Altair Researchby alooola

The economics of medicine.

We study how training, income, debt, and practice decisions shape physicians’ financial lives.

Altair is alooola’s research platform for studying those connections. It brings public data, structured analysis, and AI-assisted synthesis into the work of understanding physicians’ financial lives.

Explore our research areas
Records indexed
27M+
Specialties modeled
26
Areas of study
4
The research index1 dot ≈ 27,300 records

Five proportional dot clusters, largest to smallest, show approximate shares of the documented May 2026 source-table inventory; each dot stands for about 27,300 records. Source records span different populations and periods; they are not unique physicians. Select a source to highlight it, and select it again or press Escape to show the full index.

May 2026 research inventory

01Areas of study

What we study

The same income can mean something different depending on your training, debt, practice, and location. These are the questions behind our research.

01

Compensation

Occupation · Income · Career stage

Research question

What makes a useful income comparison?

We study physician wage estimates across occupations and geographies, with attention to the people each estimate actually represents. A practicing physician, a fellow, and a practice owner can require very different comparisons.

Wage data is a starting point. Benefits, incentives, ownership income, and your actual contract complete the picture.

Source trailBLS OEWSHousehold context

Specialty intelligence

U.S. · 2024

Mean annual employee wages

  • $222,340Pediatrics
  • $256,830Family medicine
  • $320,700Emergency medicine
  • $336,640Anesthesiology
  • $359,820Radiology
  • $432,490Cardiology
Selected specialtiesBLS OEWS
02

Medical training

Residency · Fellowship · Transition

Research question

How does the training path shape the financial timeline?

We examine residency and fellowship structures, program data, and Match reports to understand the stages of a medical career. Training length and transitions into practice provide context for conversations about income, saving, and competing priorities.

Career stage and professional role are separate questions. Population-level training patterns do not determine your individual path.

Source trailACGMENRMPAAMC
03

Education & debt

Borrowing · Repayment · Cash flow

Research question

What sits behind a medical-school debt number?

We connect medical-graduate debt research with federal loan portfolio data to understand borrowing in context. We keep education debt distinct from total household debt, and distinguish borrowers from the wider population in a comparison.

A repayment conversation depends on your loan types, balances, rates, income, and employer. Forgiveness eligibility requires an individual review of current program rules.

Source trailAAMC GQFederal Student Aid
04

Practice & geography

Practice patterns · Location · Cost of living

Research question

What changes when the practice or the place changes?

We study provider distribution, Medicare service patterns, and regional economic conditions. Together, these sources help frame questions about moving, changing practice settings, or building a life in a new community.

Billing is different from take-home income. Your employment arrangement, ownership interests, household costs, and priorities remain essential to the decision.

Source trailCMS MedicareNPPESCensus ACSBEA

02Our approach

How we analyze data

Altair combines calculations performed in code with AI-assisted research synthesis. The work connects sources while keeping their definitions and limitations in view.

Read our methodology
  1. 01

    Keep the source attached.

    The dataset, reporting period, population, and calculation belong alongside a finding. A current publication can still describe an earlier period.

  2. 02

    Compare like with like.

    Specialty, career stage, geography, and household definitions can change what a comparison means. A proxy should be identified as a proxy.

  3. 03

    Make uncertainty visible.

    Missing observations, small groups, and incomplete coverage are part of the result. An unsupported value should remain unknown.

03Source index

Sources

Explore the public datasets and publications behind these areas of study. Each source contributes a different part of the picture.

BLSOccupational Employment and Wage Statistics

Bureau of Labor Statistics

What it describes

Employment and wage estimates by occupation, with national, state, and metropolitan views. Physician occupation categories provide a starting point for compensation research.

Context to keep

Employee wages exclude the self-employed and do not capture an entire compensation package. Occupation categories, suppressed estimates, and limits on reported high wages can narrow a comparison.

Visit the source (opens in a new tab)
ACGMEGraduate medical education data

Accreditation Council for Graduate Medical Education

What it describes

Accredited residency and fellowship programs and the physicians training in them. Program requirements help establish the structure of different training paths.

Context to keep

Program and trainee statistics describe a population. They do not establish an individual physician’s graduation date, future earnings, or financial position.

Visit the source (opens in a new tab)
NRMPResidency and fellowship Match data

National Resident Matching Program

What it describes

Published Match results, available positions, and applicant characteristics across participating residency and fellowship programs.

Context to keep

A report’s applicant group and Match year matter. Historical outcomes do not predict an individual applicant’s placement or career path.

Visit the source (opens in a new tab)
AAMCMedical School Graduation Questionnaire

Association of American Medical Colleges

What it describes

Graduating medical students’ reported educational experiences, career intentions, and indebtedness. Debt findings add medical-education context to broader borrowing data.

Context to keep

Graduating students are a different population from practicing physicians. A debt statistic may refer to all respondents or only those with debt; the denominator matters.

Visit the source (opens in a new tab)
FSAFederal student loan portfolio

Federal Student Aid

What it describes

Published federal student loan portfolio reports provide context on borrowing and repayment across the federal loan system.

Context to keep

Federal portfolio totals are broader than physician borrowing and exclude private education loans. Individual repayment options require current loan records and program rules.

Visit the source (opens in a new tab)
CMSMedicare Physician & Other Practitioners

Centers for Medicare & Medicaid Services

What it describes

Services, utilization, and payments in Medicare fee-for-service Part B. Provider and service categories help describe patterns within the covered Medicare population.

Context to keep

Medicare payments are neither a physician’s salary nor practice profit. These records cover part of a practice’s payer mix and do not establish its total revenue or costs.

Visit the source (opens in a new tab)
CMSNational Plan and Provider Enumeration System

Centers for Medicare & Medicaid Services

What it describes

Public National Provider Identifier records, including provider taxonomy and reported practice locations, support research into the distribution of medical professionals.

Context to keep

An NPI does not validate licensure or credentials. Enumeration dates are not confirmed career-start dates, and a registry entry does not establish current practice activity.

Visit the source (opens in a new tab)
CMSOpen Payments

Centers for Medicare & Medicaid Services

What it describes

Disclosed payments and other transfers of value from reporting drug and device manufacturers and group purchasing organizations to covered recipients.

Context to keep

Reported categories can include research, general payments, and ownership interests. They should not be treated as a salary measure or an estimate of personal wealth.

Visit the source (opens in a new tab)
CensusAmerican Community Survey

U.S. Census Bureau

What it describes

Survey estimates of communities, including income, occupation, education, and housing. These add demographic and geographic context to the medical-career picture.

Context to keep

Survey geography and occupation groups may be broader than a physician specialty or local market. Estimates have sampling uncertainty, and one-year and five-year releases cover different periods.

Visit the source (opens in a new tab)
FRB · BEAHousehold finances and regional price levels

Federal Reserve & Bureau of Economic Analysis

What it describes

The Survey of Consumer Finances describes family assets, debts, and income. Regional Price Parities compare price levels across states and metropolitan areas.

Context to keep

Household comparisons require appropriate survey weights, age groups, and dollar years. A high-income, advanced-degree household is a comparison group, not a verified physician household. Regional price levels are not a personal budget.

View the Survey of Consumer Finances (opens in a new tab)View Regional Price Parities (opens in a new tab)

Sources have different release schedules and coverage. This index explains the materials we study; an individual finding needs its own source period, definition, and review.

04Research into practice

Research in your financial plan.

Altair supports alooola’s research. Your advisory relationship brings that work back to your documents, goals, and decisions.

That can mean looking at cash flow as training ends, reviewing debt alongside savings, or understanding a mix of salary, independent practice income, and ownership distributions. Your advisor considers the details of your circumstances when discussing taxes, investments, and the rest of your plan.

Education budgets need a school’s cost of attendance and aid offer for the same academic period. Tax and retirement planning also needs current rules and the actual employer plan. Population data informs the conversation; your documents make it personal.

Comparing financial aid offers (opens in a new tab)IRS retirement plan guidance (opens in a new tab)
Meet your advisory teamHow we work together