Physicians are facing various challenges, such as reimbursement pressures, longer hours, inflation, and high rates of work-related burnout. Medicare physician payment has seen a decline after two decades of flat payments and adjusted for inflation, and it has decreased by 22% from 2001 to 2021. These challenges are causing many medical professionals to reconsider their careers and seek better work-life balance. According to a recent physician compensation report by Doximity, average pay for doctors declined by 2.4% in 2022 compared to the previous year. Inflation reached a 40-year high of 9.1% in June 2022, contributing to a decline in real income for physicians.
Here are a few notable findings:
Top 5 Highest Paid Specialists (average)
1. Neurosurgery $788,313
2. Thoracic Surgery $706,775
3. Orthopedic Surgery $624,043
4. Plastic Surgery $571,373
5. Vascular Surgery $557,632
Top 5 Specialties with Highest Increase in Compensation (average)
1. Emergency Medicine 6.2%
2. Pediatric Infectious Disease 4.9%
3. Pediatric Rheumatology 4.2%
4. Preventive Medicine 4.0%
5. Pulmonology 3.9%
Also interesting to note, the gender pay gap among physicians remains significant, with men earning approximately $110,000 more than women in 2022.