The publication released its “How Much Green Comes With the White Coat? Medscape Millennial Physician Compensation Report 2024” on Sept. 26. The findings are based on the responses of 7,000 U.S. practicing physicians who participated in an online survey between October 2023 and January 2024.
Here are 10 more things to know about millennial physician compensation from the report:
1. Millennial specialists earn more than their primary care counterparts, at $357,000 and $271,000, respectively.
2. Millennial female physicians are earning substantially less than their male counterparts, at $302,000 and $374,000, respectively.
3. Millennial physicians earn the most in the Midwest region of the U.S., bringing in $343,000 on average.
4. Nearly half of millennial physicians (49%) feel fairly paid in relation to their work demands.
5. Nearly half of physicians said that potential pay was a main factor (48%) in choosing a specialty.
6. Millennial psychiatrists and anesthesiologists report the greatest satisfaction rates with their compensation, with 61% of specialists feeling fulfilled.
7. Over half of millennial physicians (68%) would choose medicine again.
8. The majority of specialists (84%) would choose the same specialty again.
9. The average incentive bonus for millennial physicians totals $39,000.
10. Millennial physicians working in the office-based single-specialty group practice earn more than their counterparts employed in other settings, at $358,000.
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