MORGANTOWN – The average annual salary for physicians increased in 2023 after taking a dip in 2022, according to a newly released report featured in Becker’s Hospital Review.
The national average pay varies widely by specialty – from $317,610 for occupational medicine to $763,908 for neurosurgery. While those figures sound high to the average person, 36% of those surveyed in February and March are dissatisfied or very dissatisfied with their pay packages, while many say their compensation doesn’t reflect their level of expertise.
And within specialties, a gender pay gap exists but has narrowed slightly.
The Physician Compensation Report was published by Doximity, a digital is the leading digital platform for U.S. medical professionals with membership including more than 80% of U.S. physicians across all specialties and practice areas, and Doximity’s staffing arm, Curative.
Physician pay rose by 5.9% in 2023 after several years of modest or declining growth, and a dip of 2.4% in 2022. “While this increase appears to be a step in the right direction, inflationary pressures continue to impact physicians’ real income.”
The report says, “Overall, the majority of physicians do not believe their pay matches the level of effort and expertise required in their role, and negotiation attempts are often unsuccessful or nonexistent. Heavy workloads and high administrative burden appear to be so problematic that many physicians are either considering accepting lower compensation for more work-life balance or leaving clinical practice altogether.”
The report notes 10 specialties that saw significant pay increases last year – from 7.2% for psychiatrists (average pay $332,976) to 12.4% for hematologists ($392,260).
Only 8% of physicians say they’re very satisfied with their compensation and 32% say they’re satisfied.
Post-COVID, physicians’ perception of being overworked has improved slightly. Before COVID, 54% of physicians and nurses were experiencing burnout. In a recent Doximity poll 81% of physicians reported they are overworked, with 59% considering an employment change. In 2022, 86% of physicians reported feeling overworked in 2022, with 73% saying that in 2021.
Polled on 14 factors that could improve their perception of overwork and burnout, safer and more inclusive workplace placed second-last, with only 17%. The top three were reducing administrative burden, 75%; higher compensation, 60%; and tie at 49% for reduced patient caseload and more physician autonomy.
The gender pay gap for physicians across all specialties fell from 26% in 2022 to 23% in 2023.
The report observed: “Despite this progress, the pay gap remains significant, with women physicians earning nearly $102,000 less than men physicians, on average, after controlling for specialty, location, and years of experience. … An analysis of our physician compensation data from 2014-2019 estimated that over the course of a career, men physicians make over $2 million more than women physicians.”
The five specialties with the largest pay gaps are: orthopedic surgery, a $102,579 gap; gastroenterology, $81,420; colorectal surgery, $70,182; pediatric gastroenterology, $43,458; and ophthalmology, $67,197.
The five specialties with the smallest gaps are: oncology, $44,401; internal medicine, $28,425; pediatric infectious disease, $20,439; hematology, $17,266; and medical genetics, $8,829.
Finally, physician compensation varies by area. The report looks at the top 10 and bottom 10 metro regions. Five of the top 10 are in California with the others in Nevada, Arizona, Minnesota, Missouri and North Carolina.
Six of the bottom 10 are along the East Coast, including the D.C. metro area that would take in part of the Eastern Panhandle; plus Tennessee, Alabama, Texas and Colorado.
Adjusting for cost of living, both coasts fall in the lowest compensation category.
The report doesn’t look at West Virginia or the Pittsburgh metropolitan area. The Dominion Post is reaching out to see if those figures are available for a possible future story.
Email: dbeard@dominionpost.com
