Before the COVID-19 pandemic, the average primary care physician’s salary was roughly $243,000, compared to specialty physicians, whose average salary was $103,000 more annually, on average, according to a new report by Medscape.
For Medscape‘s report, researchers examined the survey responses of 17,461 physicians in more than 30 specialties between Oct. 4, 2019, and Feb. 10, regarding their debt and net worth.
Four takeaways from the report:
1. Half of physicians surveyed reported a net worth of less than $1 million. Forty-two percent of physicians reported a net worth between $1 million and $5 million.
2. Twenty-six percent of physicians surveyed were paying off medical school loans, and 34 percent of physicians specializing in family medicine said they were still paying off these loans.
3. Half of physicians surveyed said they live “at my means,” and 43 percent said they live “below my means.”
4. Thirty-nine percent of physicians surveyed said they put more than $2,000 into a tax-deferred retirement or college savings account each month.