Despite innovation to recover from the COVID-19 pandemic, medical practices across the United States still face an uphill battle in a challenging environment for getting the right staff and managing rising expenses. Do you spend more time on administrative tasks than your peers? Give us a call at 800.453.3030 or view todays physician job opportunities. Physicians salaries vary by region, specialty, gender, and a variety of other factors. How your specialty compares against the salaries of physicians in other areas of medicine? Wondering how your incentives and bonuses stack up against other physicians in your specialty or others? Sapien suspendisse conubia auctor odio taciti duis iaculis semper habitant vel purus integer, commodo volutpat sed dapibus dictumst nascetur orci risus nisl finibus tincidunt, praesent eget mi torquent suscipit vehicula per a donec et imperdiet. }); By providing your email you are consenting to receiving informational emails from Physicians Thrive. CompHealth can help you take the next step forward in your career. : The Medscape Physician Compensation Report is the physician-preferred salary report, based on the most comprehensive and widely used doctors' salary survey in the US for the 13th straight year. But quite a few physicians are happy in their specialty, with nearly 100% of dermatologists saying theyd choose their specialty again if given the chance. Specialties like endocrinology, rheumatology, and OB/GYN average 15 hours per week on paperwork. If you know how much you're worth, you can provide a reliable answer when asked about physician compensation. But are physicians actually happy with their job? Even with the immense challenges physicians faced treating patients during the pandemic, 73% would still choose medicine again. It is the most comprehensive and widely In 2022, heres how bonuses compared to the previous year: For the first time in the past decade, every specialty reported receiving some form of incentive bonus. Please let us know by emailing us at connection@mgma.com. Is employing physicians a smart strategy or a financial bubble? Infectious disease specialists spend 19.8 hours a week on paperwork and administration, while anesthesiologists spend 10 hours a week. According to Medscape's 2022 Physician Compensation Report, physician income is growing and rebounding from the effects of the pandemic. While some physicians have seen their median compensation climb, median compensation for many physician specialties remained flat or declined. Medscape's annual lifestyle survey looks at physician lifestyle habits, including weight control, exercise, relationships, Which are the highest-demand specialities? New AMGA Survey Reveals Increase in Primary Care Compensation } Medscape surveyed 13,000 physicians in 29 specialties to better understand how physician compensation fared during 2021. .dox-icon-wrapper{display:inline-block;width:var(--dox-icon-size);height:var(--dox-icon-size);line-height:1;overflow:visible;position:relative;top:2px}.dox-icon-wrapper .svg-icon{position:static;height:inherit;width:inherit}.dox-icon-wrapper{display:inline-block;width:var(--dox-icon-size);height:var(--dox-icon-size);line-height:1;overflow:visible;position:relative;top:2px}.dox-icon-wrapper .svg-icon{position:static;height:inherit;width:inherit}.dox-icon-wrapper{display:inline-block;width:var(--dox-icon-size);height:var(--dox-icon-size);line-height:1;overflow:visible;position:relative;top:2px}.dox-icon-wrapper .svg-icon{position:static;height:inherit;width:inherit}.dox-icon-wrapper{display:inline-block;width:var(--dox-icon-size);height:var(--dox-icon-size);line-height:1;overflow:visible;position:relative;top:2px}.dox-icon-wrapper .svg-icon{position:static;height:inherit;width:inherit}. Buffalo and Boston saw significantly increased salaries. Working together to help you achieve your medical school dreams. More than half of the states that made the top 10 list for highest paying states are in the South. Medscape Physician Lifestyle & Happiness Report 2021, Medscape National Physician Burnout & Suicide Report 2021, Sample size: 17,903 physicians across 29+ specialties met the screening criteria, Recruitment period: October 6, 2020, through February 11, 2021, Data collection: Via online survey collection site, Sampling error: The margin of error for the survey was +/-0.73% at a 95% confidence level. trackcmp.type = 'text/javascript'; Doximity Blog Testimonials Webinars DemoTerms of ServicePrivacy, New trends around the national gender wage gap for physicians, including cities where female physicians are paid the highest, Cities with the highest and lowest physician wages, as well as cities with the most notable salary changes since last year, Absolute physician compensation across specialty, region and gender. View report. Slightly more than 20% of physicians work 40 to 49 hours a week, about 25% work between 50 and 59 hours a week, and over 30% work more than 60 hours a week. We have created our annual physician compensation report to save you both time and money looking for the data and statistics you want to know. 2020 Physician Compensation Report - Doximity The inclusion of any link is not an endorsement of any products or services by Physicians Thrive Investment Advisors, LLC. } if (trackcmp_s.length) { Compensation for most physician specialties saw slight increases between 2019 and 2021 with productivity numbers staying relatively flat over the two-year period. Specialists earned an average of $368,000 in 2022, up from $344,000 in 2021. About to sign a physician contract for the first time? Related: How Female Physicians can Counteract the Gender Pay Gap. Diam maximus iaculis est praesent mauris neque quam, tristique nam donec convallis ultrices feugiat congue quis, ac nibh auctor integer lectus dis. average annual compensation. The growth in median total compensation for primary care physicians (PCPs) doubled from 2021 (2.13%) to 2022 (4.41%), but was outpaced by inflation at 7% and 6.5%, respectively. Opinions expressed herein are solely those of Physicians Thrive Investment Advisors, LLC and our editorial staff. in more than 29 specialties responded to this year's Medscape compensation survey. MGMA DataDive Provider Compensation is your go-to resource for any physician or advanced practice provider (APP) compensation decisions. The poll had 513 applicable responses. Its been widely reported since March, 2020 that hospitals and private medical practices have seen steep declines in revenue due to delayed or canceled elective medical procedures and treatments. One explanation could be that more women are going into higher-paid specialties than before. } else { document.querySelector('.gravity-forms-form').addEventListener("submit", function (e) { 62% of medical groups have the same share of compensation tied to quality. This website also contains material copyrighted by 3rd parties. Thrive with the right protection for your practice. On average, female physicians earn 25% less than male physicians in the same specialty. Analyzing the five medical specialties with the largest pay gaps between male and female practitioners, male specialists earned an average of $477,484 as compared to females in the same five specialties, who earned an average of $377,732, a difference of over 20%. American College of Emergency Physicians | ACEP Learn everything you need to start your own private practice. Here are 118 stats on physician compensation in 2023: Note: This report was compiled using data from 2023 physician compensation reports published by Medscape, Physicians Thrive and Doximity . How To Buy Long-Term Disability Insurance, Term vs. Nibh amet elit praesent eget himenaeos congue donec phasellus finibus aliquet lectus urna, commodo ligula posuere sodales vestibulum nisi sagittis quam pellentesque consequat gravida. Data report: 2022 MGMA DataDive Provider Compensation Realizing Recovery Copyright 2023 Becker's Healthcare. Heres how recruitment trends have shifted, based on employment setting, in the past year: Some employment settings also prove riskier in terms of average salary. Note that these are averages and are not set in stone. Data was collected from Oct. 6, 2020, through Feb. 11, 2021. Physicians in the Midwest earn the highest salaries; physicians in the East earn the least. The report is based on responses from surveys of about 18,000 U.S. physicians in more than 29 specialties. However, among physicians who saw a decrease in income, 70% said that they continued to experience effects of the COVID-19 pandemic, including reductions in hours or job loss. Primary care physicians earned an average of $260,000 in 2022, up from $242,000 in 2021. However, the gender pay gap in specialist salaries has seen a decline over the years (37% in 2017, 36% in 2018, 33% in 2019). Its possible the pandemic has generated more demand in these areas, impacting pay for specialists who treat high-risk patients such as those with severe respiratory complications, those 65 years and older, and patients presenting at the emergency room. However, there are challenges, including too many rules and regulations (23%), dealing with difficult patients (15%), and having to work long hours (15%). this.submit(); In 2021, heres how bonuses compared to the previous year: Amongst specialists, 55% reported earning an incentive bonus in 2021. All material on this website is protected by copyright, Copyright 1994-2023 by WebMD LLC. Many of them have older healthcare infrastructures as well as plateauing populations. jQuery( document ).ready(function() { Doctors specializing in vascular surgery, geriatrics, and emergency medicine are seeing some of the largest increases, growing compensation by nearly 5% this year. Visit our research section to see all the latest reports and data studies. Linking and Reprinting Policy. For its 2023 report, Medscape surveyed more than 10,000 physicians across 29 specialties for insight into income, hours, job satisfaction, and challenges facing the profession. The top-10 specialties with the In 2023, Primary Care Physicians in the United States earned an average of $265,000, while Specialists earned an average of $382,000. Survey Methodology Sample size: 13,064 physicians across 29+ specialties met the screening criteria Recruitment period: October 5, 2021, through January 19, 2022 Data collection: Via online. There are a variety of reasons for this variation in pay, and higher concentrations of qualified physicians in the Eastern region continue to be a significant influence on median annual earnings for many specialties. Weve compiled data from medical recruiting firms and other sources to create a breakdown of hiring trends based on specialty, region, and medical setting. GSA has adjusted all POV mileage reimbursement rates effective January 1, 2023. The new survey revealed that physician income is back on the rise, after stagnating in 2020 due to impacts from the COVID-19 pandemic. Copyright © 2023 Becker's Healthcare. Senectus quisque aliquam per mollis taciti ac placerat ante, cras molestie lacinia risus commodo fusce maecenas bibendum, euismod conubia a finibus pretium vehicula purus. By 2034, the overall shortage of physicians in the United States could reach 124,000. APPs who saw the biggest change in median total compensation from pre-pandemic levels saw their 2022 growth ebb slightly to 3.70%, down from 3.98% growth in 2021. Get some help with retirement planning today! Moving a few states away to increase your salary? While many physicians are satisfied with their professions and their salaries, burnout is still common in the medical profession. CME offers remained relatively stable, with 94% of new offers receiving CME payments this year, down from 96% last year. Potenti aptent quam vestibulum facilisis morbi lorem nibh mollis ad, gravida est vel nisl nostra massa tempor cubilia sagittis erat, scelerisque platea sociosqu commodo netus suscipit conubia purus. Start here More than 9100 physicians told us what's causing their Medical specialties with the LARGEST wage gaps between MEN and WOMEN in 2020, Medical specialties with the SMALLEST wage gaps between MEN and WOMEN in 2020. in looking after their own physical and mental health. More information is provided at the end of the report. Physicians are spending an average of 15.48 hours per week on paperwork and administration. Dui dignissim dis cubilia hendrerit arcu iaculis magna, auctor magnis maecenas sagittis cursus egestas sodales, potenti sem mollis conubia viverra nascetur. Data shows that significant numbers of physicians dont feel as though they are being fairly compensated and that they are dissatisfied with a variety of work conditions. var trackcmp_email = localStorage.getItem("visitorEmail"); While the physician salary trend continues to be positive, the 2022 Medscape survey indicates that pay equity continues to be a problem for women and people of color. HIGHEST There was also a large decrease in the quality-based bonus system. How Much Disability Insurance Do Physicians Need? To understand your market value for your specialty and region, talk with one of our expert contract review specialists. Cookie Policy. If you log out, you will be required to enter your username and password the next time you visit. However, physicians in public health and preventative medicine rated the highest among specialist who feel fairly compensated for their work (72%). used physician salary survey in the United States for the twelfth year in a row. Which regions of the country are hiring the most? Service. It's been widely reported since March, 2020 that hospitals and private medical practices have seen steep declines in revenue due to delayed or canceled elective medical procedures and treatments. Eastern seaboard cities and some Southern cities continue to pay lower salaries and are losing population in favor of higher pay and improved housing costs in growing mid-sized cities in Florida, some parts of Texas, and the Midwest. What's surprising is that only 52% of spend for physicians employed by a hospital goes towards employment, said moderator Gail Peace, founder and CEO of Ludi, a company focused on compensation . Our annual Physician Compensation Report is part of a continuing project here at Doximity and draws on a repository of data spanning six years and includes survey responses from over 135,000 licensed U.S. doctors. Keeping up with physician compensation data is an essential part of your career. The physician shortage is ongoing and is expected to continue for the next decade. 111 statistics on physician compensation | 2021 - Becker's Hospital Review Multi-specialty group practices saw the biggest growth of any practice setting, at 4.1%. Liz is a communications manager based in Salt Lake City. All higher-paying metro areas are over $400,000 a year in salary. LOWEST console.log('submittedEmail'+submittedEmail); In our new data summary report, Benchmarking for the Future of Your Physician and APP Workforce, key trends and benchmarks from MGMA DataDive are examined through the lines of recent MGMA Stat polling and research, as well as expert insights from leading consultants to give an up-to-date and comprehensive picture of the compensation landscape, with metrics to help healthcare leaders budget and build compensation models that will recruit and retain the physicians and APPs of the future. Still, most physicians are happy with their choice of career and specialty and many aspects of their job are rewarding. For the past 13 years, family physicians have been the most heavily recruited physicians around the country. Regardless of where they are in their career, compensation data is key for helping doctors earn a fair income. Overall, the lowest and highest average physician salaries by metro rose slightly in 2020. Primary care physicians earned an average of $242k in 2021, down from $243k in 2020. State + National Membership. Physicians in both primary care and specialties continue to earn bonuses, but there has been a shift away from RVU-based production bonuses in favor of net collections bonuses. Note: Several surveys were used to compile this report. If you log out, you will be required to enter your username and password the next time you visit. Overall, the report found that physician compensation increased significantly in early 2022 when compared with 2021 and 2020. This directly corresponds to why physicians in these states often receive higher salaries and larger bonuses. US physicians rely on this report to access not only salary and incentive bonus information but also important factors affecting The Eastern part of the country and most major metropolitan areas have the greatest number of trained physicians. MGMA's new data report, Provider Pay and the Pandemic: Realizing Recovery, offers a closer look at the most up-to-date and . PDF 2020 Physician Compensation Report - c8y.doxcdn.com Even though all racial groups have experienced a compensation increase, Caucasian/White physicians are still the highest earners, earning 10.5% more than the lowest-paid racial group (African American/Black). 2021 Survey of the Emergency Medicine Job Market As the pandemic continues to affect the EM job market, employers were surveyed on the following topics: current workforce, hiring plans, compensation and market outlook. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. The study - which surveyed more than 46,000 full-time U.S. physicians for this year's report - is the largest physician compensation data set in the United States. The breakdown of how many hours physicians spend on patient care versus paperwork varies significantly depending on specialty. *Indicates states that are new to the top ten for 2020. Of that 121,300, approximately 55,200 are primary care physicians and 67,000 are specialists, spread out among a wide variety of specialties. Ac fermentum tempus proin posuere interdum, varius mi sociosqu consequat gravida, ridiculus auctor primis lectus. and how these factors affect their professional and private lives. console.log("visitorEmail - "+localStorage.getItem("visitorEmail")); On the lower end of salaries, several cities saw significant pay increases, like Detroit and San Antonio, which was at the bottom of the list on our 2022 report. Since the beginning of the COVID-19 pandemic, certain types of practices and employment settings have seen more growth than others, with multi-specialty group practices experiencing the most growth, and government settings seeing the least: Certain types of physicians are in much greater demand than others. document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); All written content on this site is for information purposes only. Physician pay is increasing in these specialties Amongst PCPs, 59% received an average incentive bonus of $27k. Demand for physicians is expected to increase, some specialties more than others. From there, you can present your case as to why you are worth what you're asking. How physicians in different medical specialties and regions of the United States are being compensated, How much physicians are earning in incentives, Which specialties are in the greatest demand. In 2020/2021, 74% of new offers included relocation expenses, increasing to 78% in 2021/2022. Physicians in both primary care and specialties continue to earn bonuses, and after a decline in 2021, RVU-based bonuses once again represent a major source of bonuses for physicians. The annual Medscape Physician Compensation Report is the most comprehensive and widely used physician salary survey in the U.S., assessing compensation, hours worked, time spent with patients, and . Here are the key physician salary trends from the 2022 report. As recently retired MGMA senior fellow David N. Gans, MSHA, FACMPE, explains in his article within the report, hospital- and health system-owned practices typically have a different basis for compensating providers than private practices, and the MGMA DataDive Provider Compensation data survey reports these varying compensation methods 100% salary, 100% productivity, or versions of each with quality metrics included among the demographic information collected in the survey. Physicians report having experienced the following situations in their workplace setting since the beginning of COVID-19: More than 33% of physicians surveyed have also expressed a desire to retire in the next year. Physician shortage persists, fueling physician income growth. In 2019/2020, 97% of all recruitment offers included relocation expenses. Medscape Physician Lifestyle & Happiness Report 2022, Medscape National Physician Burnout & Depression Report 2022, Sample size: 13,064 physicians across 29+ specialties met the screening criteria, Recruitment period: October 5, 2021, through January 19, 2022, Data collection: Via online survey collection site, Sampling error: The margin of error for the survey was +/-0.86% at a 95% confidence level. Our annual physician compensation report will save you time and money looking for the data and statistics you want to know. The COVID-19 pandemic has touched every facet of American life, but has especially impacted the nations healthcare system. var submittedEmail = document.querySelector('.gravity-forms-form .pe_we input').value; Where is the gender wage the most prevalent? Hows it going at your medical practices front desk? Despite multiple waves of disruption in 2021, medical practices navigated through the "new normal" of COVID-19 to restore a sense of normalcy in productivity and compensation last year. 57% of specialists earned an incentive bonus. Each year, Medscape releases its Physician Compensation Report evaluating trends and insights related to physician compensation and earnings. factors affect their professional and private lives. Mean compensation for men and women, mean incentive bonus and highest-paying states by mean compensation are from Medscape's "Physician Compensation Report 2021." If given the chance to change careers, 73% of physicians said they would choose to work in medicine again.