For individuals embarking on a career in medicine, understanding the landscape of M.D. doctor salaries is often a crucial consideration. The financial aspect, alongside a passion for healing and patient care, plays a significant role in specialty choices and long-term career planning. As physician compensation continues to evolve, staying informed about current salary trends is essential. This guide provides a comprehensive overview of M.D. doctor salaries in the United States, exploring average incomes, variations across specialties and locations, and key factors influencing physician compensation in 2024.
How Much Does an M.D. Doctor Make?
The earning potential for medical doctors (M.D.s) is substantial, reflecting the extensive education, rigorous training, and critical responsibilities associated with the profession. In 2023, the average salary across all physician specialties in the U.S. reached $363,000, encompassing both primary care physicians and specialists. This figure represents a notable 3% increase from the average doctor salary in 2022, indicating a positive trajectory in physician compensation.
Delving deeper into the data, the MedScape Physician Compensation Report 2024 reveals a distinction between primary care and specialist physician salaries. Primary Care Physicians (PCPs) earned an average of $277,000 annually in 2023, while specialists commanded a higher average of $394,000. However, it’s crucial to recognize that these are average figures, and an M.D. doctor’s salary can fluctuate significantly based on several factors, including their chosen medical specialty, geographic location, years of experience, and practice setting.
M.D. Doctor Salary by Medical Specialty: Top Earners
Certain medical specialties consistently rank among the highest-paying fields within medicine. These specialties often involve intricate procedures, specialized knowledge, and high demand, contributing to their elevated compensation levels. Here are some of the top-earning medical specialties and their average annual M.D. doctor salaries:
- Orthopedics: $558,000
- Plastic Surgery: $536,000
- Cardiology: $525,000
- Urology: $515,000
- Gastroenterology: $512,000
- Radiology: $498,000
- Dermatology: $479,000
- Anesthesiology: $472,000
- Oncology: $464,000
- Otolaryngology: $459,000
U.S. map showing the top earning states for physicians.
Map of the United States highlighting the top 10 highest earning states for physicians in 2023, according to Medscape data.
These specialties often involve surgically intensive procedures (Orthopedics, Plastic Surgery, Urology), critical care (Cardiology, Anesthesiology), or highly specialized diagnostic and treatment skills (Gastroenterology, Radiology, Dermatology, Oncology, Otolaryngology). The demand for these specialized services, coupled with the complexity of the work, contributes to the higher M.D. doctor salaries in these fields.
M.D. Doctor Salary by Medical Specialty: Range and Averages
While the top specialties command the highest salaries, a wide range of specialties offer competitive compensation for M.D. doctors. It’s important to consider the full spectrum of average physician salaries across different fields to gain a comprehensive understanding of potential earnings:
- Surgery, General: $423,000
- Ophthalmology: $409,000
- Critical Care: $401,000
- Pulmonary Medicine: $397,000
- Emergency Medicine: $379,000
- Pathology: $366,000
- Ob/Gyn: $352,000
- Neurology: $343,000
- Nephrology: $341,000
- Physical Medicine and Rehabilitation: $341,000
- Psychiatry: $323,000
- Allergy and Immunology: $307,000
- Rheumatology: $286,000
- Internal Medicine: $282,000
- Family Medicine: $272,000
- Public Health & Preventive Medicine: $263,000
- Infectious Diseases: $261,000
- Pediatrics: $260,000
- Diabetes and Endocrinology: $256,000
Specialties with lower average salaries, such as Pediatrics, Family Medicine, and Internal Medicine, often focus on primary care, preventative medicine, and the management of common illnesses. While their average compensation may be lower than specialized fields, these specialties are crucial for community health and offer fulfilling career paths focused on patient relationships and broad-spectrum care.
Geographic Factors Influencing M.D. Doctor Salary
The location where an M.D. doctor practices significantly impacts their earning potential. Salaries vary considerably across different states and metropolitan areas due to factors such as cost of living, demand for physicians, population density, and insurance reimbursement rates.
Top 10 Earning States for Doctors:
- 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
Top Earning Metro Areas/Cities for Doctors:
- San Jose, CA: $474,977
- Los Angeles, CA: $448,121
- St. Louis, MO: $442,576
- Sacramento, CA: $440,004
- Minneapolis, MN: $438,756
- San Francisco, CA: $437,628
- Phoenix, AZ: $436,837
- San Diego, CA: $430,187
- Charlotte, NC: $429,566
- Las Vegas, NV: $426,727
U.S. map showing the lowest earning states for physicians.
Map of the United States showing the 10 lowest earning states for medical doctors in 2023, based on Medscape’s Physician Compensation Report.
Lowest Earning States for Doctors:
- Maryland: $306,000
- Colorado: $327,000
- Virginia: $330,000
- Massachusetts: $331,000
- Arizona: $334,000
- Washington: $338,000
- Tennessee: $340,000
- Pennsylvania: $344,000
- Alabama: $348,000
- New York: $348,000
- Illinois: $350,000
- North Carolina: $350,000
- Texas: $353,000
Lowest Earning Metro Areas/Cities for Doctors:
- San Antonio, TX: $371,073
- Denver, CO: $371,215
- Washington, DC: $371,495
- Boston, MA: $378,273
- Nashville, TN: $380,533
- Baltimore, MD: $382,837
- Philadelphia, PA: $387,254
- Providence, RI: $390,096
- Virginia Beach, VA: $390,604
- Birmingham, AL: $391,290
Metropolitan areas, particularly in California, tend to offer higher M.D. doctor salaries, potentially reflecting the higher cost of living and competitive healthcare markets in these regions. Conversely, some states and metro areas, even with high living costs, may have lower average physician salaries due to factors like insurance market dynamics or regional healthcare demand.
Trends in M.D. Doctor Compensation
The physician compensation landscape is not static; it’s subject to changes influenced by healthcare policy, economic conditions, and evolving demands for medical services. While overall M.D. doctor salaries have been on an upward trend, certain specialties have experienced more significant compensation shifts.
In 2023, several specialties witnessed substantial increases in average salary, with Physical Medicine & Rehabilitation, Neurology, Nephrology, and Allergy & Immunology leading the way with at least a 9% increase. This growth may indicate rising demand in these areas or adjustments in reimbursement models. Conversely, Plastic Surgery, a traditionally high-paying specialty, experienced a notable 13% decrease in average salary, highlighting the dynamic nature of physician compensation across specialties.
The Gender Pay Gap in M.D. Doctor Salaries
Despite progress in gender equality across various professions, a gender pay gap persists in medicine. In 2023, female physicians earned, on average, 23% less than their male counterparts. While this represents a slight improvement from the 26% gap reported in 2022, the disparity remains significant. The Doximity 2024 Physician Compensation Report further quantified this gap, indicating that female physicians earned approximately $102,000 less annually than male physicians on average.
Orthopedic Surgery exhibits the widest gender pay gap among medical specialties, while fields like Medical Genetics, Hematology, Pediatric Infectious Disease, Internal Medicine, and Oncology demonstrate the narrowest gaps, suggesting progress toward pay equity in certain areas of medicine.
Factors to Consider Beyond M.D. Doctor Salary
While salary is an important factor, choosing a medical specialty and practice location should involve a holistic evaluation of various aspects beyond just financial compensation. Factors such as personal interests, work-life balance preferences, desired patient population, and the intellectual stimulation offered by a specialty are equally crucial for long-term career satisfaction. Aspiring M.D. doctors should consider shadowing opportunities and research different specialties to gain firsthand insights into the daily realities and diverse aspects of each medical field.
Conclusion
Understanding M.D. doctor salaries is a vital component of career planning for those pursuing a path in medicine. While the average physician salary is substantial and continues to rise, significant variations exist across specialties, geographic locations, and even gender. By exploring the data and trends presented in this guide, aspiring and practicing M.D. doctors can make informed decisions about their career paths, financial planning, and long-term professional fulfillment in the dynamic field of medicine.
