Practicing medicine in New York could create the possibility for an exceptional career. As one of the largest and most diverse medical systems in the U.S., there are numerous opportunities here for those looking for a truly diverse career path. When it comes to doctor salaries, New York potentially offers key advantages there, too, depending on where you work and the type of work you do within your career. Take into consideration what your career may be like if you decide to move to New York to start or build it.
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Top Reasons to Practice Medicine in New York
New York is regarded for many things, especially when zeroed into New York City. Though the whole state offers key opportunities, there are a few reasons why you may wish to pursue your career here, including the doctor salary New York physicians can expect.
First, consider that New York City specifically is a world-class city. People flock here for business and luxury lifestyles, and that means there’s a robust, highly innovative, and world-class hospital system here as well. Some of the finest doctors in the world work in this region.
It is also home to the largest municipal health system in NYC Health + Hospitals. There are 70 locations across all five boroughs in New York City. For those who want to work in a large system, there is nothing more impressive. Keep in mind that other medical centers throughout the state are smaller, allowing for more intimate experiences as well.
There’s a demand for qualified professionals here. According to data from the U.S. Bureau of Labor Statistics, there will be an 11.4% estimated increase in the number of doctors and surgeons in the country from 2016 to 2026. However, in New York, that figure is 19.3%, showcasing the very high level of demand in this region. The percentage of demand is dependent on the specialty of the provider.
Another key opportunity exists for doctors who make the move to New York as practicing providers. The Doctors Across New York program is a financial initiative put in place in 2008 that aims to get doctors into the underserved communities within the state. Those who apply and who are awarded this opportunity receive up to $120,000 in loan repayment for providing at least 3 years of service in a qualifying position.
Top Reasons NOT to Practice Medicine in New York
There are some key reasons not to practice in New York as well. That includes the fact that the cost of living in much of the state is significantly higher than what you could expect in many other modern cities – it falls into the VHCOL bracket. There are also numerous mandates in place, as well as the high cost of medical liability insurance costs. These are very real concerns for anyone that wants to practice medicine in the state.
Average Salary for Doctors and Specialists in New York – Broken Down
If you plan to work as a doctor or specialist in New York, you can expect a competitive salary in most situations. It’s very important to note that this is a very diverse state in terms of cost of living and wages. In the upper portion of New York, you can expect salary information to be much lower than in the New York City region.
When you consider doctor salary, New York overall has a median salary of $222,681 for an entry-level doctor. This is a range of $192,803 to $249,080, according to Salary.com. Those in the 90th percentile may earn $273,115 as an entry level professional. Factors such as education, experience, and location play a key role in the doctor salary New York professionals can expect to earn. An entry-level doctor working in New York City has a median income of $249,660, and the 90th percentile are earning at $306,204, according to Salary.com.
Here’s a look at some common specialties in New York and what you may expect from the doctor salary there.
Psychiatry
Those who are working as a psychiatrist in New York can expect the same type of variance in salary based on location. However, the median salary in the state as of 2022 was $258,740, with the usual range from $231,858 to $289,420. Those who work in the 90th percentile in this field in New York could earn as much as $317,353, according to Salary.com information. A psychiatrist working in New York City is likely to earn a median of $290,088, with the 90th percentile earning $355,803, according to Salary.com.
Surgeon
Working as a surgeon can be one of the most demanding of jobs, which is why when it comes to doctor salary, New York surgeons can expect to earn a median of $446,037 across the state, according to Salary.com. Those working as a surgeon in New York City can expect to earn a median of $500,077, according to Salary.com. Across the state, the pay range typically falls between $377,207 to $529,379, with the 90th percentile of surgeons earning $605,257.
Anesthesiology
Those working as an anesthesiologist earned a typical range of $381,400 to $499,100 in New York in 2022. The median income in the anesthesiology field was $440,300, according to Salary.com. Across the state, those earning in the 90th percentile earned $552,634. In New York City, the median income for an anesthesiologist was $493,600 in 2022, with the 90th percentile of professionals earning $619,690, according to data from Salary.com.
Hospitalist
A doctor working in a hospital setting called a hospitalist, including those working in the emergency room, earned a median income of $245,200 in 2022 across the state, according to Salary.com. Those earning in the 90th percentile earned $307,481. The overall range of pay was from $215,700 to $277,800, according to Salary.com. Those working in this setting in New York City earned a median salary of $295,000, with the 90th percentile earning $369,890, according to Salary.com data.
Radiology
Those working in radiology in New York earned a median income of $469,590 in 2022 across the state, with the 90th percentile of earners taking home $610,199 that year. The overall range typically falls between $408,290 to $543,190, according to data from Salary.com. When it comes to radiology doctor salaries, New York City professionals earned $526,490 as the median income in 2022, with those in the 90th percentile earning $684,102, according to Salary.com.
Which Specialties Are in Need in New York? Are Any Less In Demand?
Data from The American Medical Association makes it clear that there is a significant shortage of doctors, especially in areas of primary care physicians, surgical specialists, medical specialists, and others across the country and those figures are likely to ring true in New York as well. Some reports indicate that the state is suffering significantly in areas of physicians, nurse practitioners, and physician assistants after the COVID-19 crisis, indicating the potential for ongoing health care shortages.
What Business Formation Is Best for a Sole Practitioner?
For a medical provider that is ready to open up a practice in New York, there are some core opportunities in terms of overall business formation options. Many doctors open solo practices and provide services throughout the state.
There are recommendations to open a professional Service Limited Liability Company (PLLC) business entity for most of these practices, though. This allows for a provider to operate a small medical office in the state inexpensively. For those who wish to expand, using a Professional Service Corporation (P.C.) or a Limited Liability Partnership (LLP) when there is more than one practicing provider can also work well for those in the industry. These provide organizations with the level of support they need while protecting private assets and keeping costs low.
Keep Reading: How to Start a Medical Practice.
CME Credits Required to Maintain a Medical License in New York
In New York, there is not a set number of required CME credit hours required to maintain a physician license. However, there are mandatory requirements for all doctors. Here is a list of some of those requirements:
- Infection control: Physicians must complete an initial set of courses in infection control to obtain their license and then must complete this again every four years.
- Child abuse: All doctors must complete at least two hours of coursework on identifying and reporting of child mistreatment and abuse. This is done prior to applying for licensing.
- Opiate prescribing and palliative care: All licensed doctors who are able to prescribe medications must complete three hours of coursework in an area of pain management, addiction, and palliative care. This is completed every three years after initial licensing.
State Taxes
Those earning an income in New York will have to pay state taxes. The state’s tax rates range from 4% up to 10.9% based on state income tax brackets as well as income tax rates. In addition to this, for those who are living in New York City and Yonkers, there are additional local income taxes on top of the state income tax to pay. In New York City, those range from 3.078% to 3.876%, based on income. Those earning between $80,651 and $215,400 pay a tax rate of 6.33% and those earning between $215,401 and $1,077,550 pay a tax rate of 6.85%.
Keep in mind taxes range based on where a person lives and works as well as things like dependence and filing status.
Related: 5 Ways for Doctors to Save on Taxes
K-12 Schools
Across all of New York, there are 731 school districts and 4,413 public schools. In addition to this, there are 356 charter schools. Each of them is very unique, and the quality of any of them is very dependent on the community. The largest school districts are in New York City, Syracuse, Buffalo, and Rochester.
If you are looking for some of the best private schools in New York City, consider Regis High School, The Chapin School, The Dalton School, and St. Ann’s School. Some of the most noted high private schools in Buffalo include Mount Mercy Academy, Notre Dame Academy, and Buffalo Academy of the Sacred Heart.
Best Medical Schools in New York
New York is a large state and a popular location to go for medical education. According to U.S. News and World Report’s national rankings, these are the best medical schools in New York for 2022.
New York University (Grossman)
With an enrollment of about 409 students full time, it is ranked #2 in Best Medical Schools for Research in the country. Students can learn M.D.’s, Ph.D.’s, or both options through a dual degree program.
Columbia University
A bit of a larger program at 577 students in the full time grad program, Columbia University is a well-recognized leader in this field. With an acceptance rate of about 4%, this is one of the hardest schools to get into.
Icahn School of Medicine at Mount Sinai
The Icahn School of Medicine at Mount Sinai is a solid research-focused school that has an enrolment of about 530 full-time students. Students enrolling in this private medical school are likely to want to focus on neuroscience research as that is one of their largest programs. The school’s acceptance rate is under 3%.
Cornell University (Weill)
Cornell University (Weill) is a solid choice for its research-based program. It has about 450 full time students within its grad program. This program receives about 6,000 applicants for its program each year but only enrolls about 100 of them.
University of Rochester School of Medicine and Dentistry
The University of Rochester School of Medicine and Dentistry is a large facility that’s noted for its biopsychosocial programs. It offers an Academic Research Track to provide mentorship opportunities for students.
Areas of Interest in New York
There are a number of fantastic locations to visit in New York, from the Upper portion of the state to New York City. Here are a few of the most iconic locations to explore to get a feel for this state and all it has to offer.
Niagara Falls
The Bridal Veil Falls, American Falls, and Horseshoe Falls are some of the most impressive natural features in the world. These are also the tallest in North America, dropping 167 feet.
Central Park, New York City
There is no doubt that New York City is one of the most impressive cities in the world, noted for its luxury, size, and overall scope. Central Park is in the heart of it all, located in Manhattan and home to a wide range of its own attractions. That includes the Conservatory Garden, Chess & Checkers House, numerous open greenspaces, and much more.
Times Square
The virtual heart of New York City, Times Square, is an outstanding experience for anyone that has never been to the area. It’s located at the corner of Broadway and 7th Avenue and is impossible to miss with its skyscrapers, bright billboards, and numerous attractions. It’s where business meets entertainment on the East Coast.
Finger Lakes
The Finger Lakes region of New York offers some of the best outdoor exploration opportunities in the region. There are numerous trails, including Keuka Trail, Seneca Lake Trail, and the Cayuga Trail. You can also visit the town of Corning, where there are numerous fascinating locations, including The Rockwell Museum, Harriet Tubman House, and the Willard Chapel.
The Adirondacks
Located in the northern portion of the state, the Adirondacks are a densely forested area with numerous lakes ideal for boating, fishing, or just watching from a log cabin. The hills here are noted for being a part of the Canadian Shield. The highest peak in the region of Mount Marcy. This area is one of the most popular destinations for those in New York looking to get away from the city during the holidays.
Ready to buy a home? Read this: How to Navigate Buying a Home in the Current Market
Medical Malpractice Rates in New York
Medical malpractice is a concern throughout the U.S. for many doctors. The state of New York does not require that physicians practicing in the state carry medical malpractice insurance, though most do because of the very costly risks that not having coverage presents. However, for those who will practice in a hospital, it may be necessary to purchase and maintain professional liability insurance. Some hospitals and medical systems will not provide privileges to physicians without enough coverage. The amount can differ from one area to the next but having $1.3 million per claim / $3.9 million aggregate limits of liability are common.
According to data available for 2019, the total medical malpractice payout in the state was $489,882,500. The cost of coverage is dependent on the type of medicine practiced as well as other risk factors such as previous claims and types of procedures. It is important to consider these factors when it comes to determining your doctor’s salary that New York locations offer.
Download our free ebook: The Physician’s Guide to Malpractice Insurance
In 2021, the National Practitioner Data Bank reported that there were 9,003 medical malpractice cases in the state of New York. These accounted for $3,138,065,000 worth of claims.
Here are some examples of the average cost of medical malpractice insurance by specialty in New York (these rates may change):
- Anesthesiology: $44,000 on average
- Emergency medicine: $45,000
- Family practice without surgery: $28,000
- General surgery: $120,000
- Obstetrics and gynecology major surgery: $173,000
- Orthopedic surgery without spine: $115,000
- Radiology: $58,000
Medical Licensing in New York
One of the first things a physician often thinks about as a requirement to practice medicine in the Empire State is a New York medical license. The state does not provide specifics on the number of new licenses issued each year. However, it does provide a breakdown of the number of doctors operating in various professions. This is done by the Office of The Professions. Here are a few details:
- In 2021, there were 6,119 practicing physicians licensed issued. There were also 1,665 physician assistants in the state. There were 4 specialist assistants licensed issued.
- In total, the state has 105,801 physicians as of January 2022.
Top Cities to Live In in New York
Putting aside your doctor salary, New York has much to offer. Specifically, New York includes some of the most diverse cities in the world. There are numerous locations to consider buying a home in, but here are a few to consider specifically.
Bay Bridge, Brooklyn
Located in the Brooklyn Borough, Bay Bridge is a fantastic community with a wide range of home styles. Homes cost around $1 million, and the overall school system is excellent. It is also a city that’s noted for its quiet, more suburban. This is in spite of it’s location so close to the big city.
Kenmore, Buffalo
For those that plan to work near Buffalo, the community of Kenmore is an outstanding choice to call home. It’s very affordable with home styles that range from small, starter homes to much larger estates. You will find this is a small city with less than 16,000 people. Yet, it is a great choice for those who want to be near research opportunities or in a small area.
Upper East Side
If you want to work in New York City’s healthcare system, living on the Upper East Side may be ideal. This area is close to NYU Langone Medical Center and has a high quality of life. Many people here live in condos and townhomes, including some exclusive buildings.
Chelsea
Another community near the center portion of New York City is Chelsea. It’s close to Midtown and all of the medical facilities that are in this area. You will find it’s a fantastic community for those who want to live in an upscale apartment or smaller home. It’s also fantastic for those who want to be able to get outside to exercise and have fun.
Albany, New York
The city of Albany is vibrant and beautiful. It’s only about 150 miles to the north of New York City, but it feels like a completely different area. There are several medical facilities located in and around Albany. This area is far more affordable than others in the region. For those who want to skip the big city and start their own practice, this can be an excellent location.
Other cities to consider for a medical profession include Syracuse and Rochester. Both of these cities have their own hospital systems and medical research programs.
Final Thoughts
In conclusion, practicing medicine in New York can be a rewarding and challenging experience. The state has a diverse population and a high demand for healthcare services. This makes it a great place for medical professionals to work and grow in their careers. However, it is important to be aware of the state’s specific licensure requirements and regulations. You should also consider the unique challenges and opportunities that come with working in such a bustling and dynamic environment. By understanding the ins and outs of practicing medicine in New York, medical professionals can ensure that they are well-equipped to provide high-quality care to their patients and succeed in their careers.
Still deciding where to go? Read our Top 10 Places to Live & Work and consult our Annual Physician Compensation Report to help with your decision.
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