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.
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.
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:
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:
The following metro areas offer the highest physician compensation when adjusted for cost of living:
These metro areas offer the lowest physician compensation when adjusted for cost of living:
The following are the highest-paid medical specialties, ranked by median salary, according to the Physicians Thrive 2024 Compensation report:
These are the lowest-paid medical specialties, ranked by median salary:
Whether you are a new physician or are nearing retirement, it's natural to have concerns over your salary. What concerns do you have about your current salary, and what's holding you back from earning what you feel you deserve? Would you rather changing jobs to earn more or re-negotiate your contract with your current employer? Leave a comment and join the discussion below.