Regardless of a modest rise in common earnings, half of physicians report being dissatisfied with their compensation in 2023 — and almost 40% complement their revenue by pursuing medical-related facet gigs. This information comes from Medscape’s latest Physician Salary Report for 2024, which surveyed greater than 7,000 physicians throughout 29 specialties for perception into revenue, hours, compensation satisfaction, and the career’s challenges.
This 12 months’s report explored the continuing impact of the doctor scarcity on provide, demand, and earnings and the consequences of efforts designed to deal with gender pay disparity.
Common revenue for physicians elevated
Doctor salaries proceed to extend due largely to doctor shortages introduced on by the pandemic. Common doctor revenue throughout all suppliers was $363,000 on this 12 months’s report, in comparison with $352,000 the prior 12 months.
Nevertheless, the averages differ considerably throughout two doctor teams: main care suppliers took residence a mean of $277,000 this 12 months (a $12,000 enhance from final 12 months’s $265,000 common), whereas specialists averaged $394,000 in 2023 (up from $382,000 in 2022).
On common, physicians’ compensation rose about 3% 12 months over 12 months in comparison with the prior 12 months’s report. Earnings are up roughly $24,000 over the previous two years, rising from $339,000 in 2021.
Healthcare staffing specialists predict the upward pattern in revenue will proceed as extra physicians retire, cut back their hours, or transition to shift work and digital care.
Common doctor earnings in 2024
Highest-paid specialties stay the identical
Of the 29 specialties surveyed by Medscape, the highest-paid specialties stay the identical as final 12 months: orthopedics ($558,000), cosmetic surgery ($536,000), and cardiology ($525,000). Urology ($515,000) and gastroenterology ($512,000) spherical out the highest 5 highest-paid specialties.
Prime 5 highest-paying specialties
Among the many lowest-paid specialties are suppliers who work in diabetes and endocrinology, pediatrics, infectious illnesses, and public Health and preventative medication.
New specialties report a rise in earnings
Specialties with earnings on the rise embody doctor medication and rehabilitation (up 11%), neurology (up 10%), and nephrology, allergy, and immunology (up 9%). In final 12 months’s report, these specialties skilled modest features and even losses in wage.
Specialties that gained or misplaced floor in pay in 2023
Apparently, on the opposite finish of the size, high-wage specialists like orthopedists and plastic surgeons noticed a downward pattern in compensation in 2023 (down 3% and 13%, respectively).
Gender pay disparity widens amongst specialists
The report illuminates the enduring pay disparity between women and men: Male physicians earned, on common, about 29% greater than feminine physicians in 2023 — bringing in about $400,000 in compensation in comparison with $309,000 for girls.
Feminine main care physicians reported elevated pay charges in 2023, shrinking the pay hole amongst main care suppliers from 19% in 2022 to 17% final 12 months. Nevertheless, the hole widened amongst specialists. Male specialists earned 31% greater than feminine specialists this 12 months, in comparison with 27% final 12 months.
Comparability of female and male physicians’ earnings in 2023
Self-employed physicians report increased compensation
The pay variations between self-employed (which incorporates locum tenens physicians) and employed physicians are important.
In 2023, self-employed physicians outearned their employed counterparts, incomes a mean of $391,000 in comparison with $353,000.
Comparability of employed and self-employed doctor pay
The reported revenue of self-employed physicians is up $17,000 on this 12 months’s report in comparison with the prior 12 months’s earnings.
Physicians proceed to tackle further work
Increasingly physicians are taking up further work to complement their revenue.
Share of physicians taking up further work to complement their revenue
Almost 4 in 10 physicians tackle further work to complement their revenue, which stays unchanged from the prior 12 months’s report. Of the 39% who pursue facet hustles, most gigs are medical-related, together with moonlighting, which incorporates locum tenens. Solely 6% of respondents incomes supplemental revenue cite pursuing non-medical-related work to extend their earnings.
Earn extra: How locum tenens pay permits medical doctors to dwell their finest lives
Physicians earn extra within the Midwest
Physicians within the West North Central area, comprising North and South Dakota, Nebraska, Kansas, Minnesota, Iowa, and Missouri, earned probably the most, averaging a wage of $404,000.
The West South Central area (Texas, Oklahoma, Arkansas, and Louisiana) earned a mean of $375,000, and the East North Central area (Wisconsin, Illinois, Michigan, Indiana, and Ohio) earned a mean of $367,000.
Areas the place physicians earned probably the most
As indicated by these survey outcomes, rural areas usually supply physicians extra alternatives to extend their earnings, because the low variety of medical doctors and lack of competitors drive up pay. Likewise, revenue could also be decrease in additional aggressive areas like California and New York Metropolis, which additionally include the next value of residing.
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Physicians’ emotions about pay differ by specialty
General, half (51%) of physicians surveyed reported being dissatisfied with their revenue. A further 10% of respondents imagine that the majority physicians are underpaid.
Nevertheless, these views develop into extra nuanced when seen by means of the lens of various specialties.
Over 60% of physicians in public Health and preventative medication, dermatology, psychiatry, oncology, and neurology really feel pretty paid. On the similar time, fewer than 40% of specialists in cosmetic surgery, urology, ophthalmology, diabetes and endocrinology, and infectious illnesses really feel happy with their pay.
Apparently, those that really feel most pretty paid are on the decrease finish of the earnings spectrum, whereas these dissatisfied with their pay are among the many high earners.
Moreover, inflation doubtless influences physicians’ attitudes towards their paychecks. In late 2023, analysis agency Bankrate reported that Finance/pay-raise-survey/” goal=”_blank” rel=”noreferrer noopener”>60% of all U.S. staff imagine their incomes aren’t retaining tempo with rising prices, even for individuals who have obtained a pay bump.
For those who’d like to extend your earnings, locum tenens alternatives is perhaps the reply you’re searching for. To be taught extra, view at present’s job alternatives or give us a name at 954.343.3050.
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