Here are 20 key statistics:
1. In 2017, the average resident salary totaled $57,200, up from $56,500.
2. Hematology residents raked in the highest salary at $69,000, while family medicine residents ranked lowest at $54,000.
3. Neurology and orthopedic residents, among others, bring in an average of $57,000.
4. Male residents make an average of $57,400 compared to female residents, who make an average of $56,700.
5. Eighteen percent of residents reported debt surpassing $300,000.
6. Of primary care residents, 44 percent plan to work in primary care; 44 percent plan to subspecialize; and 12 percent haven’t decided on a specialty.
7. Residents reported the following when asked if potential earnings influence specialty choice:
• Extremely influential — 38 percent
• Somewhat influential — 53 percent
• Not at all — 9 percent
8. Of the residents surveyed, 33 percent believe they should earn 26 percent to 50 percent more.
9. Residents noted the following as reasons for compensation dissatisfaction:
• Compensation doesn’t reflect hours worked — 83 percent
• Compensation isn’t comparable to other medical staff — 68 percent
• Compensation doesn’t reflect required skill level — 65 percent
• Compensation doesn’t meet cost of living — 44 percent
• Inadequate benefit coverage — 19 percent
More articles on practice management:
Alliance Institute combines with Carnation Clinic: 5 takeaways
Summit Orthopedics moves to new locations: 3 highlights
Orthopedic Institute of Wisconsin to open new facility: 3 observations
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
