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.
