Medscape recently published its 2023 Physician Income report. For this year’s report, over 10,000 providers, across 29 specialties, submitted responses.
We provide highlights from the report below:
Amidst the well-documented physician shortage and effects of the pandemic, which further reduced the supply of providers, it is not surprising that physician incomes are continuing to increase. From 2018 to 2023, the average physician income increased from $299,000 to $352,000. In 2023, Specialists’ compensation averaged $382,000, and Primary Care Physicians (PCPs) averaged $265,000. Male physicians continue to make more than women, with average salaries 19 percent higher for PCPs and 27 percent higher for specialists. The gap between the sexes, however, is smaller in 2023 than it was in previous years for both groups.
The top 10 highest paid specialties have remained relatively unchanged for the past decade with the exception of Plastic Surgery, which now garners the highest annual compensation ($619,000). Average pay increased the most from last year among Oncology (+13 percent), Gastroenterology (+11 percent), Anesthesiology, Radiology, Critical Care, and Urology (all +10 percent). The specialties with the biggest declines from last year include Ophthalmology (-7 percent), Emergency Medicine (-6 percent), Physician Medicine and Rehab, Nephrology, Allergy & Immunology, and Rheumatology (all -5 percent).
Most physicians (52 percent) feel that they are compensated fairly. Satisfaction does not correlate perfectly with average compensation, as physicians in some of the lower-paying specialties are among the most likely to report that they are satisfied. Physicians who work in Psychiatry (68 percent), Dermatology (65 percent), Public Health and Preventative Medicine (65 percent), and Critical Care (63 percent) are the most likely to feel compensated fairly. And, with the exception of Dermatology, none of the specialties fall within the top ten highest paid. Physicians working in Infectious Disease (35 percent), Ophthalmology (42 percent), Internal Medicine (43 percent), and Nephrology (43 percent) are the least likely to feel satisfied with their pay.
Almost three-quarters (73 percent) of physicians reported that they would choose medicine again and most would choose their specialty. Almost all Plastic Surgeons (97 percent), Urologists (96 percent), and Orthopedists (95 percent) would opt for their specialty again. The least likely to say that they would choose their specialty again are physicians working in family medicine (66 percent) and Internal Medicine (61 percent).
Physicians feel rewarded by their expertise and their relationships with patients, although they name many challenges. Just under one-third of respondents (30 percent) said that the work itself or “being very good at what I do” is the most rewarding part of the job. An additional 24 percent named “gratitude/relationships formed with patients,” and 19 percent said “helping others and doing good”. When asked about the challenges, physicians responded with a variety of items, including rules/regulations (21 percent), long hours (16 percent), dealing with difficult patients (15 percent), dealing with Medicare and/or insurers (13 percent), and working with electronic health records (13 percent), among others.
Find the rest of the report highlights on our blog.
We provide highlights from the report below:
Amidst the well-documented physician shortage and effects of the pandemic, which further reduced the supply of providers, it is not surprising that physician incomes are continuing to increase. From 2018 to 2023, the average physician income increased from $299,000 to $352,000. In 2023, Specialists’ compensation averaged $382,000, and Primary Care Physicians (PCPs) averaged $265,000. Male physicians continue to make more than women, with average salaries 19 percent higher for PCPs and 27 percent higher for specialists. The gap between the sexes, however, is smaller in 2023 than it was in previous years for both groups.
The top 10 highest paid specialties have remained relatively unchanged for the past decade with the exception of Plastic Surgery, which now garners the highest annual compensation ($619,000). Average pay increased the most from last year among Oncology (+13 percent), Gastroenterology (+11 percent), Anesthesiology, Radiology, Critical Care, and Urology (all +10 percent). The specialties with the biggest declines from last year include Ophthalmology (-7 percent), Emergency Medicine (-6 percent), Physician Medicine and Rehab, Nephrology, Allergy & Immunology, and Rheumatology (all -5 percent).
Most physicians (52 percent) feel that they are compensated fairly. Satisfaction does not correlate perfectly with average compensation, as physicians in some of the lower-paying specialties are among the most likely to report that they are satisfied. Physicians who work in Psychiatry (68 percent), Dermatology (65 percent), Public Health and Preventative Medicine (65 percent), and Critical Care (63 percent) are the most likely to feel compensated fairly. And, with the exception of Dermatology, none of the specialties fall within the top ten highest paid. Physicians working in Infectious Disease (35 percent), Ophthalmology (42 percent), Internal Medicine (43 percent), and Nephrology (43 percent) are the least likely to feel satisfied with their pay.
Almost three-quarters (73 percent) of physicians reported that they would choose medicine again and most would choose their specialty. Almost all Plastic Surgeons (97 percent), Urologists (96 percent), and Orthopedists (95 percent) would opt for their specialty again. The least likely to say that they would choose their specialty again are physicians working in family medicine (66 percent) and Internal Medicine (61 percent).
Physicians feel rewarded by their expertise and their relationships with patients, although they name many challenges. Just under one-third of respondents (30 percent) said that the work itself or “being very good at what I do” is the most rewarding part of the job. An additional 24 percent named “gratitude/relationships formed with patients,” and 19 percent said “helping others and doing good”. When asked about the challenges, physicians responded with a variety of items, including rules/regulations (21 percent), long hours (16 percent), dealing with difficult patients (15 percent), dealing with Medicare and/or insurers (13 percent), and working with electronic health records (13 percent), among others.
Find the rest of the report highlights on our blog.
