A newcomer snatched a spot in the top 3 highest earning specialties – check out which one in our summary of Medscape’s 2014 annual compensation report!
In this year’s Medscape Physician Compensation Report, a great turnout of over 24,000 physicians across 25 specialties shared their salaries, hours worked, and details of how healthcare reform impacted their healthcare environment. Salary increases were seen in all but six specialties, compared with last year’s 2013 Physician Compensation Report.
♦ The top three earning specialties this year are Orthopedics ($413k), Cardiology ($351k), and both Urology and Gastroenterology at $348k.
♦ The lowest earners remain roughly the same as last year, with Infectious Diseases specialists ($174k), Family Medicine ($176k), and Endocrinologists ($181k).
Other highlights from the report include:
♦ Rheumatology hands down had the highest increase at 15% this year.
♦ Nephrology had the lowest increase (8%).
♦ Specialties whose compensation declined this year included Pathology (3%), Radiology (2%), Pulmonary Medicine (2%), and Cardiology (2%).
♦ On average, men made 31% more than women in 2013, down from 39% in 2010.
♦ The highest earners live in the North Central ($257k) and Great Lakes ($258k) regions.
♦ The lowest earners live in the Mid-Atlantic ($240k) and Northeast ($239k) regions.
♦ Almost a quarter of physicians (24%) participated in an Accountable Care Organization, compared with 16% in 2012 and only 3% in 2011.
♦ About 25% of responders said they would drop insurers that pay poorly, while 39% said they would not.
Interestingly, in the satisfaction portion of the survey, top earners (plastic surgeons, surgeons, orthopedists, radiologists, and anesthesiologists) were the least likely to choose medicine as a career if they had to do it all over again.
Click here to view the full Physician Compensation 2014 report.