Are Family Doctora Making Less Money 2019?

While COVID-19 made 2020 a hard twelvemonth for doctors, Medscape'south 2021 physician salary report found that physician income in 2020 was like to numbers reported for 2019. Nonetheless, 92% of those who experienced a drop in income attributed it to COVID-19-related factors, including fewer hours and fewer patients. The study likewise looked at the highest-paid md specialties, pay differences between self-employed and employed physicians, and which states paid physicians the most.

The highest-paid physician specialties

Specialists in plastic surgery earned the highest physician salary in 2020 — an average of $526,000. Orthopedics/orthopedic surgery is the next-highest specialty ($511,000 annually), followed by cardiology at $459,000 annually. The height 5 highest-earning specialties remained the aforementioned as in 2019 except for urology, which at present sits at number iv — earning an average of $427,000 annually.

Plastic surgeons' salaries increased by 10% in 2020, though some plastic surgeons did not have every bit much work when elective surgeries stopped during the pandemic. Oncologists saw a vii% salary increment, and rheumatologists and cardiologists enjoyed a 5% bacon increase.

When asked whether they felt they were fairly compensated, 79% (compared to 67% in 2019) of oncologists thought this was true, along with 69% of psychiatrists, 68% of plastic surgeons, and 67% of dermatologists. On the other terminate of the scale, 44% of those who specialize in infectious illness felt they were fairly compensated, and simply one-half of diabetes and endocrinology specialists felt this way.

Earnings for self-employed vs. employed physicians

Cocky-employed physicians earned an average almanac salary of $352,000 in 2020, compared to a $300,000 average annual salary for employed physicians. Though the number of self-employed doctors has declined over the past few years, Medscape's medical resident survey found that 21% of residents anticipated owning their own do or becoming a partner. It'southward important to annotation that locum tenens physicians are included amidst self-employed physicians besides.

Pay disparity betwixt male and female doctors

The survey found the pay disparity between male person and female person physicians continues. Men who worked every bit primary care physicians earned about 27% more than women ($269,000 versus $211,000 annually).

The disparity between male and female person specialists is even greater: Male specialists earned 33% more than than female specialists in 2020 ($376,000 for men and $283,000 for women). Women in the workforce were also hit hardest past COVID-19's economic effects.

Nevertheless, the report shows that fewer women piece of work in the highest-paying specialties. Merely nine% of women surveyed work in orthopedics and orthopedic surgery, and 14% work in cardiology. In plastic surgery, the highest-paid specialty, women brand up 20% of the workforce.

The highest paying states for physicians

Information technology may come up as a surprise that Alabama pays the highest medico bacon overall — an annual average of $348,000. Kentucky ($340,000), Oklahoma ($338,000), Indiana ($337,000), and Missouri ($332,000) round out the top five highest-paying states.

COVID-19's bear on on physician compensation

Pandemic salaries were non consequent for all doctors, even so. Even though 45% of physicians surveyed said they did not face financial or exercise-related bug in 2020 due to COVID-19, 13% experienced no income for a menstruation (an average of 3 months), and more than one-fifth saw a reduction in hours.

Physicians find piece of work rewarding despite challenges

Twenty-three pct of physicians surveyed said the most challenging part of their job was dealing with the many rules and regulations. Physicians also spent an average of fifteen.half-dozen hours per calendar week on paperwork, EHR documentation, authoritative duties, reading clinical articles, and participating in professional person organizations. COVID-19 also negatively affected many physicians, with almost 64% saying the pandemic made their burnout worse.

Despite the challenges, many physicians continue to find their work fulfilling. About 26% of those surveyed said the about rewarding part of their chore was helping others and making the world a meliorate place, another 26% cited gratitude from and relationships with patients, and 24% most valued finding answers and diagnoses.

Although COVID-xix had an impact on physicians and other healthcare providers during 2020, most doctors have recovered their salaries — and some even reported earning a higher wage during the pandemic. Overall, Medscape's medico salary report suggests that healthcare is on the road to recovery in 2021.

Interested in learning more virtually working locum tenens? Requite united states of america a phone call at 954.343.3050 or view today's locum tenens physician job opportunities.

Chart images from Medscape.com

Source: https://weatherbyhealthcare.com/blog/annual-physician-salary-report

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