NEWARK, N.J., April 12, 2024 /PRNewswire/ — Despite the recent rise in physicians’ salaries, dissatisfaction over pay persists, according to the latest findings of the 2024 Medscape Physician Compensation Report. Any contentment about their compensation gains was undercut by the effects of high inflation rates throughout 2023 and Medicare reimbursement cuts.
The 2024 Medscape Physician Compensation Report: Bigger Checks, Yet Doctors Still See an Underpaid Profession found 61% of doctors believe their profession is generally underpaid in the United States and 51% feel personally underpaid relative to their job duties. These perceptions raised the question: Can physician pay both be generous and not enough to justify the amount of stress and sacrifice?
Notable Disparities, Promising Advancements in Physicians’ Pay
As in previous years, this year’s report found gender disparity in physician compensation with male physicians earning approximately 29% more than their female counterparts, underscoring ongoing concerns regarding pay equity within the medical profession. Over the previous year, the gender gap declined slightly for primary care physicians, but widened slightly for specialists.
Additionally, the report reveals notable trends in racial and ethnic compensation disparities. Compensation for African American and Black physicians grew more than twice as fast as for any other racial or ethnic group. However, they are still the lowest compensated group, earning $37,000 on average less than white doctors.
Click here to view the full report: https://www.medscape.com/2024-compensation-overview
Highest and Lowest Salaries, by Specialty and Region
The report reveals that total physician compensation experienced a modest 3% growth, increasing from an average of $352,000 to $363,000 in 2023. Notably, specialized doctors earned $117,000 more on average than their primary care counterparts. Orthopedics, plastic surgery, and cardiology emerged as the top three compensated specialties, with physiatrists and neurologists experiencing the biggest 1-year gain in compensation. Conversely, infectious disease, pediatric, and diabetes-endocrinology physicians reported the lowest levels of compensation.
West North Central states such as Iowa, Nebraska, North Dakota and South Dakota reported the highest earning compensation (more than $400,000), while Mid-Atlantic states, such as New York, New Jersey and Pennsylvania reported the lowest compensation at $351,000.
Jon McKenna, Executive Editor, Medscape Reports, emphasized the significance of the report’s findings, stating, “The 2024 Medscape Physician Compensation Report offers a comprehensive view of the evolving landscape of physician compensation. From gender and racial disparities to the influence of economic factors, these insights provide valuable context for understanding the challenges and opportunities facing physicians today.”
Medscape Survey Methods:
2024 Medscape Physician Compensation Report: Bigger Checks, Yet Doctors Still See an Underpaid Profession was completed by 7,000 U.S. physicians representing more than 29 specialty areas. Respondents were invited to respond to the online survey. The margin of error for the survey was 0.98% at a 95% confidence level, using a point estimate of 50% (+/-).
About Medscape
Medscape is the leading source of clinical news, health information, and point-of-care tools for health care professionals. Medscape offers specialists, primary care physicians, and other health professionals the most robust and integrated medical information and educational tools. Medscape Education (medscape.org) is the leading destination for continuous professional development, consisting of more than 30 specialty-focused destinations offering thousands of free C.M.E. and C.E. courses and other educational programs for physicians, nurses, and other health care professionals. Medscape is a subsidiary of WebMD Health Corp.
About WebMD Health Corp.
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SOURCE Medscape
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