Physician compensation is nuanced and complex, and asking for a raise can be uncomfortable. But knowing how your salary compares to others' in your specialty will allow you to more confidently advocate for your desired salary and benefits.

We’ve highlighted several recent trends in physician compensation to help you level against your peers in your region and specialty, and remain up-to-date on them will enable you to negotiate smartly.

Physician Compensation Trends

Between 2022 and 2023, the average compensation for U.S. physicians increased by nearly 6%, recovering from a slight decline of 2.4% the previous year. This rebound highlights the resilience and ongoing demand for medical professionals. As burnout reached an all-time high in 2021 at the height of the pandemic, the drive to hire doctors and pay them fairly remains a priority.

Educating yourself about salary trends in your region and specialty will ensure you’re armed with the right knowledge as you enter a salary negotiation.

Top Metro Areas for High Physician Salaries

If you feel underpaid and are living in these regions, leverage these averages to your advantage. According to Physicians Thrive Compensation Report 2024, here are the top 10 metro areas with the highest physician compensation:

• San Jose, CA: $474,977
• Los Angeles, CA: $448,121
• St. Louis, MO: $442,576
• Sacramento, CA: $440,004
• Minneapolis, MN: $438,756
• San Francisco, CA: $437,628
• Phoenix, AZ: $436,837
• San Diego, CA: $430,187
• Charlotte, NC: $429,566
• Las Vegas, NV: $426,727

Metro Areas with the Lowest Physician Compensation

Are you living in one of these cities? What can you do to raise the physician's pay? The following are the metro areas with the lowest physician compensation according to the same report:

• San Antonio, TX: $371,073
• Denver, CO: $371,215
• Washington, DC: $371,495
• Boston, MA: $378,273
• Nashville, TN: $380,533
• Baltimore, MD: $382,837
• Philadelphia, PA: $387,254
• Providence, RI: $390,096
• Virginia Beach, VA: $390,604
• Birmingham, AL: $391,290

Highest Compensation Adjusted for Cost of Living

The following metro areas offer the highest physician compensation when adjusted for cost of living:

• St. Louis, MO
• Louisville, KY
• Oklahoma City, OK
• Memphis, TN
• Charlotte, NC
• Las Vegas, NV
• Indianapolis, IN
• Milwaukee, WI
• Jacksonville, FL
• New Orleans, LA

Lowest Compensation Adjusted for Cost of Living

These metro areas offer the lowest physician compensation when adjusted for cost of living:

• Washington, DC
• Boston, MA
• Denver, CO
• Seattle, WA
• New York, NY
• Portland, OR
• San Francisco, CA
• Baltimore, MD
• Providence, RI
• San Diego, CA

Medical Specialties With Highest Reported Salaries

The following are the highest-paid medical specialties, ranked by median salary, according to the Physicians Thrive 2024 Compensation report:

• Neurosurgery: $788,000
• Thoracic Surgery: $707,000
• Orthopedic Surgery: $624,000
• Plastic Surgery: $571,000
• Vascular Surgery: $558,000
• Oral & Maxillofacial Surgery: $557,000
• Radiation Oncology: $547,000
• Cardiology: $544,000
• Urology: $506,000
• Radiology: $504,000

Medical Specialities with Lowest Reported Salaries

These are the lowest-paid medical specialties, ranked by median salary:

• Pediatric Endocrinology: $218,000
• Pediatric Infectious Disease: $221,000
• Pediatrics: $243,000
• Family Medicine: $255,000
• Geriatrics: $275,000
• Preventive Medicine: $275,000
• Endocrinology: $276,000
• Infectious Disease: $288,000
• Pediatric Emergency Medicine: $288,000
• Internal Medicine: $294,000

Medical Specialities with Biggest Salary Increases

• Oncology: +6.2%
• Pediatric Infectious Disease: +4.9%
• Pediatric Rheumatology: +4.2%
• Preventive Medicine: +4%
• Pulmonology: +3.9%

Medical Specialties with Biggest Salary Decreases

• Ophthalmology: -7%
• Emergency Medicine: -6%
• Physiatry (PM&R): -5%
• Allergy & Immunology: -5%
• Rheumatology: -3%

Join the discussion

Do you feel fairly compensated? How can we improve salary equity and transparency within medicine? Leave a comment and join the discussion below.