It’s a common question for those considering a career in medicine: how much do doctors make per month? The answer, while generally pointing to a financially rewarding profession, is nuanced and depends on various factors. According to the 2024 Medscape Physician Compensation Report, primary care physicians average around $277,000 annually, while specialists earn approximately $394,000 per year. This translates to a substantial monthly income, but let’s break down what that looks like and what influences these figures.
To put it simply, primary care doctors in the US average roughly $23,083 per month, and specialists average about $32,833 per month. These figures are not just impressive; they also represent a significant upward trend in physician compensation over recent years. Medscape’s data shows a consistent rise, with average physician earnings increasing from $299,000 in 2018 to $363,000 more recently, and now even higher in 2024.
Doctor Salaries Vary Significantly by Medical Specialty
One of the most significant factors influencing a doctor’s monthly income is their chosen medical specialty. Year after year, certain specialties consistently rank higher in compensation. Cardiology, plastic surgery, and orthopedics are frequently among the top-earning fields. Conversely, family medicine, pediatrics, and diabetes & endocrinology often appear towards the lower end of the salary spectrum.
In the latest Medscape report, orthopedic surgeons topped the list with an average annual salary of $558,000. This impressive figure means an orthopedic surgeon could be making around $46,500 per month. On the other end, physicians specializing in diabetes and endocrinology reported an average annual salary of $256,000, which translates to approximately $21,333 per month.
Compared to the average American salary of roughly $59,384 per year (or about $4,948 per month), it’s clear that even the lower-earning medical specialties provide a significantly higher income. However, it’s interesting to note the disparity in feelings of financial satisfaction. While only 36% of diabetes and endocrinology physicians felt fairly compensated, a slightly higher percentage (44%) of orthopedists, despite earning considerably more, also reported feeling fairly compensated. This suggests that factors beyond just income play a role in physician satisfaction.
Furthermore, income potential generally increases with experience. Doctors in the 40-69 age range typically earn more than those under 40, particularly in specialist fields. This difference may be less pronounced in primary care, possibly due to efforts to enhance primary care salaries and make them more competitive.
Location Matters: How State and City Impact Monthly Doctor Income
Where a doctor practices medicine also has a substantial impact on their monthly earnings. While prestigious medical centers abound in the Northeast, the highest physician salaries are often found in the South and Midwest.
In 2023, Wisconsin emerged as the state with the highest average physician salary, reaching $397,000 annually. Other states in the top ten for physician pay included Indiana, Georgia, Connecticut, Missouri, New Jersey, South Carolina, Florida, California, and Michigan. Working in Wisconsin could mean a monthly income averaging around $33,083 for physicians in that state.
Conversely, metropolitan areas like Boston, despite their medical prestige, are sometimes listed among the lower-paying cities for doctors. This might seem counterintuitive, but several factors contribute to this. Cities with a high concentration of medical schools and research institutions, like Boston, often have a larger supply of physicians. This increased competition can, in turn, moderate salary levels. Additionally, research-focused positions, common in academic centers, may pay less than private practice. In contrast, states like Georgia and Indiana might face a greater demand for doctors, particularly in rural areas, driving up compensation. The principle of supply and demand plays a significant role in determining monthly doctor income across different geographic locations.
Self-Employment vs. Employment: Effect on Monthly Income
The employment model also affects a doctor’s monthly earnings. According to the 2024 Medscape report, self-employed physicians, including practice owners and partners, averaged $391,000 per year. Doctors employed by hospitals, universities, or clinics averaged a slightly lower $353,000 annually. This translates to roughly $32,583 per month for self-employed physicians and $29,416 per month for employed physicians. However, it’s important to note that this gap is narrowing over time.
While self-employment can potentially lead to a higher monthly income, it also comes with the responsibility of covering overhead costs. Practice owners typically allocate a significant portion of their revenue (often between a third and a half) to operational expenses like rent, utilities, staff salaries, and equipment. Therefore, while gross income might be higher, net monthly income needs to account for these business expenses.
Interestingly, the trend in physician employment is shifting. In 2022, less than half of practicing physicians (46.7%) owned their practices, while a slightly lower percentage (40.9%) were directly employed by hospitals or in practices partially owned by hospitals or health systems, according to the American Medical Association. Independent practice involves financial risk but potentially higher rewards, while hospital employment offers more security but potentially less direct control over compensation models.
Locum Tenens: A Different Path to Monthly Income
Locum tenens physicians, or locum doctors, represent a less conventional employment type. These doctors fill temporary staffing needs in healthcare facilities, often moving between assignments that can last from a few months to several years. They might be needed to cover for doctors on leave or to address temporary increases in patient demand.
While some doctors take on locum tenens assignments to supplement their income, others choose this as a full-time career path. Determining the average monthly income for locum doctors is complex due to the wide range of influencing factors. Location, specialty, required skills, patient volume, and shift frequency all play a role.
However, data from ZipRecruiter indicates a national average salary for locum doctors around $212,253 annually. This translates to a monthly income of approximately $17,687. Locum doctors also tend to earn a higher hourly wage compared to permanently employed physicians. ZipRecruiter cites an average hourly rate of $148 for locums and $72 for regular physicians. It’s crucial to remember that these are averages across all specialties and locations, and actual pay can vary significantly.
While some locum positions offer higher pay, they may be in areas with a higher cost of living. However, locum tenens agencies often cover accommodation costs, which can be a significant financial benefit. Locum doctors typically work as independent contractors, meaning taxes are not automatically deducted from their paychecks, requiring careful financial planning. For physicians seeking to boost their monthly income, locum tenens work, particularly in rural, high-demand areas, can be an attractive option without permanent relocation.
Persistent Pay Gaps: Race and Gender Disparities in Monthly Doctor Income
It’s essential to acknowledge the ongoing disparities in physician compensation based on race and gender. Historically underrepresented groups in medicine, particularly women and people of color, often face pay inequities.
In 2023, white physicians, on average, earned more ($369,000 annually) than physicians of other races and ethnicities. Asian American physicians earned an average of $362,000 per year, Hispanic/Latino physicians $349,000, and Black or African American physicians $332,000. Converting these annual figures to monthly income, we see a range from approximately $30,750 per month for white physicians to $27,667 per month for Black or African American physicians.
A 2016 survey highlighted even starker disparities, finding a $100,000 difference in median annual income between white male doctors and Black female doctors. The 2024 Medscape report confirms that women physicians earn less than male physicians across all racial and ethnic groups. This is partly attributed to women disproportionately choosing lower-paying specialties like pediatrics and family medicine (though OB-GYN, a higher-earning field, is an exception with a majority-female workforce).
However, gender pay gaps persist even within the same specialties. Male specialists earned an average of $435,000 annually, while female specialists earned $333,000. Male primary care physicians earned $295,000, compared to $253,000 for female primary care physicians. Expressed monthly, this means a gap of approximately $8,500 per month between male and female specialists and roughly $3,500 per month between male and female primary care physicians. While these disparities are slowly decreasing in primary care, they remain significant and underscore the importance of awareness and advocacy for fair compensation.
Loan Forgiveness Programs: Impact on Long-Term Financial Health
For medical school graduates with student loan debt, monthly income is a critical consideration. While pursuing a high-paying specialty might seem like the most direct path to rapid loan repayment, public service loan forgiveness programs offer valuable alternatives, particularly for those interested in working with underserved populations.
Programs like the NHSC Students to Service Loan Repayment Program can provide up to $120,000 in loan repayment assistance for medical students in their final year who commit to practicing primary care in high-need areas after residency. The Indian Health Service Loan Repayment Program offers up to $50,000 in loan forgiveness for two-year commitments in American Indian and Alaskan Native communities. Furthermore, the Air Force, Army, and Navy offer programs that fund medical education in exchange for military service as a physician.
For those in primary care, the American Academy of Family Physicians website provides a comprehensive list of loan forgiveness opportunities. Federal student loan borrowers also have access to income-based repayment programs that cap monthly payments based on discretionary income and offer loan forgiveness after 20 years of qualifying payments.
These programs demonstrate that financial support is available to enable doctors to pursue their preferred fields, even if they are not the highest-paying specialties. Choosing a specialty or practice location based solely on income might not be as fulfilling as aligning your career with your passions and utilizing available financial aid options.
Final Thoughts on Doctor’s Monthly Income
In conclusion, doctors, regardless of specialty, earn a good living, with a solid monthly income. However, as we’ve explored, monthly pay is influenced by numerous factors including specialty, geographic location, employment model, and even race and gender. Entering the medical profession with open eyes, understanding these variables, and advocating for fair compensation are crucial.
Ultimately, the most important aspect of a medical career is aligning your professional path with your interests and values. Whether you choose a high-paying specialty or primary care, practice in a bustling city or a rural community, opt for private practice or hospital employment, financial stability and often significant financial rewards are attainable. Loan forgiveness programs and income-based repayment plans further enhance financial security, allowing doctors to focus on healing and patient care. Medicine offers a variety of paths to a financially sound and deeply meaningful career.
