Jonathan Preminger, Medical School Admissions Expert, Reviewer of Article on Best Paying Doctors
Becoming a doctor in 2024 is undoubtedly a pathway to a financially secure future. Physicians consistently earn significantly more than the national median income. While all doctors are well-compensated, some specialties offer substantially higher salaries than others. If you’re considering a career in medicine and are curious about the Best Paying Doctors, understanding which specialties lead to the highest earnings is a valuable part of your decision-making process.
This article breaks down the best paying doctor specialties in the United States, providing insights into annual incomes and key factors that influence physician compensation.
Which Doctors are the Best Paid in 2024?
Determining the best paying doctors requires a look at comprehensive data. Our ranking is based on the latest insights from the Physician Compensation Report, a trusted source for physician salary information:
| Specialty | Average Annual Income |
|---|---|
| Neurosurgery | $763,908 |
| Thoracic Surgery | $720,634 |
| Orthopedic Surgery | $654,815 |
| Plastic Surgery | $619,812 |
| Oral & Maxillofacial Surgery | $603,623 |
| Radiation Oncology | $569,170 |
| Cardiology | $565,485 |
| Vascular Surgery | $556,070 |
| Radiology | $531,983 |
| Urology | $529,140 |
| Gastroenterology | $514,208 |
| Otolaryngology (ENT) | $502,543 |
| Anesthesiology | $494,522 |
| Dermatology | $493,659 |
| Oncology | $479,754 |
| Ophthalmology | $468,581 |
| General Surgery | $464,071 |
| Colon & Rectal Surgery | $455,282 |
| Pulmonology | $410,905 |
| Emergency Medicine | $398,990 |
Let’s delve deeper into the top best paying medical specialties.
1. Neurosurgery
Neurosurgery tops the list as the best paying doctor specialty. Neurosurgeons specialize in surgical treatment of the brain, spinal cord, and peripheral nerves. This demanding field requires a minimum of seven years of residency training. The dedication and expertise required are reflected in the average annual neurosurgeon compensation of $763,908.
2. Thoracic Surgery
Thoracic surgeons, another of the best paying doctors, focus on surgeries of the chest organs, including the heart, lungs, and esophagus. Cardiothoracic surgeons play a critical role in treating conditions from lung disease to congenital heart defects. Their expertise commands an average annual salary of $720,634.
3. Orthopedic Surgery
Orthopedic surgery has become one of the best paying doctor specialties in recent years. These surgeons treat conditions affecting the musculoskeletal system – bones, muscles, joints, ligaments, and tendons. The high demand for orthopedic procedures contributes to the impressive average annual income of $654,815 for orthopedic surgeons in the US.
4. Plastic Surgery
Plastic surgeons, also among the best paying doctors, perform both cosmetic and reconstructive procedures across the entire body. Plastic surgery residencies are extensive, lasting six years, reflecting the breadth and depth of training required. This specialization results in an average annual compensation of $619,812.
5. Oral and Maxillofacial Surgery
While technically a dental specialty, oral and maxillofacial surgery is firmly in the realm of best paying doctors. These surgeons treat complex conditions, injuries, and defects of the face, head, neck, jaws, and associated structures. Their dual medical and dental expertise leads to an average annual salary of $603,623.
6. Radiation Oncology
Radiation oncologists, another group of best paying doctors, specialize in using radiation therapy to treat cancer. They are central to cancer care teams, managing treatment plans and ensuring patient understanding. Their vital role in oncology earns them an average annual income of $569,170.
7. Cardiology
Cardiology, focused on the heart and vascular system, is consistently a best paying doctor specialty. Cardiologists diagnose, treat, and prevent diseases of the cardiovascular system. Further specialization within cardiology can lead to even higher earning potential, with an average annual salary of $565,485.
8. Vascular Surgery
Vascular surgeons, who manage diseases of the blood vessels outside of the heart, are also among the best paying doctors. They perform both open surgeries and minimally invasive procedures to treat conditions like aneurysms and blood clots. Vascular surgeons earn an average annual salary of $556,070.
9. Radiology
Radiologists are physician specialists who interpret medical images (X-rays, MRIs, CT scans, etc.) to diagnose and guide treatment. Their diagnostic skills are essential across all medical fields, placing them among the best paying doctors with an average annual salary of $531,983.
10. Urology
Urology, focusing on the urinary tract and male reproductive system, ranks among the best paying doctor specialties. Urologists manage a wide range of conditions, both medical and surgical. The average annual salary for urologists is $529,140.
11. Gastroenterology
Gastroenterologists specialize in the digestive system. They diagnose and treat conditions affecting organs from the esophagus to the liver. The demand for digestive health expertise positions gastroenterology as one of the best paying doctor specialties, with an average annual income of $514,208.
12. Otolaryngology (ENT)
Otolaryngologists, or ENT doctors, focus on disorders of the head and neck, particularly the ears, nose, and throat. Their specialized skills in these sensory areas make them some of the best paying doctors, earning an average annual salary of $502,543.
13. Anesthesiology
Anesthesiologists are crucial for patient care before, during, and after surgery. Their expertise in pain management and critical care medicine is highly valued. Anesthesiology is recognized as one of the best paying doctor specialties, with an average annual salary of $494,522.
14. Dermatology
Dermatologists specialize in conditions of the skin, hair, and nails. With a focus on both medical and cosmetic dermatology, this field is consistently among the best paying doctor specialties. Dermatologists earn an average annual salary of $493,659.
15. Oncology
Oncologists are at the forefront of cancer care. They diagnose, treat, and manage cancer, working closely with patients through complex treatment plans. Oncology is a demanding yet rewarding field, recognized among the best paying doctor specialties, with an average annual salary of $479,754.
16. Ophthalmology
Ophthalmologists are eye specialists with extensive medical and surgical training. They provide comprehensive vision care, making ophthalmology one of the best paying doctor specialties. Ophthalmologists earn an average annual salary of $468,581.
17. General Surgery
General surgeons possess a broad range of surgical skills and knowledge, handling a variety of surgical needs. While perhaps not as specialized as some others, general surgery remains among the best paying doctor fields, with an average annual salary of $464,071.
18. Colon & Rectal Surgery
Colon and rectal surgeons, also known as colorectal surgeons, focus on the lower digestive tract. Their expertise in this area makes them some of the best paying doctors, with an average annual salary of $455,282.
19. Pulmonology
Pulmonologists specialize in respiratory system diseases, including conditions like COPD and lung cancer. The increasing prevalence of respiratory illnesses ensures pulmonology remains a respected and reasonably well-compensated field, with an average annual salary of $410,905.
20. Emergency Medicine
Emergency medicine physicians are on the front lines of healthcare, treating patients with acute and often life-threatening conditions in emergency departments. While demanding and unpredictable, emergency medicine is still considered a well-paying specialty, with an average annual salary of $398,990.
Factors Influencing Compensation for Best Paying Doctors
Several factors contribute to determining which doctors are the best paying doctors.
Firstly, specialization is a major determinant. Surgical and procedural specialties, particularly those focused on adult patients, consistently top the list of highest-paying positions, as highlighted by reports from Doximity & Curative.
Beyond specialty, geographic location significantly impacts physician salaries. Seniority and years of experience also play a role in increased earning potential. Furthermore, the benefits package offered by an employer can further enhance a doctor’s overall compensation.
Most Lucrative States and Cities for Doctors’ Salaries
Interestingly, some of the highest-paying states for physicians aren’t necessarily the most populous or expensive. States like Wisconsin, Indiana, and Georgia often lead in physician compensation.
While specialty remains a key factor in state-level pay, the following table shows average physician salaries by state:
| State | Average Annual Physician Salary |
|---|---|
| Wisconsin | $397,000 |
| Indiana | $372,000 |
| Georgia | $363,000 |
| Connecticut | $362,000 |
| Missouri | $361,000 |
| New Jersey | $360,000 |
| South Carolina | $360,000 |
| Florida | $359,000 |
| California | $358,000 |
| Michigan | $356,000 |
Looking at cities, Doximity data reveals the following as top-paying metropolitan areas for physicians:
| City | Average Annual Physician Salary |
|---|---|
| Charlotte, NC | $430,890 |
| St. Louis, MO | $426,370 |
| Oklahoma City, OK | $425,096 |
| San Jose, CA | $418,600 |
| Minneapolis, MN | $411,677 |
| Sacramento, CA | $411,257 |
| Phoenix, AZ | $409,185 |
| Indianapolis, IN | $408,199 |
| Salt Lake City, UT | $408,044 |
| Atlanta, GA | $407,863 |
FAQs About Best Paying Doctors
Here are answers to common questions about the best paying medical specialties in the USA.
1. How Much Do the Best Paying Doctors Make?
The best paying doctors, particularly those in surgical and procedural specialties like neurosurgery, thoracic surgery, and orthopedic surgery, can earn an average annual salary exceeding $600,000 and often reaching upwards of $700,000 or more.
2. Which are the Highest Paid Doctors in the US?
Currently, neurosurgeons are generally recognized as the highest-paid doctors in the US, with reported average earnings above $780,000 per year.
3. How Do MD Vs. DO Salaries Compare?
Generally, physician salaries are comparable between MDs and DOs. However, data suggests MDs may be slightly more likely to pursue specialized, higher-paying fields, potentially leading to a subtle difference in average earnings over time.
4. Why Do Primary Care Physicians Get Paid Less?
The reasons for lower compensation in primary care are complex. Factors may include shorter residency durations compared to specialized surgical fields, as well as the reimbursement models for primary care services.
5. Which are the Highest Paid Surgeons?
Neurosurgeons consistently rank as the highest-paid surgeons across medical specialties.
Final Thoughts on Best Paying Doctor Specialties
While understanding which doctors are the best paying doctors is valuable, salary should not be the sole determinant in choosing a medical specialty. Your personal interests, passions, comfort level with specific procedures, and desired work-life balance are equally, if not more, important factors. Job satisfaction is paramount in medicine, and aligning your career with your intrinsic motivations will lead to a more fulfilling and sustainable career path. Good luck as you explore your options in the medical field!
