How Much Do Doctors Make by Specialty?

Physicians face some of the most stressful situations imaginable, which does translate into higher salaries and better benefits. That pay varies from specialty to specialty, state to state, and metro area to metro area. Some of the top-paying specialties include plastic surgery and orthopedics. 

Doctors’ sizable salaries have always been a huge draw to the profession. It makes all the work of becoming one worthwhile. 

And it is a lot of work. Physicians spend four years in medical school. They then specialize and enter challenging residencies and fellowships lasting up to seven years. It is a long haul that’s rewarded with a lucrative salary.

So what is the average U.S. salary for doctors in 2022?  

According to Medscape’s 2022 Physician Compensation Report, annual compensation for physicians averages $339,000. That’s an average monthly salary in the U.S. of more than $28,000. 

But how does pay break down by specialty? What about by state and metropolitan area? In this article, we’ll take a closer look at the world of doctor compensation.

Average Annual Compensation for Doctors by Specialty

Physicians often specialize in a particular field of medicine after completing four years of medical school. And some choose to subspecialize, focusing on patients with complex diseases or conditions. Given the variety of specialties and subspecialties in the medical world, it is best to break down average annual compensation by specialty. 

According to Medscape’s 2022 Physician Compensation Report, the highest-paying medical specialties (listed from highest to lowest) are:

• Plastic Surgery: $576,000 
• Orthopedics: $557,000
• Cardiology: $490,000
• Otolaryngology: $469,000
• Urology: $461,000
• Gastroenterology: $453,000
• Dermatology: $438,000
• Radiology: $437,000
• Ophthalmology: $417,000
• Oncology: $411,000
• Anesthesiology: $405,000
• Surgery, general: $402,000
• Emergency medicine: $373.000
• Critical care: $369,000
• Pulmonary medicine: $353,000
• Obstetrics/Gynecology (OB/GYN): $336,000
• Pathology: $334,000
• Nephrology: $329,000
• Physical medicine and rehabilitation: $322,000
• Neurology: $301,000
• Allergy and immunology: $298,000
• Rheumatology: $289,000
• Psychiatry: $287,000
• Internal medicine: $264,000
• Infectious diseases: $260,000
• Diabetes and endocrinology: $257,000
• Family medicine: $255,000
• Pediatrics: $244,000
• Public health & preventive medicine: $243,000

Top 10 Highest Earning States for Physicians

Location can drastically affect whether a physician is paid more than their colleagues. Many states pay well above the national average due to high demand for physicians or higher cost-of-living estimates. 

The top 10 highest-paying states for physicians are:  

1. Kentucky: $364,000
2. Tennessee: $364,000
3. Alabama: $358,000
4. Missouri: $357,000
5. Oregon: $352,000
6. Indiana: $350,000
7. North Carolina: $348,000
8. Connecticut: $346,000
9. Texas: $346,000
10. Florida: $346,000

Top 10 Highest Earning Metro Areas for Physicians

Physician salaries vary depending on which metropolitan area a physician practices in. According to the most recent Doximity Physician Compensation Report, the top 10 highest-earning metro areas for physicians are: 

1. Charlotte, NC: $462,760
2. St. Louis, MO: $452,219
3. Buffalo, NY: $426,440
4. Jacksonville, FL: $425,706
5. Orlando, FL: $425,634
6. Minneapolis, MN: $424,059
7. Milwaukee, WI: $422,735
8. Phoenix, AZ: $419,359
9. Dallas, TX: $415,487
10. Los Angeles, CA: $414,925

The same report notes that many metropolitan areas saw significant increases in compensation for physicians in 2021. The areas with the greatest compensation growth were: 

1. Charlotte, NC: 12.9%
2. Virginia Beach, VA: 12.1%
3. St. Louis, MO: 10.5%
4. Tampa, FL: 8.1%
5. Hartford, CT: 7.8%
6. Buffalo, NY: 7.4%
7. Sacramento, CA: 7.1%
8. Orlando, FL: 7%
9. Nashville, TN: 6.9%
10. Boston, MA: 6.1%

Gender Wage Gap in US Average Doctor Salary

The gender wage gap in the U.S. has long been an issue across fields and industries. It is no different for medical specialties, which face similar discrepancies in pay between male and female physicians. According to Medscape’s 2022 report, male primary care physicians earned 25% more than female primary care physicians. 

Women now represent over half of practicing doctors in medical specialties such as pediatrics (58%), OB-GYN (57%), and diabetes and endocrinology (52%). These specialties often have the largest continuity of care. Physicians who specialize in these areas typically see patients across their lifetimes and treat chronic conditions such as birth abnormalities and diabetes.  

Deciding on a Medical Specialty

Deciding on a medical specialty is a highly individual decision often based on passion and experience with the specialty during clinical rotations in medical school. 

Many physicians surveyed in the Medscape report shared that they would choose the same specialty again, with 99% of dermatologists and 97% orthopedic surgeons saying they would repeat their process. Conversely, only 68% of family medicine doctors and 63% of internal medicine physicians reported they would choose the same specialty again. 

With COVID-19 remaining a major concern throughout the U.S., physicians face one of the most challenging periods in the recent history of medicine. Despite concerns over rising inflation across the country, many medical specialties remain on track for increased salaries in the years to come.

Key Takeaways

• According to Medscape’s 2022 Physician Compensation Report, the highest-paying medical specialty is plastic surgery, paying physicians an average of $576,000 per year.
• Male primary care physicians earned 25% more than female primary care physicians.
• The average monthly salary in the U.S. for physicians is $28,250, per Medscape. That’s an annual average U.S. salary of about $339,000.
• Women now represent over half of practicing doctors in medical specialties such as pediatrics (58%), OB-GYN (57%), and diabetes and endocrinology (52%).

(Reporting by NPD)