Choosing a medical specialty is a pivotal decision for aspiring doctors. While passion and interest should be primary drivers, understanding the financial landscape of different specialties is also essential. In 2024, a career in medicine undoubtedly promises a solid financial future. However, significant variations exist in physician compensation across specialties. Some doctors earn considerably more than the national average physician salary, which stands at approximately $239,200 per year. This article delves into the Highest Paid Doctors in the US, exploring the specialties that command the top salaries and the factors influencing physician compensation.
Jonathan Preminger, Former Admissions Committee Member, Hofstra-Northwell School of Medicine
Top 20 Highest Paid Doctor Specialties in the US
Determining the top-earning medical specialties requires analyzing comprehensive compensation data. Our list is based on the latest Physician Compensation Report, a reputable source for physician salary information. This report provides valuable insights into the average annual income for various medical specialties.
| Rank | Specialty | Average Annual Income |
|---|---|---|
| 1 | Neurosurgery | $763,908 |
| 2 | Thoracic Surgery | $720,634 |
| 3 | Orthopedic Surgery | $654,815 |
| 4 | Plastic Surgery | $619,812 |
| 5 | Oral & Maxillofacial Surgery | $603,623 |
| 6 | Radiation Oncology | $569,170 |
| 7 | Cardiology | $565,485 |
| 8 | Vascular Surgery | $556,070 |
| 9 | Radiology | $531,983 |
| 10 | Urology | $529,140 |
| 11 | Gastroenterology | $514,208 |
| 12 | Otolaryngology (ENT) | $502,543 |
| 13 | Anesthesiology | $494,522 |
| 14 | Dermatology | $493,659 |
| 15 | Oncology | $479,754 |
| 16 | Ophthalmology | $468,581 |
| 17 | General Surgery | $464,071 |
| 18 | Colon & Rectal Surgery | $455,282 |
| 19 | Pulmonology | $410,905 |
| 20 | Emergency Medicine | $398,990 |
Let’s explore the top-paying medical specialties in more detail:
1. Neurosurgery: The Pinnacle of Physician Compensation
Neurosurgery consistently ranks as the highest paying medical specialty. Neurosurgeons specialize in the surgical treatment of disorders affecting the brain, spinal cord, peripheral nerves, and cerebrovascular system. This demanding field requires an extensive seven-year residency after medical school, reflecting the complexity and critical nature of the work. The average annual salary for neurosurgeons is $763,908, making them the highest paid doctors in the United States. The intricate procedures, long hours, and high-stakes decision-making in neurosurgery contribute to this top-tier compensation.
2. Thoracic Surgery: Expertise in Chest Cavity Procedures
Thoracic surgeons are specialists who perform surgical procedures on organs within the chest, including the lungs, heart, esophagus, and major blood vessels in the thorax. Cardiothoracic surgeons, a subspecialty within thoracic surgery, are vital in treating conditions such as lung cancer, heart disease, and congenital heart defects. The intricate nature of surgeries in the chest cavity, often involving life-saving interventions, leads to a high average annual income for thoracic surgeons, estimated at $720,634.
3. Orthopedic Surgery: Specialists in Musculoskeletal Health
Orthopedic surgeons are experts in the diagnosis and surgical and non-surgical treatment of musculoskeletal conditions. They address a wide range of issues affecting bones, joints, ligaments, tendons, and muscles, from sports injuries to arthritis and trauma. Orthopedic surgery has seen a rise in compensation in recent years, reflecting the increasing demand for their expertise in an aging and active population. The average annual salary for orthopedic surgeons in the US is $654,815.
4. Plastic Surgery: Reconstructive and Aesthetic Mastery
Plastic surgeons are highly skilled physicians who perform both reconstructive and cosmetic surgeries. Their expertise spans a broad spectrum of procedures, from correcting congenital disabilities and repairing trauma damage to enhancing aesthetic appearance. Plastic surgery residencies are among the longest, typically lasting six years, indicative of the extensive training required. The average annual compensation for plastic surgeons is $619,812, reflecting the intricate skills and patient demand in this specialty.
5. Oral and Maxillofacial Surgery: Bridging Dentistry and Medicine
Oral and maxillofacial surgery is a unique specialty that bridges the gap between dentistry and medicine. These surgeons treat diseases, injuries, and defects of the head, neck, face, jaws, and oral and maxillofacial regions. Their expertise encompasses a wide range of procedures, from complex tooth extractions and dental implants to facial trauma reconstruction and corrective jaw surgery. Oral and maxillofacial surgeons earn an average annual salary of $603,623, recognizing their specialized skills and dual dental and medical training.
Jonathan Preminger, Former Admissions Committee Member, Hofstra-Northwell School of Medicine
Medical professionals reviewing radiological scans, highlighting the expertise required in radiology, a high-paying medical specialty.
6. Radiation Oncology: Cancer Treatment with Precision
Radiation oncologists are cancer specialists who utilize radiation therapy to treat malignancies. They are integral members of cancer care teams, responsible for planning and delivering radiation treatments, managing patient care throughout therapy, and ensuring patients understand the benefits and potential side effects. Radiation oncology requires a deep understanding of physics and biology, coupled with clinical expertise. Radiation oncologists earn an average annual salary of $569,170, reflecting their crucial role in cancer treatment and the specialized knowledge required.
7. Cardiology: Heart Health and Cardiovascular Expertise
Cardiologists focus on the intricate field of the cardiovascular system, specializing in the diagnosis, treatment, and prevention of heart and blood vessel diseases. This broad specialty includes various subspecialties, such as interventional cardiology and electrophysiology, allowing for focused expertise within the field. Cardiology is consistently a high-earning specialty, with the average annual salary for cardiologists reaching $565,485. The prevalence of heart disease and the complexity of cardiovascular interventions contribute to this high level of compensation.
8. Vascular Surgery: Maintaining Blood Vessel Health
Vascular surgery is a surgical specialty focused on the blood vessels outside of the heart and brain. Vascular surgeons treat a wide range of conditions affecting arteries and veins, including aneurysms, blood clots, and peripheral artery disease, utilizing both open surgical techniques and minimally invasive procedures. Vascular surgeons play a critical role in maintaining circulatory health, earning an average annual salary of $556,070.
9. Radiology: Interpreting Medical Images for Diagnosis
Radiologists are physician specialists who interpret medical images – including X-rays, CT scans, MRI scans, and PET scans – to diagnose and monitor a vast array of medical conditions. They are essential consultants for nearly every medical specialty, providing crucial diagnostic information. Radiology demands meticulous attention to detail and a strong understanding of anatomy and pathology. Radiologists earn an average annual salary of $531,983, reflecting their vital role in diagnosis and patient care.
10. Urology: Specialists in the Urinary and Male Reproductive Systems
Urologists specialize in the diagnosis and treatment of disorders of the urinary tract in both men and women, as well as the male reproductive system. Their expertise covers conditions ranging from kidney stones and urinary infections to prostate cancer and male infertility. Urology is a diverse and technically demanding field. Urologists earn an average annual salary of $529,140, placing them among the highest paid doctors.
Factors Influencing Physician Compensation
While specialty choice is a primary determinant of physician salary, several other factors can significantly impact earning potential:
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Medical Specialty: As clearly demonstrated, surgical and procedural specialties consistently top the list of highest paid doctors. The demand for specialized skills, longer training periods, and the complexity of procedures contribute to this pay disparity compared to primary care specialties.
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Geographic Location: Salary levels can vary significantly based on location. States like Wisconsin, Indiana, and Georgia have been reported to be among the highest-paying states for physicians. Urban versus rural settings, cost of living, and demand for specific specialties in a region all play a role.
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Years of Experience and Seniority: Like most professions, physician salaries generally increase with experience. More senior doctors with established reputations and expertise often command higher compensation.
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Practice Setting and Employer: Physician income can be influenced by the type of practice setting (e.g., private practice, hospital-employed, academic institution) and the specific employer. Benefits packages and contract negotiations also play a role in overall compensation.
Highest Paying States and Cities for Doctors
Geographic location significantly impacts physician salaries. While the cost of living is a factor, some states and cities consistently offer higher compensation for physicians.
Highest Paying States for Physicians (Average Annual Salary):
| 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 |
Highest Paying Cities for Physicians (Average Annual Salary):
| 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 |
Jonathan Preminger, Former Admissions Committee Member, Hofstra-Northwell School of Medicine
A physician reviewing a patient’s medical chart, illustrating the daily tasks of doctors across various specialties.
FAQs About Highest Paid Doctors
1. How much do the highest-paid doctors actually make?
The top earners in medicine, particularly neurosurgeons, thoracic surgeons, and orthopedic surgeons, can earn upwards of $600,000 to over $750,000 annually on average.
2. Which type of doctor is the highest paid in the US?
Neurosurgery currently holds the top spot as the highest-paid medical specialty in the US, with neurosurgeons reporting average annual earnings exceeding $760,000.
3. Is there a salary difference between MDs and DOs?
While generally MDs (Medical Doctors) and DOs (Doctors of Osteopathic Medicine) receive comparable pay, some data suggests MDs may be slightly more likely to specialize and enter higher-paying fields, potentially leading to marginally higher average salaries in some cases. However, compensation is primarily determined by specialty, experience, and location, not degree type.
4. Why do primary care physicians earn less than specialists?
Several factors contribute to the compensation gap between primary care and specialist physicians. Specialty training is typically longer and more intensive, and procedural specialties generate more revenue for healthcare systems. The healthcare payment model also often prioritizes procedures and specialist care over preventative primary care.
5. Which surgical specialties are the most lucrative?
Neurosurgery, thoracic surgery, orthopedic surgery, plastic surgery, and oral and maxillofacial surgery are consistently among the highest-paying surgical specialties.
Final Considerations When Choosing a Medical Specialty
While understanding which doctors are the highest paid is valuable, it is crucial to emphasize that choosing a medical specialty should be driven primarily by personal interests, passion, and aptitude. Job satisfaction, work-life balance, and personal fulfillment are paramount in the demanding field of medicine. While financial stability is important, prioritizing your genuine interests and strengths will lead to a more rewarding and sustainable career as a physician. Exploring different specialties through shadowing, research, and clinical experiences is highly recommended to make an informed and personally fulfilling career choice.
