After several years of modest or declining growth, average pay for physicians increased by 5.9% in 2023, rebounding from a drop of 2.4% in 2022, according to Doximity's "2024 Physician Compensation Report," published May 23.
The moderate pay increase appears to be a step in the right direction, but inflationary pressures continue to drag down physicians' real income. Adjusted for inflation in practice costs, Medicare physician payment has decreased 22% since 2001, according to the American Medical Association. CMS also cut overall physician pay 1.25% in 2024.
The physician gender wage gap declined to 23% in 2023, compared to 26% in 2022 and 28% in 2021, according to the report. However, the gender pay gap remains substantial, and 48% of physicians surveyed are either unsure about the trend or did not believe there is a disparity. Men physicians currently earn almost $102,000 more than women physicians, even when controlling for specialty, location and years of experience.
Eighty-one percent of physicians reported they are overworked, with 59% considering an employment change, including early retirement (30%). Almost 90% of physicians said their clinical practice has been affected by the physician shortage, with 74% describing the shortage as "moderate" or "severe."
When asked about the effects of the physician shortage, most physicians said they have experienced overwork or burnout (67%) and diminished job satisfaction (60%). Twenty-seven percent said they have experienced anxiety or depression.
Consistent with previous years, the highest-paid physician specialties tend to be surgical and procedural specialties treating adult patients, while the lowest-paid tend to be those specializing in pediatric and primary care.
Here are 40 physician specialties ranked by annual compensation, according to Doximity's most recent findings:
1. Neurosurgery: $763,908
2. Thoracic surgery: $720,634
3. Orthopedic surgery: $654,815
4. Plastic surgery: $619,812
5. Oral and maxillofacial surgery: $603,623
6. Radiation oncology: $569,170
7. Cardiology: $565,485
8. Vascular surgery: $556,070
9. Radiology: $531,983
10. Urology: $529,140
11. Gastroenterology: $514,208
12. Otolaryngology: $502,543
13. Anesthesiology: $494,522
14. Dermatology: $493,659
15. Oncology: $479,754
16. Ophthalmology: $468,581
17. General Surgery: $464,071
18. Colon and rectal surgery:$455,282
19. Pulmonology: $410,905
20. Emergency medicine:$398,990
21. Occupational medicine: $317,610
22. Infectious disease: $314,626
23. Internal medicine: $312,526
24. Pediatric emergency medicine: $309,124
25. Rheumatology: $305,502
26. Family medicine: $300,813
27. Endocrinology: $291,481
28. Geriatrics: $289,201
29. Pediatric gastroenterology: $286,307
30. Preventive Medicine: $282,011
31. Child neurology: $279,790
32. Pediatric pulmonology: $276,480
33. Medicine/pediatrics: $273,472
34. Pediatrics: $259,579
35. Pediatric hematology and oncology: $251,483
36. Medical genetics: $244,517
37. Pediatric infectious disease: $236,235
38. Pediatric rheumatology: $233,491
39. Pediatric nephrology: $227,450
40. Pediatric endocrinology: $217,875
Editor's note: Data includes responses from more than 33,000 physician compensation surveys completed between January and December 2023, as well as data from about 150,000 compensation surveys over the last five years. Each survey was completed by full-time U.S. physicians who practice at least 40 hours a week.
Click here for more details on the methodology and to access the full report.