Fifty percent of gastroenterologists who took financial hits because of the pandemic expect their income to return to normal in this year, according to Medscape.
Here are 15 insights on gastroenterologist debt, net worth and compensation, drawn from Medscape's "Physician Debt and Net Worth Report 2020," "Physician Compensation Report 2020" and Merritt Hawkins' Physician Revenue Calculator:
1. Four percent of gastroenterologists have a net worth over $5 million.
2. One percent of gastroenterologists have a net worth under $500,000.
3. Seventeen percent of gastroenterologists are still paying off their student loans.
4. Eighteen percent of gastroenterologists have homes larger than 5,000 square feet.
5. Among physicians overall, 10 percent have a net worth of more than $5 million, and 28 percent have a net worth of less than $500,000.
6. Number of gastroenterologists providing patient care: 12,824
7. Percentage of board-certified gastroenterologists: 95
8. Percentage of gastroenterologists ages 55 and older: 51
9. Average gastroenterologist revenue: $1,422,677
10. The average annual pay for gastroenterologists is $406,000, down from $419,000 in 2020.
11. In 2020, 96 percent of gastroenterologists reported a drop in income because of factors associated with the COVID-19 pandemic. Thirteen percent said factors unrelated to COVID-19 led to a drop in income.
12. Gastroenterologists earn average incentive bonuses of $60,000, seventh behind orthopedic surgeons, who earn $116,000 on average, according to Medscape.
13. Average gastroenterologist compensation over the last five years:
2019-20: $419,000
2018-19: $417,000
2017-18: $408,000
2016-17: $391,000
2015-16: $380,000
14. Fifty percent of gastroenterologists who took financial hits because of the pandemic expect their income to return to normal in this year; 34 percent said it will take two to three years. Fourteen percent said they expect to never return to pre-pandemic income levels.
15. On average, employed gastroenterologists ($405,000) earn about the same as their self-employed ($408,000) counterparts.