Income
Determining your future income is a complicated process. Numerous variables, such as the region, practice setting and number and mix of patients in the practice, contribute to the income formula. Examining the contributing factors to income can help you sift through the myths and find the truth.
Separate Fact from Fiction: Your Future Income Potential
A recent study indicates that students often misjudge the typical income of physicians, especially physicians working primary care settings. For example, it isn't unusual for students to hear that physicians working in family medicine don’t make enough to pay off their loans. However, the truth is that family physicians make enough money to pay off student loans and have the lifestyle they want.
New family medicine residency graduates can expect to make around $125,000 after expenses, which compares favorably to the average starting salaries in internal medicine ($128,000) and pediatrics ($120,000). According to one of the nation’s largest physician recruitment agencies, the average salary offer made to family physicians in 2004 grew from $144,000 to 146,000.
Family physician income is highly dependent on region, practice setting and the number and mix of patients. A family physician's flexibility to tailor clinical services offered to patients can shape income. For example, family physicians who see more patients and see patients in the hospital will have a higher income. In the future, incomes for family physicians are projected to increase as much as 25% in practices that use new technologies and new care models, such as chronic disease management
In 2003, the median level of educational debt of family medicine graduates was $93,438 compared with $102,452 for all medical school graduates in 2003.
The best thing you can do to evaluate income potential is to consult credible sources for physician income, such as national and regional specialty societies. Compare median and mean data to get an accurate view of the market. Keep in mind that the mean, or average, can be affected by extreme values. The median is the midpoint with half of the responses above that number and half fall below. Keep in mind that in salary data, the median will almost always be lower than the mean.
New family medicine residency graduates can expect to make around $125,000 after expenses, which compares favorably to the average starting salaries in internal medicine ($128,000) and pediatrics ($120,000). According to one of the nation’s largest physician recruitment agencies, the average salary offer made to family physicians in 2004 grew from $144,000 to 146,000.
Family physician income is highly dependent on region, practice setting and the number and mix of patients. A family physician's flexibility to tailor clinical services offered to patients can shape income. For example, family physicians who see more patients and see patients in the hospital will have a higher income. In the future, incomes for family physicians are projected to increase as much as 25% in practices that use new technologies and new care models, such as chronic disease management
In 2003, the median level of educational debt of family medicine graduates was $93,438 compared with $102,452 for all medical school graduates in 2003.
The best thing you can do to evaluate income potential is to consult credible sources for physician income, such as national and regional specialty societies. Compare median and mean data to get an accurate view of the market. Keep in mind that the mean, or average, can be affected by extreme values. The median is the midpoint with half of the responses above that number and half fall below. Keep in mind that in salary data, the median will almost always be lower than the mean.
