Considering a career in medicine is undoubtedly a path towards financial security. In 2024, becoming a doctor promises a substantial annual salary. While the national median physician salary is impressive at around $239,200 per year, certain medical specialists are earning significantly more, pushing their income far beyond this benchmark. If you’re exploring medical specialties and wondering “What Doctor Makes The Most Money,” this comprehensive guide breaks down the highest-paid doctors in the US, revealing the top-earning specialties and the factors influencing their impressive salaries.
Jonathan Preminger, Medical Admissions Expert
Unveiling the Highest-Paid Doctors in the US in 2024
Pinpointing the highest-paid doctors requires a detailed look at compensation data. Our ranking is based on insights from the reputable Physician Compensation Report, providing a clear picture of physician earnings across various specialties. Below is a table summarizing the top 20 highest-paying doctor specialties:
| 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 each of these top-paying medical specialties, exploring what makes them so lucrative and what each entails.
1. Neurosurgery: The Pinnacle of Physician Compensation
Neurosurgery tops the list as the highest-paid doctor specialty. Neurosurgeons are specialists who operate on the most complex and delicate parts of the human body: the brain, spinal cord, and peripheral nerves. The intricate nature of their work, demanding years of highly specialized training (at least a seven-year residency), directly correlates with their compensation. Neurosurgery average annual compensation reaches an impressive $763,908, firmly establishing them as the highest earners in the medical field.
2. Thoracic Surgery: Expertise in Chest Cavity Operations
Thoracic surgeons are the next highest-paid doctors, focusing on surgeries within the chest cavity. This includes vital organs such as the heart, lungs, and esophagus. Often referred to as cardiothoracic surgeons, they are critical in treating conditions ranging from lung diseases and heart failure to congenital heart defects. The complexity and high-stakes nature of thoracic surgeries contribute to their substantial average annual salary of $720,634.
3. Orthopedic Surgery: Masters of the Musculoskeletal System
Orthopedic surgeons specialize in the diagnosis and surgical treatment of disorders related to the musculoskeletal system. This encompasses bones, joints, ligaments, tendons, muscles, and nerves. From joint replacements to fracture repairs, orthopedic surgeons address a wide array of conditions, significantly impacting patients’ mobility and quality of life. Orthopedics has seen a surge in physician pay in recent years, with the average annual income for US orthopedic surgeons reaching $654,815.
4. Plastic Surgery: Reconstructive and Aesthetic Expertise
Plastic surgeons are highly skilled in performing both cosmetic and reconstructive surgeries, addressing virtually every part of the body. Their expertise ranges from enhancing aesthetic appearance to reconstructing tissues damaged by injury or disease. Plastic surgery residencies are notably long, requiring six years of intensive training, reflecting the breadth and depth of knowledge needed. This demanding specialty commands an average annual compensation of $619,812 for plastic surgeons.
5. Oral and Maxillofacial Surgery: Bridging Dentistry and Medicine
Oral and maxillofacial surgery, while technically a dental specialty, is deeply intertwined with medicine. These surgeons treat diseases, injuries, and defects of the face, head, neck, jaws, and oral and maxillofacial regions. Their unique skill set, bridging dental and medical expertise, leads to a high average annual salary of $603,623.
6. Radiation Oncology: Targeting Cancer with Precision
Radiation oncologists are cancer specialists who utilize radiation therapy to treat malignancies. They are integral to cancer care teams, overseeing patient treatment plans, ensuring patients understand the benefits and potential drawbacks of radiation, and managing treatment delivery. Their critical role in cancer treatment contributes to an average annual income of $569,170 for radiation oncologists.
7. Cardiology: Guardians of the Heart
Cardiologists are physicians focused on the intricate workings of the cardiovascular system. They diagnose, treat, and prevent diseases of the heart and blood vessels. Cardiology is consistently recognized as a high-earning specialty, with further specialization within cardiology potentially increasing earning potential. The average annual salary for a cardiologist is $565,485, reflecting the importance and complexity of heart care.
8. Vascular Surgery: Maintaining Healthy Blood Vessels
Vascular surgeons specialize in the surgical and minimally invasive management of blood vessel conditions. Vascular surgery encompasses a wide range of procedures to treat conditions like blood clots, deep vein thrombosis, and aneurysms. Ensuring healthy blood flow throughout the body is vital, and vascular surgeons are highly compensated for their expertise, earning an average annual salary of $556,070.
9. Radiology: Interpreting Medical Images for Diagnosis
Radiologists are often considered the “doctors’ doctors,” as they play a crucial role in diagnosis by interpreting medical images. Using technologies like X-rays, CT scans, MRI, and PET scans, radiologists identify and diagnose a vast spectrum of illnesses and injuries. Their diagnostic expertise is invaluable, resulting in an average annual salary of $531,983 for radiologists.
10. Urology: Specialists of the Urinary and Male Reproductive Systems
Urologists specialize in the study, diagnosis, and treatment of conditions affecting the urinary system in both sexes and the male reproductive system. From kidney stones to prostate cancer, urologists address a broad range of health concerns. As of 2024, the average annual salary for urologists is $529,140, reflecting the specialized nature of their practice.
11. Gastroenterology: Experts in Digestive Health
Gastroenterologists are internal medicine specialists who focus on the digestive system. They diagnose and treat diseases affecting the stomach, esophagus, intestines, liver, pancreas, and gallbladder. Digestive health is fundamental to overall well-being, and gastroenterologists are well-compensated for their expertise, earning an average annual salary of $514,208.
12. Otolaryngology (ENT): Head and Neck Specialists
Otolaryngologists, often referred to as ENT (Ear, Nose, and Throat) doctors, specialize in disorders of the head and neck. This includes conditions affecting the ears, nose, throat, sinuses, larynx, and related structures. ENT specialists address a wide range of issues from hearing loss to sinus infections, earning an average annual salary of $502,543.
13. Anesthesiology: Ensuring Patient Comfort and Safety During Procedures
Anesthesiologists are critical care physicians who manage pain and patient well-being before, during, and after surgeries and other medical procedures. Their expertise in pain management and critical care medicine is essential for safe and comfortable medical interventions. Anesthesiologists earn an average annual salary of $494,522, reflecting their vital role in patient care.
14. Dermatology: Guardians of Skin, Hair, and Nails
Dermatologists are specialists in conditions affecting the skin, hair, and nails. They diagnose and treat a wide array of dermatological issues, from acne and eczema to skin cancer. With increasing awareness of skin health and aesthetics, dermatology remains a sought-after and well-compensated specialty, with an average annual salary of $493,659.
15. Oncology: Fighting Cancer Through Medical Management
Oncologists are medical doctors who specialize in the diagnosis, treatment, and management of cancer. They guide patients through complex treatment plans, oversee therapies, and provide crucial post-treatment care. The ongoing battle against cancer and the complexity of oncological care contribute to an average annual salary of $479,754 for oncologists.
16. Ophthalmology: Vision Care and Eye Surgery Experts
Ophthalmologists are eye doctors with extensive medical and surgical training. They specialize in comprehensive vision and eye care, including surgical interventions for eye diseases and conditions. Eye health is paramount, and ophthalmologists are highly valued for their expertise, earning an average annual salary of $468,581.
17. General Surgery: A Broad Spectrum of Surgical Skills
General surgeons possess a wide range of surgical skills and knowledge, covering anatomy, physiology, metabolism, immunology, and more. They manage a diverse array of surgical conditions, making them essential in hospital settings. General surgeons earn an average annual salary of $464,071, reflecting the breadth of their expertise.
18. Colon & Rectal Surgery: Specialists of the Lower Gastrointestinal Tract
Colon and rectal surgeons, also known as colorectal surgeons, specialize in conditions of the lower gastrointestinal tract, specifically the large intestine (colon and rectum). They treat conditions like colorectal cancer, inflammatory bowel disease, and other disorders of the lower digestive system. These specialists earn an average annual salary of $455,282.
19. Pulmonology: Caring for the Respiratory System
Pulmonologists are experts in the diagnosis and treatment of respiratory system diseases. This includes conditions such as asthma, COPD, emphysema, and lung cancer. With respiratory health being increasingly important, pulmonologists play a vital role, earning an average annual salary of $410,905.
20. Emergency Medicine: Frontline Care for Acute Conditions
Emergency medicine physicians are on the front lines of healthcare, treating patients with acute and often life-threatening health problems in emergency departments. The fast-paced, critical nature of emergency medicine results in an average annual salary of $398,990 for these physicians.
Factors Influencing Doctor Compensation
Understanding “what doctor makes the most money” involves considering several factors beyond just the medical specialty.
Firstly, medical specialty itself is the most significant determinant of pay. Surgical and procedural specialties, particularly those focused on adult patients, consistently command the highest salaries, as highlighted by reports from Doximity & Curative.
Job location also plays a crucial role. Geographic variations in demand, cost of living, and healthcare market dynamics influence physician salaries. Certain states and cities offer significantly higher compensation packages to attract and retain medical talent.
Seniority and experience naturally lead to increased earning potential. As doctors gain experience, develop specialized skills, and build reputations, their salaries tend to rise accordingly.
Finally, employer benefits can add to a doctor’s overall compensation. Comprehensive benefits packages, including retirement plans, health insurance, and malpractice coverage, can significantly enhance the financial attractiveness of a position.
State and City-Level Insights into Physician Salaries
When examining the most lucrative locations for doctors, it’s interesting to note that states like Wisconsin, Indiana, and Georgia often top the list. This may be surprising as traditionally high-income states might be expected to lead.
The highest-paying states for physicians in the US, according to Medscape’s Physician Compensation Report, are outlined below:
| 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 |
Doximity data reveals the highest-paying cities for physicians, showcasing regional variations:
| 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: Addressing Common Questions About Doctor Salaries
Here are answers to frequently asked questions regarding the highest-paid medical specialties in the USA:
1. How Much Do the Highest-Paid Doctors Make Annually?
The top-earning physicians, particularly those in neurosurgery, thoracic surgery, and orthopedic surgery, can earn upwards of $600,000 or even $700,000+ annually.
2. Which Specific Doctor Type is the Absolute Highest Paid?
Neurosurgeons consistently rank as the highest-paid doctors, with average annual earnings exceeding $760,000.
3. Is There a Salary Difference Between MDs and DOs?
Generally, MDs (Medical Doctors) and DOs (Doctors of Osteopathic Medicine) have comparable earning potential. However, some data suggests MDs may be slightly more likely to specialize, potentially leading to higher average salaries in certain fields.
4. Why Do Primary Care Physicians Often Earn Less?
The reasons for lower compensation in primary care are complex. Factors may include shorter residency durations compared to specialized surgical fields and the reimbursement models for primary care services.
5. Among Surgeons, Who Are the Highest Earners?
Neurosurgeons are unequivocally the highest-paid surgeons, reflecting the extensive training, demanding skillset, and critical nature of their work.
Final Thoughts: Balancing Salary with Passion in Your Medical Career
While understanding “what doctor makes the most money” is a relevant consideration, especially when investing years in medical education, it’s crucial to prioritize factors beyond just salary when choosing a medical specialty. Your personal interests, passions, comfort level with specific medical fields, and desired lifestyle should be paramount. Job satisfaction in medicine is deeply linked to choosing a specialty that aligns with your values and strengths. Ultimately, a fulfilling career in medicine balances financial security with genuine passion for your chosen field. Good luck as you navigate your path in medicine!
