscape.

For the report, researchers examined survey responses of 17,903 physicians in more than 29 specialties between Oct. 6, 2020, and Feb. 11, regarding physician wealth and debt.

Five more takeaways from the report:

1. Forty-four percent of physicians reported a net worth of less than $1 million, compared to 50 percent in Medscape's report last year.

2. The highest percentages of physicians with net worth under $500,000 were in family medicine, internal medicine and pediatrics.

3. Fifteen percent of physicians said they had a financial loss last year because of business problems, changes in practice situation, or reimbursement changes, and 5 percent said they had a financial loss because of a job loss (either themselves or their spouse/partner).

4. Sixty-four percent of physicians said they are paying off the mortgage on their primary residence; 37 percent said they are paying off car loan payments; and 25 percent said they are paying off their college or medical school loans.

5. Five percent of physicians said they live above their means, and 47 percent said they live within their means.

To access the report, click here

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