While COVID-19 made 2020 a an overwhelming year for doctors, Medscape’s 2021 doctor salary report found that physician earnings in 2020 was similar to numbers reported for 2019. However, 92% of those who experienced a drop in revenue attributed it to COVID-19-related factors, consisting of fewer hours and fewer patients. The report likewise looked at the highest-paid medical professional specialties, salary differences in between self-employed and employed physicians, and also which says paid doctors the most.
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The highest-paid physician specialties
Specialists in plastic surgical procedure earned the highest possible physician salary in 2020 — an median of $526,000. Orthopedics/orthopedic surgical procedure is the next-highest specialty ($511,000 annually), complied with by cardiology at $459,000 annually. The top five highest-earning specialties remained the very same as in 2019 except for urology, which currently sits in ~ number four — earning an typical of $427,000 annually.
Plastic surgeons’ salaries boosted by 10% in 2020, though part plastic operated doctor did not have as much work once elective surgeries stopped during the pandemic. Oncologists experienced a 7% salary increase, and rheumatologists and also cardiologists appreciated a 5% value increase.
When asked even if it is they felt castle were reasonably compensated, 79% (compared to 67% in 2019) that oncologists assumed this to be true, together with 69% that psychiatrists, 68% the plastic surgeons, and 67% of dermatologists. Top top the other end of the scale, 44% the those that specialize in infectious an illness felt castle were reasonably compensated, and just half of diabetes and also endocrinology specialists felt this way.
Earnings because that self-employed vs. To work physicians
Self-employed medical professionals earned an average annual salary that $352,000 in 2020, compared to a $300,000 average annual salary for employed physicians. Despite the number of self-employed medical professionals has declined over the past few years, Medscape’s medical resident survey found that 21% of occupants anticipated owning their own practice or becoming a partner. It’s necessary to keep in mind that locum tenens physicians are included among self-employed physicians as well.
Pay disparity in between male and also female doctors
The survey discovered the salary disparity in between male and female doctors continues. Men who operated as primary treatment physicians earned around 27% more than ladies ($269,000 matches $211,000 annually).
The disparity between male and female experts is even greater: Male professionals earned 33% an ext than female professionals in 2020 ($376,000 because that men and also $283,000 for women). Women in the workforce were additionally hit hardest by COVID-19’s financial effects.
However, the report shows that fewer women work in the highest-paying specialties. Just 9% of women surveyed work in orthopedics and orthopedic surgery, and 14% work in cardiology. In plastic surgery, the highest-paid specialty, women make up 20% the the workforce.
The highest paying states for physicians
It might come as a surprised that Alabama pays the greatest physician salary in its entirety — an yearly average the $348,000. Kentucky ($340,000), Oklahoma ($338,000), Indiana ($337,000), and also Missouri ($332,000) round out the top five highest-paying states.
COVID-19’s impact on physician compensation
Pandemic incomes were not consistent for all doctors, however. Also though 45% of physicians surveyed said they walk not confront financial or practice-related difficulties in 2020 because of COVID-19, 13% experienced no revenue for a period (an typical of three months), and an ext than one-fifth experienced a reduction in hours.
Physicians find work lucrative despite challenges
Twenty-three percent of physicians surveyed stated the most challenging part the their project was taking care of the countless rules and also regulations. Physicians likewise spent an average of 15.6 hrs per mainly on paperwork, EHR documentation, governmental duties, analysis clinical articles, and also participating in skilled organizations. COVID-19 additionally negatively affected many physicians, with about 64% speak the pandemic made your burnout worse.
Despite the challenges, plenty of physicians proceed to find their job-related fulfilling. About 26% the those surveyed claimed the most lucrative part that their project was help others and also making the people a better place, one more 26% cited gratitude from and relationships through patients, and also 24% many valued recognize answers and also diagnoses.
Although COVID-19 had an affect on physicians and also other healthcare providers throughout 2020, most doctors have actually recovered their salaries — and some even reported earning a greater wage during the pandemic. Overall, Medscape’s medical professional salary report argues that healthcare is ~ above the road to restore in 2021.
Interested in learning an ext about working locum tenens? give us a contact at 954.343.3050 or see today’s locum tenens medical professional job opportunities.
Chart images from Medscape.com
TagsMedscape medical professional Compensation Report physician compensation doctor salaries doctor salary
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Lindsay Wilcox is a health care writer and also editor with an ext than 10 year of expert writing experience. When she"s no circling typos, she"s enjoying fish tacos and hanging out with her family.
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