James Leavitt, MD, director of clinical quality and outcomes of Miami-based Gastro Health, joined Becker's to discuss what all new physicians need to know and how satisfied he is with his income.
Editor's note: This response was edited lightly for clarity and length.
Question: What do all young physicians need to know?
Dr. James Leavitt: Don’t chase the money. Gastroenterologists have the potential to make a significant steady salary. With reasonable planning and investment, a gastroenterologist should be able to assure themselves of financial security over the life of their career. But no matter how much you make, if you are working in a miserable environment and/or with miserable people you will most likely be miserable. Find the place you want to live and the people you would look forward to working with every day and success and satisfaction will be yours for the taking.
Q: How satisfied with your income are you currently? What changes do you hope to see related to your income?
JL: I am quite satisfied with my current income. According to the latest reports, the average gastroenterologist earns around $500,000 per year. Factors such as geographic location can lead to variations. Cost of living considerations can also affect satisfaction with compensation. While many physicians may believe that compensation does not match the level of effort and the expertise required, physicians have steady and significant earning potential fairly resistant to outside economic factors.
As far as what changes I would like to see related to my income, obviously, I would prefer to see steady incremental increases. I would also like to see a diversification in my revenue sources. And, of course, while being a physician is an important part of my life, I would like to make sure that no matter what I am earning, it is not the only part of my life.