Show Medscape Survey: Doctors Making Less, Worrying More Medically Reviewed by Laura J. Martin, MD on April 24, 2012 April 24, 2012 -- Radiologists and orthopedic surgeons are the best paid of all doctors and pediatricians earn the least, Medscape/WebMD's annual Physician Compensation Survey finds. Overall, doctors are earning less and worrying more, according to the online survey of more than 24,000 doctors from 25 medical specialties. The most disturbing finding: If they had it to do over again, 46% of doctors would not choose medicine as a career. That's way up from last year, when only 31% regretted their career choice. Even so, the top-earning doctors aren't going broke. The top 10 highest paid doctors are: The 10 least paid doctors are: A doctor's specialty may make less of a pay difference than a doctor's sex. Female doctors make 40% less than male doctors, although female primary care doctors make only 23% less than their male peers. One possible reason: Female doctors spend more time with patients than male doctors do. To some Americans, these salaries may seem pretty high. But only 11% of doctors consider themselves rich. And 45% of doctors agree that "My income probably qualifies me as rich, but I have so many debts and expenses I don't feel rich." So what makes doctors worry? According to the survey:
 In its latest physician salary report, Medscape surveyed 13,000 physicians in 29 specialties to detail how physician compensation changed in 2021. The new survey revealed that physician income is back on the rise, after stagnating in 2020 due to impacts from the COVID-19 pandemic. A look at the headline figures from the past three years illustrates the trend. For primary care physicians, average income was $243,000 in 2019, falling slightly to $242,000 in 2020, then increasing to $260,000 in 2021. Specialists reached an average compensation of $368,000 in 2021, up from $344,000 in 2020, which was a bit down from $346,000 in 2019. While this is good news overall, Medscape points out that recent increases are just a beginning for physicians, who are still recovering from the salary stagnation of 2020. Physician compensation by specialtyVirtually all physician specialties saw an income increase in 2021, which Medscape notes is a first since it began tracking physician compensation. Otolaryngology saw the largest increase, at 13%, while critical care physicians — who in many cases faced the brunt of the pandemic in hospitals — logged an increase of just 1%. The list of highest-paid specialties has remained virtually unchanged since 2017. The top-earning specialty was plastic surgery at $576,000. The next four, in descending order, are orthopedics, cardiology, otolaryngology, and urology. Physicians’ attitudes about their compensation vary widely among the specialties. The top five specialties in which physicians said they felt fairly compensated include public health and preventive medicine, oncology, plastic surgery, psychiatry, and dermatology. On the other hand, nephrology physicians felt the most unfairly compensated, followed by diabetes and endocrinology, pediatrics, physical medicine and rehabilitation, internal medicine and OB/GYN physicians. In each of those specialties, fewer than 50% of respondents said they felt fairly compensated. On average, physicians reported spending 15.48 hours per week on administration and paperwork. This type of work contributes to stress and overwork for physicians, and it can cut into billable patient-facing hours. According to the Medscape report, the most paperwork-intensive specialties were infectious diseases (19.8 hours per week), internal medicine (18.7), neurology (17.7), nephrology (17.7), and physical medicine and rehabilitation (17.4). The least administrative/paperwork-intensive specialties were anesthesiology (10), ophthalmology (10.1), dermatology (11.9), otolaryngology (12.1), emergency medicine (12.8), and plastic surgery (12.8). Of note, some of the highest-paying specialties (otolaryngology, plastic surgery) faced among the lowest administrative and paperwork burdens. Self-employed physicians and moonlightersAnother point of difference is between self-employed and employed physicians. At an average of $385,000, self-employed physicians (which includes locum tenens physicians) earned 20% more than employed physicians, who earned $320,000 on average. More than a third of physicians (36%) took on extra work to supplement their income. Some of the sources of this supplemental work include adding hours to their primary work and taking medical or non-medical side jobs. A full 10% of physicians reported medical moonlighting, which would include locum tenens side work. The gender gap in physician compensationThe gender pay gap between male physicians and female physicians has not improved over the past decade. In fact, the trend shows a slight worsening: in 2012, the gap in primary care between men and women was 23%, while the latest report puts it at 25%. According to the Medscape survey, male primary care physicians earned an average of $285,000 in 2021, while women earned $228,000. On the other hand, the gender pay gap among specialists has declined — although it’s still greater than the pay gap between male and female primary care physicians. The gap among specialists sits at 31%, which is down from 37% five years ago. Male specialists earned an average of $402,000 in 2021. Female specialists earned $307,000. Women see their highest representation in pediatrics (58%) and OB/GYN (57%). The only other specialty where they make up more than 50% of physicians is diabetes/endocrinology (52%). Women face their lowest representation in urology (8%), orthopedics (11%), plastic surgery (16%), and cardiology (16%). Of note, three of these specialties — orthopedics, plastic surgery, and cardiology — are among the top five highest compensated specialties. The average physician salary can vary notably from state to state. In 2021, Kentucky came out on top with an average physician salary of $364,000. Other states in the top 10 for compensation include (in descending order): Tennessee, Alabama, Missouri, Oregon, Indiana, North Carolina, Connecticut, Texas, and Florida. According to Medscape, southern states have made extra efforts to attract physicians, including increasing salaries and offering sign-on bonuses. While many physicians are still recovering from the effects of the COVID-19 pandemic, physician earnings have generally rebounded. Overall, Medscape’s 2022 physician salary report suggests that physician compensation will continue to grow. Locum tenens is great way to supplement your physician income. To learn more call 954.343.3050 or view locum tenens job opportunities. Chart images from Medscape.com Article last updated May 19, 2022
Most doctors make a nice living, but some medical careers are much more lucrative than others. For example, primary care physicians, the general doctors who see patients for a range of care and check-ups, tend to make less than specialists who work in a particular field, according to a 2020 report from the Medical Group Management Association. If you are considering a physician career, and if money is a key factor in your decision, these top-paying medical specialties may be of interest to you. This article lists the 10 highest paid physician careers based on a 2020 compensation report from the medical network Doximity, which is based on data reported by 44,000 physicians from 2019 and 2020. Hero Images / Getty ImagesIn addition to the current compensation information, you should also consider current and projected trends in health care to determine what may be the most lucrative and in-demand physician careers when you finish training. Note, however, that changes in medical insurance are having a significant impact on medical careers, and those changes are increasingly difficult to predict.
Some of the top-paying careers are also the most demanding. Not surprisingly, of the top 10 medical professions by salary, more than half are surgeons. According to Doximity's report, the top 10 highest earners in the medical profession are as follows. Keep in mind that due to the intricacies of how physicians are compensated, salaries are affected by a variety of factors including supply and demand, geographic location, overhead costs, and insurance reimbursement rates. Neurosurgeons, also known as neurological surgeons, perform brain and spine surgeries. Average annual salary: $746,544 Thoracic surgeons perform chest surgeries. They operate on organs and structures that include the heart, lungs, esophagus, and trachea. Average annual salary: $668,350 Orthopedic surgeons specialize in surgeries of the bones and joints, including sports-related injuries, trauma, and joint deterioration from arthritis. Average annual salary: $605,330 Plastic surgeries are procedures to reshape or restore areas of the body for reconstructive or cosmetic purposes. Reconstructive surgeries may be done to address birth defects or traumatic injuries, such as deformities from accidents or burns. Cosmetic surgeries, also called aesthetic procedures, are used to try to enhance certain features, such as changing the size or shape of breasts or liposuction to suction out fat tissue from certain areas. Average annual salary: $539,208 Oral and maxillofacial surgeons focus on reconstructive surgeries of the face, head, neck, and jaw. These surgeries can include complex dental procedures that involve the jawbone and facial reconstruction after traumatic injuries. Average annual salary: $538,590 Vascular surgeons treat diseases of arteries and veins. Procedures can help restore blood flow and can include angioplasty to open a blocked blood vessel or removal of plaques in diseased arteries or veins.
Average annual salary: $534,508 Cardiologists diagnose and treat diseases and disorders of the heart and circulatory system, the system of blood vessels that transports blood to and from the heart. Average annual salary: $527,321 Oncologists specialize in the treatment of cancer. Radiation oncologists treat solid tumors using radiation. Average annual salary: $516,016 Gastroenterology, like oncology and cardiology, is a sub-specialty of internal medicine. Gastroenterologists specialize in the treatment of digestive and gastrointestinal disorders and diagnosis of cancers and disorders of the digestive tract. Most gastroenterologists also treat diseases of the liver, with additional training in hepatology, the area of medicine that focuses on the liver. Average annual salary: $485,817 Radiologists use medical imaging technology to diagnose and sometimes treat medical conditions, disorders, and illnesses. Average annual salary: $485,460 Sadly, careers near the bottom of the pay scale include pediatrics and family medicine. These are careers that have become increasingly popular among women, which contributes to gaps in pay between the sexes.
Pediatricians, who specialize in treating children, earn an average of $243,253 per year and family medicine physicians earn $261,536, which is below the overall physician average of $383,340.
Doximity's report found a 28% wage gap between male and female doctors. It found that physicians who identify as male earn $116,000 more on average than their female counterparts with the same qualifications. Doximity's report could not find a single medical specialty in which physicians who identified as women earned the same or more than those who identified as men. The largest wage gaps also included some of the highest-paying specialties. For example, male orthopedic surgeons earned $614,447 on average, whereas female orthopedic surgeons earned an average annual salary of $491,770. Surgical specialties accounted for the top six highest average physician salaries in a 2020 report by the medical network Doximity. Neurosurgeons were the highest paid. Even among the the highest salaries, the report identified wage gaps of about 28% between male and female physicians with the same qualifications. |
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