According to the most recent Medscape Physician Compensation Report, the average salary of an anesthesiologist is $400,000 per year. This number can fluctuate quite a bit depending on the anesthesiologist’s chosen subspecialty, geographic location, and other factors, but there are plenty of anesthesiologists that are able to bring in an annual salary of $500,000 or more. But where does all that money come from? What are the emerging market and workforce trends that are responsible for creating such high demand and such high wages for anesthesiologists?
Key Takeaways
- Anesthesiology is a high-demand and very well-compensated medical specialty with a variety of career opportunities.
- Technology, population shifts, and healthcare policy are just some of the factors that will continue to create demand and new opportunities.
- There are several emerging subspecialties in the field of anesthesiology, like pain management and critical care.
- Long-term financial success and security are highly dependent on a commitment to lifelong learning and an active approach to career management.
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Future Demand and Workforce Trends That Will Drive the Anesthesiologist Salary
There are a variety of workforce and economic trends that will affect the demand and the anesthesiologist salary in the future. The shifting U.S. population, like the growth in the elderly population, is one such trend. The U.S. Census Bureau predicts that, by 2040, 22% of the total U.S. population will be over the age of 65. And 2030 is not far behind, with just over one in five Americans being over the age of 65, with another 15% being under the age of 18. This means that people are living longer and, as a result, they will be going under the knife more often, whether that is for surgery or other medical interventions.
The rise in chronic conditions is another trend that will have a significant impact on the demand for anesthesiologists. Obesity, diabetes, and cardiovascular disease are all on the rise as far as the percentage of the U.S. population that is affected by these different conditions goes. As these numbers continue to rise, anesthesiologists will find themselves dealing with more complex cases, which means a higher need for qualified and trained anesthesiologists.
Geographic variation is another important factor that is related to the demand and supply, as well as the anesthesiologist salary. The demand for anesthesiologists in rural areas is higher, but at the same time, there are fewer qualified candidates to fill those roles. This is an example of a larger supply-and-demand gap that will surely increase the anesthesiologist salary in those geographic areas.
Technology and healthcare policy, like the shift toward value-based payment models, are two other examples of workforce trends that will continue to impact the anesthesiologist salary in the coming years.
Emerging Subspecialties and Career Growth Opportunities for Anesthesiologists
There are a lot of emerging subspecialties for anesthesiologists to consider, which will allow them to diversify their income and also hone in on their areas of specific interest. Pain management, critical care, and regional anesthesia are just some examples of the growing subspecialties that can provide new clinical and financial opportunities for anesthesiologists.
Pain management is one example of a subspecialty that anesthesiologists can consider if they want to create a very lucrative and profitable niche for themselves. Interventional pain management, which is the practice of using medication to manage a patient’s pain, is a subspecialty that is on the rise.
Critical care is another growing subspecialty that anesthesiologists can work in, and it has a lot of crossover with other areas of medicine as well. Anesthesiologists can provide care for patients with life-threatening medical conditions in this area of practice.
Regional anesthesia is another area of medicine that is seeing an increased demand. This is a type of anesthesia that involves the injection of a local anesthetic in the region of the nerves in order to block the sensation of pain; regional anesthesia is not a new thing, but it is gaining renewed interest in the modern era thanks to things like ultrasound-guided nerve blocks and multimodal analgesia protocols.
Positioning Yourself for Success and Long-Term Career Growth in Anesthesiology
Anesthesiology is a field of medicine that demands a great deal of precision and expertise. Anesthesiologists will need to develop new skills and continue to improve themselves in order to remain competitive in their field, and they will also need to be more active and proactive when it comes to their careers and their futures. This may mean that anesthesiologists will have to be more open to working with a team of other experts, and this is something that was mentioned a few paragraphs up. This could include other surgeons, other anesthesiologists, or other medical professionals that can work together with anesthesiologists in their practices.
This also means that anesthesiologists will have to work to improve their skills and their expertise as well. This is one way that anesthesiologists can maintain their current salary level as well as expand their practices into other areas of medicine.
Learn More About Anesthesiologist Salary
Physicians Thrive can work with anesthesiologists to take all of these factors into account as they plan for their careers. We can work with anesthesiologists to help them make the most of their current salary and plan for their financial futures, but we can also make use of all of the resources and tools that we have to help anesthesiologists to better manage their careers as well as their salaries, both now and in the future.
Want to start a new career or expand your current one? Get in touch with the team at Physicians Thrive today and let us help you take control of your future.
