It’s that time of year. Reports are being released left and right after collecting data from hundreds of thousands physicians regarding their 2012 compensation and career details. This post is served to give you an update on the numbers specific to Family Medicine doctors based off of a few big named surveys.
If you are looking to read about what Family Medicine is and what training is required, head over to my previous article, here.
2013 Family Medicine Compensation Data
Mean / Average – $166,662
Median – $170,000
Lowest – $83,331
Highest – $400,000
Starting – $140,000
21% of physicians reported a decrease in income
47% of physicians reported income remained the same
32% of physicians reported an increase in income
Overall, male physicians earn 30% more than women.
In Family Medicine, males earn 17% more than women.
By geographic region
Northeast – $170,000
Northwest – $162,000
Central – $184,000
Southeast – $180,000
Southwest – $164,000
West – $180,000
Family Physicians employed at hospitals had the highest compensations followed by partners in a practice. The least compensated family doctors work in academic settings.
Healthcare reform is impacting family doctors. 29% have joined or plan to join an Accountable Care Organization compared to last year’s 12%. Some doctors are moving towards concierge medicine (3%) while cash-only practices stayed the same (4%).
28% of family doctors state they would choose the same specialty again.
62% would still choose medicine as a career.
20% would choose the same practice setting.
Overall, Family Medicine is a thriving specialty with the majority of incomes remaining the same or increasing slightly. Satisfaction in the field is down however with only 28% of physicians stating they would choose the field again. Last year, it was 32% but even so, the number overall is low compared to other specialties such as Radiology or Orthopedics.