Which Physician Specialty Makes The Most Money?

While COVID-19 made 2022 a difficult class for doctors, Medscape's 2022 physician salary reputation found that physician income in 2022 was similar to numbers rumored for 2022. However, 92% of those who practised a drop in income attributed IT to COVID-19-incidental to factors, including fewer hours and fewer patients. The report as wel looked at the highest-paid physician specialties, devote differences betwixt self-employed and made use of physicians, and which states paid physicians the all but.

Chart showing how much physicians earned in 2022

The highest-paid doc specialties

Specialists in plastic surgery attained the highest physician earnings in 2022 — an average of $526,000. Orthopedics/orthopedic surgery is the next-highest strength ($511,000 annually), followed by cardiology at $459,000 annually. The top five highest-earning specialties remained the same as in 2022 except for urology, which now sits at come four — earning an average of $427,000 annually.

Chart showing average physician salary in 2022 by specialty

Impressible surgeons' salaries magnified by 10% in 2022, though some plastic surgeons did not have as practically work on when nonappointive surgeries stopped during the general. Oncologists sawing machine a 7% earnings addition, and rheumatologists and cardiologists enjoyed a 5% salary increase.

When asked whether they felt they were moderately remunerated, 79% (compared to 67% in 2022) of oncologists opinion this was true, along with 69% of psychiatrists, 68% of plastic surgeons, and 67% of dermatologists. On the other end of the scale, 44% of those who specialize in infectious disease felt they were fairly compensated, and scarcely half of diabetes and endocrinology specialists felt this way.

Chart showing how fairly compensated physicians feel in 2022

Earnings for freelance vs. employed physicians

Freelance physicians earned an average annual salary of $352,000 in 2022, compared to a $300,000 average annual remuneration for employed physicians. Though the number of mortal-employed doctors has declined over the tense few years, Medscape's medical resident survey found that 21% of residents anticipated owning their own practice Oregon becoming a partner. It's important to note that locum tenens physicians are included among self-employed physicians as well.

Chart comparing compensation for employed and self-employed physicians in 2022

Pay disparity 'tween male and feminine doctors

The survey found the pay up disparity 'tween virile and young-bearing physicians continues. Men WHO worked as first care physicians earned about 27% to a greater extent than women ($269,000 versus $211,000 annually).

The disparity between male and female specialists is even greater: Male specialists earned 33% more than female specialists in 2022 ($376,000 for men and $283,000 for women). Women in the workforce were also hit hardest by COVID-19's system personal effects.

Chart showing the gender pay disparity for physicians in 2022

However, the report shows that fewer women work in the highest-paying specialties. Just 9% of women surveyed work in orthopedics and orthopedical surgical procedure, and 14% work in cardiology. In plastic surgery, the highest-paid specialty, women make dormy 20% of the manpower.

The highest paying states for physicians

It may come as a surprise that Alabama pays the highest physician salary whole — an annual average out of $348,000. Kentucky ($340,000), Oklahoma ($338,000), Indiana ($337,000), and Missouri ($332,000) round out the top quintet highest-paying states.

Chart comparing average physician salary by state in 2022

COVID-19's impact on physician recompense

Pandemic salaries were not agreeable for all doctors, however. Eventide though 45% of physicians surveyed said they did non face business Beaver State practice session-related problems in 2022 receivable to COVID-19, 13% experienced atomic number 102 income for a period (an mediocre of three months), and more than fifth proverb a reduction in hours.

Chart showing the events that affected physician salary in 2022

Physicians find work rewarding despite challenges

Cardinal percentage of physicians surveyed said the most challenging part of their subcontract was transaction with the many rules and regulations. Physicians also spent an average of 15.6 hours per week on paperwork, EHR certification, administrative duties, reading clinical articles, and participating in professional organizations. COVID-19 also negatively forced many physicians, with roughly 64% saying the pandemic made their burnout worse.

Despite the challenges, many physicians continue to find their work fulfilling. About 26% of those surveyed aforesaid the nigh rewarding part of their speculate was helping others and making the world a better place, another 26% cited gratitude from and relationships with patients, and 24% most valuable determination answers and diagnoses.

Chart showing the most rewarding aspects of a physician's job in 2022

Although COVID-19 had an impact connected physicians and other healthcare providers during 2022, most doctors have recovered their salaries — and some even reported earning a higher wage during the pandemic. Overall, Medscape's medic salary report suggests that healthcare is on tour to recovery in 2022.

Interested in learning more about on the job locum? Give US a call at 954.343.3050 or view today's locum physician job opportunities.

Chart images from Medscape.com