Journeys begin with the belief that deep within us is the strength to shape the path of our wildest dreams. As a physician, that might be your career and those dreams might include a specific salary, or the ability to buy the kind of home you saw in a magazine or the finances to travel.

In 2024, understanding physician compensation is essential for doctors and healthcare professionals just starting their medical journeys. Physician salaries can be complex, with your choice of specialty and location, as well as your experience and skill creating unpredictable obstacles and advantages along the way. 

When you’re ready, physician job boards like PracliceLink.com will help you find a job that’s right for you. To ensure you don’t start your journey blindfolded, PracticeLink’s Resource Center provides insight into physician salary by specialty 2024 and beyond, as well as the trends and policies affecting the potential earnings of various medical specialties.

What is the average income for a US physician?

According to the latest Physician Compensation Report 2024, the average income for a US physician is approximately $300,000 per year. Some physicians make above $600,000 a year, while many report making around $200,000 a year. Factors accounting for the wide disperity include the physician’s specialty, the community where they practice, physician reimbursement policies and overall patient demand. For instance, primary care physicians have tremendous demand, but they tend to earn less than specialists because of how insurance companies and the centers for Medicare and Medicaid (CMS) reimburse for services.

Which specialist doctor earns the most?

When it comes to income, certain specialties lead the pack. The highest paid medical specialties in 2024 include:

Orthopedic surgeons with an average of $550,000 a year.

Cardiologists with an average of $485,000 a year and some making as much as $679,000 a year.

Dermatologists, averaging an annual salary in the mid $400,000 range, with some making way above that.

These specialties command higher salaries due in part to their demanding nature, the complexity of procedures and the high level of expertise required.

What is the highest paid doctor subspecialty?

Within the realm of specialties, subspecialties can also vary greatly in terms of income. For example, in 2024, some of the highest paid medical specialties among subspecialists include:

Neurosurgeons and interventional cardiologists with salaries ranging from $425,000 to $750,000 a year.

Radiologists and urologists with average salaries in the mid $500,000 range.

Gastroenterologists and otolaryngologists (ENT) with average salaries in the upper $400,000 range.

Physicians in these fields often undergo extensive training and are compensated accordingly for their advanced skills.

What is the lowest paid doctor specialty?

Additional training doesn’t automatically mean a higher salary. Geriatricians, geriatric psychiatrists and many pediatric subspecialists such as child abuse pediatricians do not make as much as radiologists and hospitalists. 

For years, family medicine and pediatrics have typically ranked among the lowest paid. The average salary can be around $200,000 annually. It’s important to note that the average physician salary by state can also influence earnings with some states offering higher compensation than others.

Physician compensation in the US is influenced by a variety of factors, including specialty and location. Understanding these dynamics can help prospective medical professionals make informed career decisions. If you’re looking to dive deeper into the specifics of physician salaries, consider exploring our comprehensive resources on physician compensation and the latest trends in healthcare remuneration.

The journey toward a successful medical career can be exhausting. PracticeLink helps ensure it’s fulfilling by providing a Resource Center stocked with insights and an easy-to-use job board comprised of thousands of healthcare employers around the country, in US territories and in Canada. Get prepared with PracticeLink.com/resource-center.