By Laura Dyrda

Young physicians entering medical practice today look very different than their counterparts 30 years ago; they were brought up in the digital age and entered medicine during a time of immense consolidation in the healthcare space.

These statistics describe where young surgeons are beginning their practices as well as their financial profile, work schedule personal life and more.

Practice setting

The following statistics include percentages of young physicians in each practice setting, a breakdown of practice setting by specialty and where young physicians plan to take their practice in the future.

Current situation

1. Employed physicians: 79 percent (1)

2. Hospital employed physicians: 28 percent

3. Large medical group employed physicians: 24 percent

4. Small practice physicians: 18 percent

5. Mid-size practice: 11 percent

6. Medical school: 11 percent

7. Solo practice: 3 percent

8. The specialty breakdown of young physicians:

• Pediatrics: 17 percent

• Internal medicine: 16 percent

• Family medicine: 12 percent

• Anesthesiology: 7 percent

• Obstetrics and gynecology: 6 percent

• Emergency medicine: 5 percent

• Psychiatry: 5 percent

• Radiology: 3 percent

• General surgery: 3 percent

• Ophthalmology: 2 percent

• Hematology/oncology: 2 percent

• Cardiovascular disease: 2 percent

• Orthopedic surgery: 1 percent

• Dermatology: 1 percent

Another 18 percent reported "other" as their specialty.

9. Wish to continue practicing as they do now: 67 percent

10. Feel hospital employment is a positive trend to increase quality and decrease costs: 44.9 percent (2)

Future plans (could select all that apply)

11. Start or buy into private practice at some point in the future: 19 percent (1)

12. Change employers: 30 percent

13. Buy/lease medical equipment: 10 percent

14. Buy a medical practice: 4 percent

15. Transition to concierge practice: 2 percent

16. Leave the practice of medicine: 5 percent

Financial profile

The following statistics include data on young physicians' current financial situations, goals for the future, retirement savings, debt, insurance, compensation and net worth.

17. The top financial goals for young physicians are, in order: (1)

• Provide comfortable retirement for myself/my spouse/my partner

• Provide education funding for my children and grandchildren

• Fund long-term health needs for myself/spouse/partner

18. Have less than $25,000 in funds: 25 percent

19. Earn more than 75 percent of their family's total income: 57 percent

20. Earn around 50 percent of the family's total income: 16 percent

21. Have an updated will: 24 percent

22. Has an estate tax plan: 10 percent

23. Don't have an estate plan: 68 percent

24. Have power of attorney: 23 percent

25. Have an emergency fund: 69 percent

26. Are currently renting their homes: 31 percent

27. Plan to purchase or remodel a primary home: 49 percent

28. Plan to buy a second home or vacation home: 6 percent

Retirement savings

29. Ahead of schedule for retirement savings: 7 percent

30. On track for retirement savings: 50 percent

31. Behind where they want to be for retirement savings: 43 percent

32. Less than $100,000 saved for retirement: 36 percent

33. Savings for retirement is $100,000 to $500,000: 45 percent

34. Have a 401(k): 74 percent

35. Have a Roth IRA: 49 percent

36. Have a traditional IRA: 33 percent

Debt

37. Debt and expenses breakdown (could select all that apply): (3)

• Have a mortgage on primary residence: 57 percent

• Are paying off college or medical school loans: 57 percent

• Make car loan payments: 43 percent

• Are paying off loans for significant others: 25 percent

• Pay private school tuition for child/children: 14 percent

• Pay a mortgage on second home: 8 percent

38. Medical school debt $50,000 or less: 13 percent (1)

39. Medical school debt $100,000 to $150,000: 24 percent

40. Medical school debt more than $200,000: 23 percent

41. Took one to five years to pay off medical school debt: 11 percent

Insurance

42. Have malpractice insurance: 93 percent

43. Have disability insurance: 72 percent

44. Have life insurance: 70 percent

45. Have maternity/paternity leave (short term disability): 49 percent

46. Have disability insurance premiums paid by employer: 48 percent

Compensation and net worth

47. The highest compensating specialty for young physicians is orthopedics. Here is the breakdown of average compensation for the top five compensating specialties: (3)

• Orthopedics: $329,000

• Dermatology: $312,000

• Anesthesiology: $309,000

• Cardiology: $307,000

• Gastroenterology: $294,000

48. Compensation for self-employed surgeons: $294,000

49. Compensation for employed surgeons: $195,000

50. Average compensation for all physicians by region of the country:

• South Central: $247,000

• Southeast: $246,000

• North Central: $245,000

• West: $236,000

• Northwest: $233,000

• Great Lakes: $226,000

• Southwest: $220,000

• Mid-Atlantic: $214,000

• Northeast: $201,000

51. Net worth under $500,000: 72 percent

52. Net worth $500,000 to $999,999: 18 percent

53. Feel competitive with other physicians about wealth: 12 percent

Work schedule

The following statistics include hours worked and how young physicians spend their time, if they see Medicare and Medicaid patients and whether they practice at capacity.

Hours worked

54. Work 40 to 50 hours per week: 40 percent (1)

55. Work 51 to 60 hours per week: 25 percent

56. Work 61 to 80 hours per week: 22 percent

57. Hours per week spent seeing patients: (3)

• Less than 30: 11 percent

• 30 hours to 45 hours: 53 percent

• 46 hours to 55 hours: 18 percent

58. Time spent with each patient per patient:

• Nine minutes to 12 minutes: 23 percent

• 13 minutes to 16 minutes: 29 percent

• 17 minutes to 20 minutes: 21 percent

59. Time spent on administration per week:

• Five hours to nine hours: 25 percent

• 10 hours to 14 hours: 29 percent

• 15 hours to 19 hours: 13 percent

60. Would prefer to work more hours per week: 3 percent (1)

61. Would prefer to work fewer hours per week: 47 percent

62. Happy with current schedule: 37 percent

63. Works days only: 70 percent

64. Works a combination of day and night shifts: 28 percent

65. Works nights only: 1 percent

66. Plans to cut back hours in the next three years: 18.1 percent (2)

67. Plans to seek a nonclinical job within healthcare in the next three years: 15.2 percent

68. Practices at full capacity: 54 percent

69. Feels overextended and overworked: 27.8 percent

70. Has time to see more patients/assume more duties: 18.2 percent

71. Feels time with patients is always limited: 15.8 percent

72. Has all the time needed to provide highest standard of care: 10 percent

Medicare/Medicaid patients

73. Sees all Medicare patients who seek care at their practice: 73.5 percent (2)

74. Sees all Medicaid patients who seek care at their practice: 69.6 percent

75. Sees no Medicare patients: 11.6 percent

76. Sees no Medicaid patients: 10.1 percent

Professional profile

The following statistics include information about how young physicians feel about the state of medicine as well as their participation and familiarity with new payment models. The section also addresses physician burnout and medical association participation.

Feelings about the profession

77. Optimistic about the current state of the medical profession: 57 percent

78. Optimistic about the future of the medical profession: 45.9 percent

79. Most satisfying factors about medical practice (respondents picked two):

• Patient relationships: 67.5 percent

• Intellectual stimulation: 56.5 percent

• Social/community impact: 21.3 percent

• Financial rewards: 18.4 percent

• Prestige of medicine: 12.7 percent

80. The factors least satisfying about medical practice (respondents picked two):

• Regulatory/paperwork burden: 59.9 percent

• Professional liability concerns: 31.6 percent

• Erosion of clinical autonomy: 27.5 percent

• Commoditization of medicine: 20.6 percent

• Inefficient EHR design/interoperability: 18 percent

81. Feels medical burnout sometimes or often: 59.3 percent

82. Would choose medicine as a career again: 60 percent (3)

83. Would choose the same specialty again: 45 percent

84. Would choose the same practice setting again: 25 percent

New payment models

85. Familiar with the Medicare Accountability and CHIP Reauthorization Act: 15.5 percent (2)

86. Participates in Physician Quality Reporting System: 54.7 percent

87. Participates in meaningful use: 68.7 percent

88. Participates in patient satisfaction surveys: 78.3 percent

89. Participates in ACOs: 39.3 percent

90. Participates in bundled payments: 33.9 percent

91. Participates in insurance products through state/federal marketplace exchanges: 36.7 percent

92. Would grade the ACA as a vehicle for healthcare reform at an A or B: 28.9 percent

93. Compensation tied to quality metrics: 43.9 percent

94. Will be able to meet CMS' goal of 30 percent of Medicare payments tied to quality by the end of 2016: 31.3 percent

95. Will not be able to meet CMS' goal of 30 percent of Medicare payments tied to quality by the end of 2016: 13.5 percent

96. Feels EHRs have improved practice:

• Quality of care: 39.8 percent

• Efficiency: 36.6 percent

• Interaction: 17.4 percent

97. Feels EHRs have reduced practice:

• Quality of care: 22.3 percent

• Efficiency: 42.2 percent

• Interaction: 51.8 percent

98. Plans to drop new or existing Medicare and Medicaid patients: 6 percent (3)

99. Regularly discuss costs with patients: 26 percent

Association participation

100. Part of the state medical society: 57.4 percent (2)

101. Member of a national specialty society: 73.8 percent

102. Member of the American Medical Association: 31 percent

103. Member of the American Osteopathic Association: 10.1 percent

Personal profile

This section includes statistics about young physicians' personal relationships, families and favorite activities.

104. Currently are married: 76 percent (1)

105. Currently are single: 15 percent

106. Currently are unmarried with a partner: 5 percent

107. Currently divorced: 2 percent

108. Plan to get married: 10 percent

109. Have children living at home: 60 percent

110. Plan to have children: 45 percent

111. The favorite activities among young physicians are:

• Running/jogging: 50 percent

• Bicycling: 25 percent

• Camping/hiking: 24 percent

• Aerobic dance: 15 percent

• Snow skiing: 14 percent

112. The favorite hobbies for young physicians are:

• Book reading: 52 percent

• Home decorating/furnishing: 19 percent

• Home workshop/do-it-yourself: 18 percent

• Vegetable gardening: 16 percent

• Yoga/Pilates: 15 percent

• Bible/devotional reading: 15 percent