It’s not a huge surprise that physician salaries are steadily increasing, and have been for the past 7 years according to Medscape’s Annual Physician Compensation Report, recently updated for 2018 with data from over 20,000 doctors surveyed.
Physician Salary Trends
As you can see from the graph below, the trend is positive, moving from an average of $200,000 to $300,000 in less than a decade.
In particular, the “moving price” – the amount required to convince a physician to switch jobs – is on the rise. If you’re considering switching jobs or moving to a new city, you might be able to command a higher salary in the process.
Annual Compensation by Specialty for Physicians
The top five earning specialties are, in order from highest to lowest: plastic surgery, orthopedics, cardiology, gastroenterology, and radiology.
Not to fear if your specialty isn’t in the top 5 – nearly all specialties in the top 29 are compensated more than $200,000 per year, and more than half earn over $300,000 per year.
Changes in Specialties
The specialties with the greatest increase in providers are psychiatry, plastic surgery, physical medicine & rehabilitation, oncology, critical care, and rheumatology. Not all of these specialties, however, have an adequate number of physicians to fill those roles. If you practice any of the specialties in teal in the chart, there is likely a big demand for your skills, which could mean an easy shift if you’re looking to change jobs.
Understanding compensation trends in the medical field can help you make a decision if you’re considering relocating or changing positions. And if you’re ready to start your job search, we can help! You can search our medical job board for more than 6,000 positions available nationwide or meet with one of our specialty-specific recruiters who can help with your search free of charge.
Read the full report on Medscape for a total of 43 interesting statistics on employment trends in the medical field.