Physician salaries vary significantly from one city, state, and specialty to another. These salaries are affected by factors such as education, years in practice, technical title, and management position. This can be a major consideration when choosing a specialty.
The average salary for a physician in the United States is USD 208,000. The Bureau of Labor Statistics reports that the gender pay gap has not improved over the past decade.
Male physicians earn about 25 percent more than their female counterparts. In 2019, male specialists earned 33% more than female specialists. However, the gap has remained relatively flat since 2017.
Some physicians, including pediatricians, have had their salaries increase. Physicians in the top five earning specialties include orthopedics, plastic surgery, cardiology, and otolaryngology.
Physicians in the bottom five specialties include family medicine, pediatrics, and diabetes & endocrinology. Physicians in these specialties generally spend less than 10 minutes with each outpatient.
While physicians’ earnings have been on the rise, they are not catching up with the rate of job creation. The Bureau of Labour projects 4.5% employment growth for physicians from 2020 to 2030.
What is the Average Salary of a Doctor in the US?
A Doctor’s salary in the US ranges from about $311,000 to about $384,000. Generally, the lowest paid specialties are pediatrics, family medicine and dermatology. Among the highest paid specialties are neurosurgery, orthopedic surgery and plastic surgery.
Regardless of the specialty, most doctors enjoy their job and are not bothered by long hours. Some doctors start in a lower-paying specialty and switch to a higher-paying one later in their career.
The top five highest-paying specialties in the US are otolaryngology, neurosurgery, plastic surgery, cardiology and orthopedics. Cardiology has been one of the highest-earning specialties for several years.
The gender pay gap has declined over the last few years. However, there are still many areas where the two sexes have a different take on compensation.
One of the largest pay gaps is in primary care. While male PCPs earn more than female PCPs, the difference is minimal. This may be a reflection of the labor market.
Interestingly, male specialists are also rewarded with more money. In fact, they earn about 33% more than their female counterparts.
What is the Highest Doctor Salary?
If you’re interested in a career in medicine, you might be wondering how much you can expect to earn. There are several factors to consider when calculating your compensation. Generally, the more experience you have, the more money you can expect to make. In addition, you’ll be working in an industry that demands high productivity.
The top-paying positions in medicine are generally in surgery. These include cardiovascular, orthopedics, and plastic surgery. Each requires a few years of post-residency subspecialty training.
A new study conducted by Medscape shows that physicians in the northeast earn about $275,000 a year, while those in the breadbasket are making a lot less. As with all professions, salary matters as much as location. However, the mid-western states aren’t outliers.
The highest paying specialty in the United States is plastic surgery. Plastic surgeons earned an average of $576,00 in 2018.
Cardiologists were also among the highest earning specialties in the country. Many cardiologists reported earning an annual salary of $300,000 – $400,000.
Primary care physicians are not far behind. Their average salary in 2021 was $285,000, with male primary care doctors earning about 25% more than female doctors.
What is the Lowest Paying Physician?
If you’re considering a career in medicine, you may be wondering what the lowest paying physician is. A lot of factors play into earning potential, from a doctor’s preference for setting to their choice of patients. You may also want to consider where you’ll practice.
The Association of American Medical Colleges projected a shortage of 122,000 physicians by 2032. Some states are paying their physicians better than the national average. Those in the Northeast and South East are the lowest-paid states in the country.
The average primary care physician makes $242,000 per year. Specialists earn an average of $344,000 annually.
In addition to salary, physicians receive benefits. Most physicians work a minimum of 48 hours a week. However, some take on additional side work or medical moonlighting. This extra work can include taking on additional hours to help cover expenses.
The highest-paying specialty is plastic surgery. Plastic surgeons make an average of $576,00 a year.
Physicians practicing infectious diseases and family medicine are among the least-paid specialists. They earn an average of $92 a hour.
What is the Starting Salary of Doctor in USA?
If you’re considering becoming a physician in the USA, it’s wise to be aware of your salary potential. Your average doctor’s salary can vary greatly depending on a number of factors, including your specialty.
Although it’s difficult to get specific US physician salary data, there are some online resources that can help you estimate what you can expect. Specifically, you’ll want to be sure to look at the highest and lowest paying specialties.
While the best paying specialty is surgical, there are also many other areas that can provide you with great compensation. For instance, dermatology pays a higher rate than many other medical specialties.
Another factor to consider is where you live. Some places, like New Orleans, have a ‘gender wage game’, where male doctors receive slightly more than females.
On the other hand, many states in the south are trying to attract physicians by raising their salaries. This has led to an overall pay gap between men and women in the field.
According to a report by Doximity, male doctors earn an average of $258,000 compared to female doctors’ $183,000. This pay gap has been on the rise over the last several years, but it isn’t as wide as it was a few years ago.
Is the Average Doctor a Millionaire?
Doctors are among the highest earners in the workforce. Yet, many feel they are not rich enough. But it’s not all that difficult to become wealthy as a doctor.
To get started, you must learn how to save. Most doctors spend more than they make. You must find out what you are spending each month and how much you can afford. Once you know this, you can start investing to grow your money.
It’s a good idea to invest in a variety of assets. Some examples include stocks, real estate, and even cryptocurrencies. However, you’ll want to consider your risk tolerance before committing your hard-earned cash.
The IRS sometimes confuses income with wealth. In order to avoid this, you need to have a clear understanding of how to measure your success.
Many people think that to become rich, you need to have a lot of stuff. But the truth is that it’s actually possible to be rich without having a lot of possessions. Instead, a doctor should focus on improving their efficiency and making smart investments.
What Doctors Make a Million a Year?
Physicians earn a lot of money. Depending on the type of practice they are in, doctors can make up to a million dollars a year. Some physicians may even own their own businesses. However, there are many other factors that influence their incomes.
A study by Medscape revealed that physicians in the northeast, for example, were earning $275,000 per year. The highest paid physician in the country was an ophthalmologist in West Palm Beach, Fla. He earned just shy of $21 million.
Anesthesiologists also tend to earn a lot of money. They are often paid more than other physicians, and they are able to pad their incomes by signing bonuses.
Cardiologists are also well-paid. Doctors in this field diagnose cardiovascular diseases and help patients treat them. Approximately 80% of cardiologists reported a salary above the national average, with most earning at least $300,000 a year.
Physicians in mid-western states, which have a heavy population, are earning a lot of money. On the other hand, the numbers from these states aren’t outliers.
How Much Do Top Doctors Make an Hour?
The average doctor salary varies by state, specialty, and location. Usually, the best places to earn a living are in medical specialties that require less training and work, like dermatology.
Surgical specialties, such as cardiology, plastic surgery, and orthopedics, are known for their high pay. But some physicians choose to be hospital employees rather than pursuing private practice, and they have a leg up in terms of pay.
Other factors that influence doctors’ incomes include age, education, the number of hours they work per week, and the type of specialty they specialize in. Some specialties, such as plastic surgery, earn more on a per hour basis than others.
For example, anesthesiologists make nearly twice as much as family physicians. However, they don’t necessarily see as many patients. And, as the name implies, they also tend to spend more time at their day job than their peers.
Another tidbit from the aforementioned Merritt Hawkins study is the need for good health insurance. Moreover, the medical world is undergoing major changes, including the Affordable Care Act.
Learn More Here:
2.) Salary Data
3.) Job Salaries