Average Doctor Income Per City, Gender, & Specialty In 2024

How Much Is The Average Doctor Income in 2024?

Doctors make an average of $196,144 yearly in the United States, but their income varies depending on different factors.

If you don’t know how much money you can or should be making as a doctor, check out the average figures based on cities, genders, and specialties. Plus, explore how you can make the most of your salary as a physician.

Key Takeaways

• Doctors make $196,144 yearly on average.
• Frankston, Texas, offers the highest average compensation for doctors, while Orthopedics earns the most among medical specialties.
• There’s a 23% gender pay gap.
• Common bonuses for doctors include a signing bonus, production bonus, relocation allowance, CME allowance, insurance, and retirement plan.
• Financially stable physicians plan their finances and taxes, repay their student loans, and make smart investments to maximize their money.

How Much Is a Doctor’s Income?

According to Indeed’s data, primary care physicians in the U.S. receive an average income of $196,144 yearly, with the highest average annual wage being $314,528 and the lowest being $122,318 on average.

Meanwhile, Salary.com shares a higher average salary of $232,368 yearly, with physicians earning between $202,192 and $260,081 yearly.

A doctor’s salary depends on their specialty, experience, location, and type of employment (private practice or hospital).

The 10 Highest Doctor’s Income by City

The following U.S. cities offer the highest average salaries for doctors.

Source: ZipRecruiter

Is There a Gender Pay Gap Among Doctors?

Doximity’s Physician Compensation Report 2024 reports a gender pay gap of 23% among physicians in 2023, a three percent improvement from 2022.

However, the gap remains significant, as female doctors earn an average of around $102,000 less than male physicians.

All medical specialties had a pay gap of over 8% except for Occupational Medicine (6.5%), Hematology (4.3%), and Medical Genetics (3.5%).

The report shares that 39% of female physicians are satisfied with their earnings, while 40% of male physicians feel the same.

Despite these figures, 12 specialties have narrowed their gender pay gaps to less than 10% last year.

The Average Doctor Income Per Subspecialty

Doctor salaries differ depending on their medical specialty. The Medscape Physician Compensation Report 2024 released a doctor’s average annual earnings by specialty, listing 29 different fields.

The specialties and their average annual salaries include:

1. Orthopedics (includes Orthopedic Surgery) – $558,000
2. Plastic Surgery – $536,000
3. Cardiology – $525,000
4. Urology – $515,000
5. Gastroenterology – $512,000
6. Radiology – $498,000
7. Dermatology – $479,000
8. Anesthesiology – $472,000
9. Oncology (includes Hematology) – $464,000
10. Otolaryngology – $459,000
11. General Surgery – $423,000
12. Ophthalmology – $409,000
13. Critical Care – $401,000
14. Pulmonary Medicine – $397,000
15. Emergency Medicine – $379,000
16. Pathology – $366,000
17. Ob/Gyn – $352,000
18. Neurology – $343,000
19. Nephrology – $341,000
20. Physical Medicine & Rehabilitation – $341,000
21. Psychiatry – $323,000
22. Allergy & Immunology – $307,000
23. Rheumatology – $286,000
24. Internal Medicine – $282,000
25. Family Medicine – $272,000
26. Public Health & Preventive Medicine – $263,000
27. Infectious Diseases – $261,000
28. Pediatrics – $260,000
29. Diabetes & Endocrinology – $256,000

Over the past five reports, orthopedists and plastic surgeons remained the highest-paid specialties in medicine.

What Bonuses Are Added to a Doctor’s Income?

Clinics and hospitals offer benefits on top of a doctor’s salary, enabling you to earn more. Some of the common incentives you can expect include:

• Signing Bonus: When joining a clinic or hospital for the first time, you receive a one-time bonus, which you may receive in a lump sum or over time. According to AMN Healthcare’s Review of Physician and Advanced Practitioner Recruiting Incentives, the average signing bonus offered is $37,473.
• Production Bonus: Some employers offer a production bonus on top of the salary. Factors affecting compensation include the RVU (Relative Value Units), your service quality, net collections, patient encounters, and gross billings.
• Relocation Allowance: If you need to relocate for work, your employer may offer an allowance to help with moving expenses. According to AMN Healthcare’s review, a physician receives an average of $12,778.
• Continuing Medical Education (CME) Allowance: Most employers offer practitioners an allowance to continue medical school and pursue professional development. AMN Healthcare’s review reports that physicians receive an average allowance of $3,840.
• Insurance and Retirement Plan: You may receive additional benefits like health, disability, and malpractice insurance. Many clinics and hospitals also offer physicians retirement savings plans, like 401(k) or 403(b) plans, plus profit-sharing or contributions options.

How Can You Use Your Income to Achieve Financial Wellbeing?

Here are some things financially successful physicians do to maximize their earnings.

• Plan Your Finances and Tax: Consider following a financial plan designed to monitor your spending and minimize your tax liability. Some doctors also consult a full-service financial planning company, like Physicians Thrive, for help and accountability.
• Repay Your Student Loan Debts: Becoming a doctor is expensive due to the high medical school expenses. Once you start earning, you may want to allocate your budget to repay your loans. Physicians Thrive can teach you about repayment options and help you manage your debt effectively.
• Make Smart Investments: Multiply your savings by investing in solutions like tax-efficient investments, exchange-traded funds (ETFs), socially responsible investing, and more.
• Start a Medical Practice: If you want to take your career to the next level, consider opening your private medical practice. Consulting with a team of financial specialists, like Physicians Thrive, can help you balance your business while caring for your patients.

Plan and Use Your Income Wisely

A physician’s average salary is $196,144 yearly, depending on factors such as experience, specialty, location, gender, and additional incentives.

Since doctors work in one of the highest-earning fields, it’s recommended that they manage their finances well to multiply their savings and save for the future.

Proper planning can also help you be ready in case of a recession, job change, or unemployment.

Talk to a Physicians Thrive Advisor today, and learn how to plan your finances, save time making financial decisions, and make the most of your hard-earned money.