The medical profession is highly regarded for its significant contributions to society. Apart from their selfless motivations to help individuals, doctors are also compensated for their expertise and years of training. According to the 2023 Doximity Physician Compensation report, U.S. healthcare workers face a number of pressures in their jobs today, from economic strains, physician shortages, and high rates of work-related burnout. Medicare physician payment has dropped 2.4% in 2022, compared to an increase of 3.8% in 2021.
The average salary of a doctor can be an important consideration when deciding what field you want to specialize in. Understanding how much money different types of doctors make per year can help with financial planning and even an estimate of when you can pay off those medical school loans. In this blog, we will explore the latest salary trends across medical specialties and the factors that influence them.
According to the MedScape Physician Compensation Report, Primary Care Physicians in the U.S. earn an average of $265,000, while Specialists earn an average of $382,000. Although, the average income for a doctor varies widely depending on your specialty and where you live in the U.S.
Top 10 highest-paid specialties
- Plastic Surgery: $619,000
- Orthopedics: $573,000
- Cardiology: $507,000
- Urology: $506,000
- Gastroenterology: $501,000
- Otolaryngology: $485,000
- Radiology: $483,000
- Oncology: $463,000
- Anesthesiology: $448,000
- Dermatology: $443,000
Top 10 lowest-paid specialties
- Public Health and Preventative Medicine: $249,000
- Pediatrics: $251,000
- Family Medicine: $255,000
- Infectious Diseases: $262,000
- Diabetes and Endocrinology: $267,000
- Internal Medicine: $273,000
- Rheumatology: $281,000
- Allergy and Immunology: $282,000
- Physical Medicine and Rehabilitation: $306,000
- Psychiatry: $309,000
According to MedScape, six specialties that have seen at least a 10% increase in compensation over the past year are: oncology, anesthesiology, gastroenterology, radiology, critical care, and urology.
It’s important to say that these salary numbers are averages and can vary based on a number of factors like experience, geographical location, practice setting, and economic conditions.
One thing for sure is that when Doctors were asked what the most rewarding part of their job is, they answered with being good at what they do, their relationships with patients, and knowing they are making the world a better place. Patients can trust that physicians will always put them first and will work to provide the highest-quality care possible.
The number of specialties and potential careers can be overwhelming at first. As you continue your medical journey you’ll learn more about all the various opportunities for a career in medicine and the type of doctor you want to be.
At Robert Madigan Company, we help recruit and staff healthcare professionals with committed hospitals and practice partners. Our unique model provides higher compensation to our physicians while lowering the expenses to the hospital. You have the ability to work locum to permanent positions that can be a good fit if you want to see what you like with more flexibility, increased compensation, travel opportunities, testing out a new workplace, and less administrative hassle.
