Physician pay increases have not kept up with inflation rates in recent years, with average physician compensation declining by 2.4 percent in 2022 — compared with an increase of 3.8 percent the prior year, according to Doximity's 2023 "Physician Compensation Report."
Considering the peak inflation rate of 9.1 percent last year, most physicians in the U.S. saw a sizable reduction in real income, while 67 percent of physicians are considering leaving their roles as overworking continues to be a challenge.
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.
Twenty specialties with the highest average annual compensation:
Neurosurgery — $788,313
Thoracic surgery — $706,775
Orthopedic surgery — $624,043
Plastic surgery — $571,373
Vascular surgery — $557,632
Oral and maxillofacial surgery — $556,642
Radiation oncology — $547,026
Cardiology — $544,201
Urology — $505,564
Radiology — $503,564
Gastroenterology — $496,667
Otolaryngology (ENT) — $488,536
Dermatology — $468,509
Anesthesiology — $462,506
General surgery — $451,489
Ophthalmology — $449,315
Oncology — $447,312
Colon and rectal surgery — $445,685
Pulmonology — $400,650
Nuclear medicine — $392,196
Twenty specialties with the lowest average annual compensation:
Pediatric endocrinology — $218,266
Pediatric infectious disease — $221,126
Pediatric rheumatology — $226,186
Pediatric hematology and oncology — $237,005
Pediatric nephrology — $238,208
Pediatrics — $242,832
Medical genetics — $244,107
Pediatric pulmonology — $263,742
Medicine/pediatrics — $270,396
Family medicine — $273,040
Child neurology — $273,167
Preventive medicine — $275,068
Geriatrics — $275,704
Endocrinology — $276,548
Pediatric gastroenterology — $282,853
Pediatric emergency medicine — $287,635
Infectious disease — $288,607
Occupational medicine — $292,814
Internal medicine — $293,894
Rheumatology — $299,790
Physician pay increased in 22 specialties compared to 2022.
Nine specialties with the highest percentage increase in pay:
Oncology: 13 percent
Gastroenterology: 11 percent
Radiology: 11 percent
Anesthesiology: 11 percent
Critical care and urology: 10 percent
Psychiatry: 8 percent
Plastic surgery: 7 percent
Ophthalmology: 7 percent
Pulmonary medicine: 7 percent
Overall, physician compensation rose to an average of $352,000 — an increase of 4 percent from 2022.
Seven specialties with a decrease or no change in pay:
Ophthalmology: 7 percent
Emergency medicine: 6 percent
Nephrology: : 5 percent
Physical medicine and rehabilitation: 5 percent
Allergy and immunology: 5 percent
Rheumatology: 3 percent
Family medicine: No change
Physician compensation growth across employment settings:
Single specialty group: $438,959 (-7 percent)
Solo practice: $428,112 (+3 percent)
Multispecialty group: $421,159 (-7 percent)
Health system: $400,207 (+1.4 percent)
Hospital: $398,954 (-1 percent)
Industry/pharmaceutical: $392,534 (-8 percent)
Health maintenance org.: $387,393 (+3.4 percent)
Academic: $347,013 (-9 percent)
Government: $269,189 (+1.8 percent)
Urgent care center: $264,727 (-1 percent)
Average incentive bonuses for 17 specialties:
Orthopedics/orthopedic surgery: $126,000
Ophthalmology: $100,000
Cardiology: $85,000
Gastroenterology: $74,000
Urology: $73,000
Anesthesiology: $68,000
Radiology: $66,000
Pathology: $54,000
Emergency medicine: $51,000
OB-GYN: $49,000
Physical medicine/rehabilitation: $48,000
General surgery: $46,000
Psychiatry: $33,000
Family Medicine: $30,000
Internal Medicine: $29,000
Neurology: $29,000
Pediatrics: $28,000
Ten metropolitan areas with the highest jumps in physician pay:
Charlotte, N.C.: 12.9 percent
Virginia Beach, Va.: 12.1 percent
St. Louis: 10.5 percent
Tampa, Fla.: 8.1 percent
Hartford, Conn.: 7.8 percent
Buffalo, N.Y.: 7.4 percent
Sacramento, Calif.: 7.1 percent
Orlando, Fla.: 7 percent
Nashville, Tenn.: 6.9 percent
Boston: 6.1 percent
Five specialities with the largest gender pay gaps for physicians:
Oral/maxillofacial surgery: Women earn 28.8 percent less
Allergy and immunology: Women earn 21.1 percent less
Otolaryngology: Women earn 20.1 percent less
Pediatric nephrology: Women earn 20 percent less
Thoracic surgery: Women earn 19.5 percent less
Five specialties with the smallest gender pay gaps for physicians:
Pediatric Rheumatology: Women earn 7.8 percent less
Pediatric infectious disease: Women earn 10.1 percent less
Pediatric hematology and oncology: Women earn 11.3 percent less
Hematology: Women earn 12.1 percent less
Pediatric cardiology: Women earn 12.5 percent less
Five cities with the highest average pay for female physicians:
Minneapolis: $347,426
Sacramento, Calif.: $341,107
Tampa, Fla.: $339,595
Buffalo, N.Y.: $335,505
Charlotte, N.C.: $331,556
Five cities with the lowest average pay for women physicians:
Baltimore: $262,109
Louisville, Ky.: $276,509
Providence, R.I.: $276,927
Birmingham, Ala.: $278,488
Memphis, Tenn.: $278,699
Physician pay by race
On average, white physicians earn $358,000 annually, while Black physicians earn $311,000 and Asian American physicians take home $311,000.