Physician compensation in the US edged up 1.5% on average between 2019 and 2020, according to the fourth annual Physician Compensation Report released by Doximity, a social network for physicians and advanced practice clinicians. This compares to the up to 4% increases shown in previous years.
“Medical practices of all sizes have been negatively impacted by the pandemic,” the report states. “It’s been widely reported since March 2020 that hospitals and private medical practices have seen steep declines in revenue due to delayed or canceled elective medical procedures and treatments. In response, many hospitals have had to resort to pay cuts as well as furloughs of administrators and healthcare professionals alike.”
Medical specialties that require more advanced training and longer medical residencies, such as surgeons, show significantly higher annual salaries when compared to the national average compensation of $383,340 in 2020. Those in the neurosurgery specialty had the highest average annual compensation in 2020 at $746,544; preventive medicine had the lowest at $234,587.
In addition, this year’s data found a 28% wage gap between male and female physicians, with male doctors earning over $116,000 more annually than their female counterparts. This is an increase from last year’s study, in which the gender pay gap had narrowed to 25.2%.
While compensation plateaued in 2020, some medical specialties did experience gains. The top five specialties with the largest increase in annual compensation:
- Vascular surgery: 4.9% growth
- Physical Medicine/rehab: 4.7%
- Geriatrics: 4.6%
- Genetics: 4.4%
- Emergency medicine: 4.3%
These are the five US metros areas with the highest average compensation, according to the report:
- Milwaukee: $430,274
- Atlanta: $428,244
- Jacksonville, Florida: $427,090
- Buffalo, New York: $407,070
- Orlando, Florida: $406,587
The study draws from self-reported compensation surveys completed in 2019 and 2020 by approximately 44,000 full-time, licensed US physicians who practice at least 40 hours per week.