Interesting Facts About This Profession: Physicians and Surgeons
According to the Bureau of Labor Statistics, Physicians and Surgeons held 708,300 jobs in the United States in 2014. In the same survey, physicians in primary care earned a median of $241,273 while specialists had a median income of $411,852. While over forty main specialties in medicine exist, top earners included orthopedic surgery ($464,500), cardiology ($461,364 for interventional and $447,143 for non-interventional) and gastroenterology ($441,421). Most physicians work in hospitals (47.6%), private offices or clinics (34.2%), but about ten percent are self-employed. More and more, physicians are working in group practices and large healthcare organizations. The metropolitan areas with the highest concentration of physicians and surgeons were located in Newton City and Brookline, MA; Philadelphia, PA; and North Hempstead Town, NY. Over 70% of all physicians and surgeons identified as White, while the next most common group identified as Asian (20.1%). The median age of all physicians was 46.7. The average age of male physicians is 48.9 while females are younger at 42.8 years of age. According to the Association of American Medical Colleges, the median medical school debt of graduates of the class of 2015 was $183,000, with 45% having greater than $200,000 in debt. Despite the trends towards increasing debt levels, the future of the field appears bright as there is projected to be a 14% increase in employment from 2014 to 2024, while all occupations are only estimated to grow 7% during the same time. A large number of physicians are expected to retire and sell their medical practice within the next decade. Some of these medical practices for sale are excepted to be purchased by large hospitals or healthcare organizations as healthcare consolidation in US market continues to occur. General demand for healthcare from an aging population will continue to propel the construction of consumer friendly, medical office space. Lease rates for medical office is expected to remain quite high especially in New York and California, exceeding that of Class A commercial rentals.