Reports from the U.S. Bureau of Labor Statistics and Medical Economics shed light on physician salary, as well as which states offer the highest.
Medical Economics' 90th annual Physician Report shows physician salaries are either declining or remaining stagnant.
Medical Economics surveyed 1,300 physicians to generate the report, which includes salary data for 2018:
1. Over half of physicians said their compensation was the same as the previous year. Twenty-six percent of physicians said their compensation dropped, and 22 percent had an increase in compensation.
2. The report provided the average income for seven specialties:
- Internal medicine: $262,000
- Family medicine: $242,000
- Pediatrics: $233,000
- Cardiology: $405,000
- OB-GYN: $288,000
- Dermatology: $483,000
- Urology: $362,000
3. More than 70 percent of physicians said such uncompensated tasks as prior authorizations resulted in lower revenue from lost productivity. Lower reimbursement and government regulations also were cited as reasons for lower revenue and pay.
4. Seeing more patients, pay for performance, renegotiated payer contracts and more ancillary services were some of the reasons physicians cited for improved finances.
5. On average, male physicians made $380,000, while female physicians made $200,000 in 2018.
The five highest-paying states:
- New Hampshire: $275,840
- North Dakota: $266,510
- Maine: $257,550
- Montana: $247,260
- Minnesota: $245,040
The five lowest-paying states:
- Mississippi: $174,340
- New York: $171,060
- Arkansas: $165,290
- Nebraska: $161,880
- Oklahoma: $155,130