Both primary care physicians (PCPs) and specialists have enjoyed modest compensation increases over the past few years, according to Medscape's 2015 Physician Compensation Report. In particular, the average compensation for specialists is $284,000, with PCPs earning $195,000.
This year's top three earners are orthopedists ($421,000), cardiologists ($376,000) and gastroenterologists ($370,000), while the bottom three include pediatricians ($189,000), family physicians ($195,000) and endocrinologists and internists (tied at $196,000).
Family physicians earned 10 percent more this year over last year, while rheumatologists saw a 4 percent decrease and urologists' pay dropped 1 percent. The greatest increases were reported by infectious disease physicians (22 percent), followed by hospital-based specialties.
Other trends identified by this year's survey of 19,657 physicians in 26 specialties included the following:
- Sixty-three percent of physicians said they are now employed, with just 32 percent in private practice.
- Regardless of practice setting, male physicians earn more ($284,000) than their female counterparts ($215,000). However, the overall percentage gap has narrowed slightly since the 2011 Medscape report, from 28 percent in 2011 to 24 percent this year. Data counted only full-time physicians but did not account for hours worked.
- Compensation didn't necessarily correlate with career satisfaction, as nearly three quarters (73 percent) of family physicians--the second-lowest paid for patient care--said they would choose medicine again as a career. Seventy-two percent of rheumatologists (fifth-lowest paid) and 71 percent of internists (fourth-lowest paid) said the same. Conversely only half of the top-earning specialists, orthopedists, said they'd choose medicine again.
- Overall, 64 percent of physicians said they would choose medicine again as a career, while 45 percent would choose the same specialty and 24 percent would choose the same practice setting. Just 25 percent of internists and 32 percent of family physicians would want to be primary care doctors again.
- Seventy-four percent of physicians discuss the cost of treatment with patients, up from 68 percent of respondents to the 2012 survey.
To learn more:
- here's the report