Physician compensation in 2022

For the report, Physicians Thrive compiled data from several sources, including the U.S. Bureau of Labor Statistics, Doximity, Merrit Hawkins, Medscape, and more.

In 2022, both primary care physicians and specialists saw an increase in compensation compared to 2021. Primary care physicians earned an average of $260,000 in 2022, up from $242,000 in 2021. Specialists experienced a similar increase, with average earnings of $368,000 in 2022, up from $344,000 in 2021.

Orthopedic surgery, plastic surgery, and cardiology were among the highest-paying specialties, with average compensation over $500,000. Specialties that saw the biggest salary increases between 2021 and 2022 were OB/GYN (14%), radiology (12%), and anesthesiology (8%). 

However, there were still persistent gender disparities when it came to compensation. According to the report, female physicians earned $122,000 less per year than their male counterparts. Significant pay gaps were observed in oral/maxillofacial surgery, allergy and immunology, and otolaryngology, where women earned over 20% less.

By geographic region, the most high-paying areas for physicians were mainly concentrated in the Northeast and South, where there are more medical professionals and healthcare institutions. The metropolitan area that offered the most compensation for physicians was Charlotte, North Carolina, at $462,760. In comparison, Baltimore, Maryland offered the lowest compensation at $376,007.

According to the report, lower-paying metro areas often have older healthcare infrastructures and declining populations. Because of this, some physicians may be moving to other cities around the country for higher pay and improved housing costs, particular in mid-sized cities in Florida, Texas, and the Midwest.

How physicians feel about their work, compensation

With the COVID-19 pandemic leading to higher workloads, 68% of physicians said they were burned out, and 53% said they felt angry or anxious. In addition, 38% of physicians said they wanted to retire in the next year.

However, despite these increased workloads, many physicians said they still find their work rewarding. Overall, 73% of physicians would choose to work in medicine again if given the opportunity.

Notably, 99% of dermatologists and 97% of orthopedic surgeons were satisfied with their choice of specialty, whereas roughly two-thirds of physicians in internal medicine and family medicine would choose the same specialty again.

When asked about what they found most rewarding about their jobs, physicians said gratitude and relationships with patients (27%), finding answers and making diagnoses (25%), and helping others (23%). In comparison, some of the least rewarding aspects were having so many rules and regulations (23%), long work hours (15%), and difficult patients (15%).

Many physicians also generally felt that their compensation was fair, with a majority of physicians in public health and preventive medicine, oncology, and plastic surgery agreeing. However, this was not the case in all specialties. Less than half of physicians in OB/GYN, internal medicine, physical medicine and rehabilitation, among others, said they were fairly compensated. 

 (Physicians Thrive 2023 Physician Compensation Report, accessed 5/11; Wilson, Becker's Hospital Review, 5/10)

The gender pay gap continues to be a problem in health care, with female physicians bearing the brunt of its negative impacts. Read on to learn about physicians' views on gender discrimination and how medical organizations are tackling the issue.