Top 10 High-Paying Medical Specialties in the USA

Physician salaries have consistently risen over recent years. Back in 2018, the average physician’s earnings were marked at $299,000. Fast forward to 2024, and that figure has escalated to $363,000, showing a notable increase from $352,000 just the previous year. This upward trend is expected to persist, driven largely by the widespread concern over a physician shortage—a challenge that has deepened with the pandemic. 

The situation is compounded by an uptick in physician burnout, an increase in early retirements, reductions in working hours, and a growing shift toward remote care, all of which are thinning the ranks of available medical professionals. Understanding these salary trends is crucial for physicians at any stage of their career, whether they’re negotiating contracts, planning a move to a new city, or considering a shift to a different specialty. 

Our article delves into the top 10 high-paying medical specialties, examining not only the financial aspects but also the dynamic factors influencing these earning potentials.

Factors Influencing Medical Salaries

Physician salaries are a moving target, influenced by numerous factors that lead to year-to-year fluctuations. Specialty, location, gender, and other variables play significant roles in these changes. Bonuses, too, are subject to shifts based on the regional and specialty-specific demand for physicians.

Compensation by Region

Physician compensation varies significantly across different regions, reflecting a complex interplay of market dynamics, cost of living, and local healthcare demands. This variability is influenced by several factors including the concentration of medical facilities, the regional cost of living, and even local legislative environments that can affect healthcare provision.

Recent analyses show a notable shift in the compensation landscape for physicians across various metropolitan areas. While several regions previously recognized as high-paying have seen fluctuating growth rates, the majority of metro areas reported in Physician Thrive 2023 survey experienced modest salary increases, with most growing less than 3%. Indeed, over three-quarters of the metro areas surveyed witnessed growth of less than 1%.

Among the few cities that maintained a spot on the list for notable salary growth, Sacramento emerged with a modest growth rate of 1.1%, placing it tenth on the list. Other California cities also saw some growth, alongside scattered increases across the Midwest, East Coast, and Western regions.

Charlotte and St. Louis continued to rank as the highest-paying metro areas. However, even in these regions, physicians experienced a decrease in real income due to a national inflation rate exceeding 9% in 2023. Conversely, Eastern seaboard cities, which are experiencing population declines, generally offered lower compensation, impacting their ability to attract healthcare professionals. Notably, cities like Raleigh, which were once among the highest-paying, now find themselves on the lowest-paying list due to these economic pressures.

Despite these shifts, the highest-paying metro areas in the U.S. still reported average compensation exceeding $400,000 annually. However, there was an overall decline of 2.4% in average physician compensation across all metro areas from 2022 to 2023.

States like Indiana, Connecticut, Missouri, and Florida have consistently featured on the list of highest median physician salaries for the past two years. Despite its high salaries, California is projected to face a significant physician shortage by 2030, highlighting the challenges of sustaining healthcare provision in the state. Southern states such as Florida, Georgia, and South Carolina, with their large retiree populations, also made it to this year’s top ten median salary list, reflecting the high demand for healthcare services in these regions.

The majority of large metro areas across the nation, particularly on the East Coast, have a high concentration of trained physicians. However, the Midwest and the South, including rural areas, continue to grapple with aging populations that require more care, exacerbating the shortage of trained healthcare providers. This shortage has prompted higher salaries and larger bonuses to attract qualified medical professionals.

Compensation by Employment Setting

The type of practice setting is a crucial yet often overlooked factor influencing physician income levels. Each setting comes with its unique operational dynamics and patient care models, which directly impact financial outcomes for physicians.

Single Specialty and Solo Practices

Physicians in single specialty and solo practice settings often experience higher average annual compensation. The concentrated focus on a specific area of medicine allows these practitioners to optimize their service offerings and patient management. In solo practices particularly, physicians have the autonomy to set their own operational strategies, which can lead to more personalized patient care and potentially higher financial returns. These settings are attractive for those who prioritize independence and direct control over their practice environment.

Multi-Specialty Groups

Operating within a multi-specialty group offers a different set of financial advantages. These settings generally provide competitive salaries due to their operational model, which includes shared resources, administrative support, and an integrated approach to patient care. The collaborative nature of multi-specialty groups facilitates a comprehensive care system, where cross-referrals among different specialists enhance patient retention and satisfaction. This interconnected environment not only fosters professional growth and learning but also contributes to the overall financial health of the practice by broadening the range of services offered to patients.

The integration of nurse practitioners and physician assistants into various settings is also reshaping compensation structures. In some cases, these roles alleviate the workload on physicians, which can affect the pay scales within practices due to the distributed care responsibilities.

Health Systems and Integrated Networks

Physicians working within health systems, Integrated Delivery Networks (IDNs), or Accountable Care Organizations (ACOs) benefit from the extensive infrastructure and resources these large entities provide. Compensation in these settings tends to be structured around base salaries plus potential bonuses linked to performance metrics and patient outcomes. While this might mean slightly less income potential compared to private practice settings, the stability, resources for extensive patient care, and opportunities for professional development within a larger system can be significant compensatory factors.

Hospital Employment

Working directly under a hospital’s employment can offer a stable income with benefits that might include bonuses, high-quality insurance plans, and contributions to retirement plans. Hospitals often provide a steady stream of patients, which reduces the need for physicians to spend on marketing and client acquisition. This setting can be particularly financially beneficial in specialized fields where the expensive infrastructure required for patient care (such as surgical or diagnostic equipment) is provided by the hospital.

Urgent Care and Telehealth

Emerging healthcare settings like urgent care centers and telehealth platforms are redefining compensation models. Urgent care physicians often receive compensation based on patient volume, potentially increasing earnings during peak times. Telehealth has introduced flexibility in work hours and location, appealing to physicians seeking a better work-life balance, which can indirectly enhance job satisfaction and reduce burnout, thereby sustaining career longevity and income stability.

Compensation by Gender

The gender pay gap persists across various professions, and the medical field is no exception. Inherent systemic biases, historical precedents, and differential valuations of work done by men and women contribute to ongoing disparities in compensation. These factors, coupled with differentials in workloads and work-life balance considerations, influence the earnings landscape significantly.

Within the realm of healthcare, the pay gap between male and female physicians is evident but shows signs of gradual improvement. In primary care, female physicians currently earn about 16% less than their male counterparts. This represents a shift from 2020, when women in primary care earned 22% less than men. To put it in perspective, in 2020, female primary care physicians (PCPs) made an average of $211,000 annually, whereas male PCPs earned $269,000. By 2023, the earnings for female PCPs increased to an average of $239,000 annually, while male PCPs saw their average salaries rise to $286,000.

The discrepancy extends beyond primary care into all specialties. On average, male specialists earned $415,000 annually, while female specialists earned $327,000. This indicates a broader systemic issue that spans across various medical fields, reflecting an overall pay gap that has slightly narrowed from 28% in 2022 to 26% in 2023.

The gender pay gap is further complicated by differences in workload and stress levels, which also tend to be gendered. Women physicians report higher levels of overwork compared to their male colleagues. A striking 70% of female physicians, as opposed to 60% of male physicians, have considered early retirement or looked into changing employers or careers due to excessive workload. Additionally, only 8% of women physicians feel that they are not overworked, in contrast to 17% of men.

Top 10 High-Paying Medical Specialties

Over the past decade, the leaderboard for the highest-paying medical specialties hasn’t seen much shake-up, with the notable rise of plastic surgery which started climbing the ranks around 2017.

In 2023, family medicine doctors saw their average earnings hit $255,000, marking a 1.5% increase from the previous year and setting a new record high for the specialty. Surgeons continue to lead the pack, earning a median annual salary of $347,870. However, compensation varies widely across different specialties. For instance, pediatric endocrinologists make around $218,266 on average, while neurosurgeons top the chart with earnings up to $788,000.

Neurosurgeons, thoracic, and orthopedic surgeons generally command the highest salaries, with plastic and vascular surgeons not far behind. Radiologists, urologists, and cardiologists typically bring in over $500,000. There’s a broad middle tier including psychiatrists, specialists in pulmonary medicine, OB/GYN, emergency medicine, and radiologists, with salaries ranging from $300,000 to $400,000. At the lower end, those in pediatrics, geriatrics, preventive medicine, and internal medicine earn between $200,000 and $300,000.

Interestingly, the demand for advanced practitioners like nurse practitioners and physician assistants has outpaced that for primary care physicians. Family physicians, however, were the second most-recruited group across the country last year. Among specialists, the demand remains robust, with 64% of placement requests targeting in-demand specialties.

Post-COVID-19, psychiatrists continue to be highly sought after, though they’ve slipped from fourth to sixth in recruitment efforts this past year. Despite fluctuations in demand, the overall shortage of physicians persists, with projections pointing to a continued deficit across all specialties through 2025.

Neurosurgery

Neurosurgery stands as one of the most lucrative medical specialties, commanding impressive salaries across various data sources. However, the pay scale within this elite group of physicians shows significant variation.

• Salary.com: $507,801 – $853,301, median $674,401.
• MGMA: $875,626.
• Payscale: $442,135.
• Economic Research Institute: $554,268.
• Salary Expert: $552,617; up to $870,268 with experience.
• Doximity: $788,313.

Despite these high earning potentials, there remains room for neurosurgeons to outpace the national average salary for their specialty. Medscape highlights that neurosurgery residents earn an average base salary of $67,400 per year—starting at $61,000 for first-year students and reaching up to $74,000 by their sixth to eighth years.

After completing their residency, neurosurgeons experience a significant salary boost, especially in their early practicing years. According to the NERVES survey, those in private practice average about $889,000 annually. Private practice offers neurosurgeons more autonomy over their work schedules and fees, potentially leading to even greater earnings for those who are also skilled in business.

In hospital settings, neurosurgeons tend to earn a bit less—around $786,000 annually—but they often enjoy numerous employment benefits included in their contracts. On the lower end of the spectrum, academic neurosurgeons earn about $647,000 per year, which is consistent with lower salaries generally seen in academia across various medical specialties.

Thoracic Surgery

Thoracic surgery, focusing on the heart and chest, ranks highly among the top-paying medical specialties. The compensation for these skilled surgeons reflects both their expertise and the critical nature of their work.

• Salary.com: $432,635 – $673,911 median range.
• Payscale: $406,421.
• Zippia: $437,281.

Zippia identifies Michigan, Minnesota, and Illinois as the states where cardiothoracic surgeons tend to earn the most, whereas North Carolina, California, and Arkansas are among the lowest on the pay scale.

Entry-level positions in this field start with an average base salary of $348,269 annually. Interestingly, there is a notable gender pay gap, with male cardiothoracic surgeons earning approximately 24% more than their female colleagues. Those employed in academic settings see an average salary of $358,000, while their counterparts in private practices enjoy significantly higher earnings, averaging $540,000.

Various factors can substantially enhance a cardiothoracic surgeon’s income. Surgeons involved in partnership practices can see their annual earnings soar above $700,000. Those in academic circles may supplement their income with research grants or from royalties received for published papers, potentially pushing total compensation beyond the $600,000 mark. Additionally, engaging in clinical trials or implementing innovative surgical techniques can lead to performance-based bonuses, further boosting overall earnings.

Moreover, surgeons who attract international patients through medical tourism can significantly increase their income, reflecting the global demand for their advanced skills. The average hourly wage for cardiothoracic surgeons stands at $238, and those with teaching duties can expect an extra $20,000 annually.

Orthopedic Surgery

Orthopedic surgery stands out as one of the highest-paying medical specialties, with a median national salary of $545,030. The earning spectrum for these specialists ranges from $322,367 at the lower end to an impressive $850,874 at the higher end. Yet, with the inclusion of bonuses and other benefits, some orthopedic surgeons can see their annual earnings surge to or even exceed one million dollars.

• Metro areas (1M+ population): Median salary $600,000.
• Metro areas (<250K population): Up to $700,000.
• Non-metro areas (20K+ residents): Around $693,508.

When breaking down by practice ownership, the variance in compensation becomes even more apparent. Surgeons in physician-owned practices tend to earn around $487,419, which is on the lower end. Meanwhile, those in majority-owner practices have a median income of $606,595. The most lucrative positions tend to be within hospital or Integrated Delivery System (IDS)-owned organizations, offering a median salary of $661,923.

The type of practice also influences earning potential. Surgeons in single-specialty practices generally fare better financially, earning a median salary of $655,429, compared to their counterparts in multispecialty settings, who earn around $618,604.

On top of these salaries, orthopedic surgeons can negotiate for additional compensation such as bonuses, which average about $41,770 annually. Moreover, there’s potential for further earnings through profit-sharing and commissions, which can range from as little as $99 to as much as $81,000 for profit-sharing, and up to $52,000 in commissions.

Plastic Surgery

Plastic surgery is divided into two primary branches: cosmetic and reconstructive surgery. While cosmetic surgery, including popular procedures like breast augmentations, rhinoplasties, and facelifts, is elective and focuses on enhancing appearance, reconstructive surgery aims to correct functional impairments caused by congenital defects, trauma, or disease.

Both types of plastic surgeons undergo extensive training beyond medical school, including a two-year general surgery residency followed by a four-year specialized residency in plastic surgery.

In terms of compensation, plastic surgeons generally earn well above the average for general surgeons, who made about $229,300 annually in 2022 according to the U.S. Bureau of Labor Statistics. However, this figure doesn’t break down the earnings by surgical specialties.

Here’s a snapshot of what plastic surgeons earn on average across different platforms:

• Zippia: $172,467.
• Payscale: $327,582.
• Salary: $440,034.
• Doximity: $571,373.

Geographically, the highest paying states for plastic surgeons, according to Zippia, include Maine, Wisconsin, Pennsylvania, and New York. The Medical Group Management Association (MGMA) notes that in the Midwest, plastic surgeons average $343,495 annually and also receive an average of $12,693 in relocation expenses.

The regional demand heavily influences these figures. In areas where the demand for specialized surgeons exceeds the supply, salaries can be exceptionally high. Despite the high cost of living in metropolitan areas like New York, Los Angeles, and San Francisco, plastic surgeons in less populated regions can earn comparable, if not higher, salaries depending on local demand.

Vascular Surgery

Vascular surgery stands out as one of the highest-paying medical specialties, largely due to the intricate skills required to operate on blood vessels, veins, and arteries. Vascular surgeons generally undergo five to seven years of residency, with an additional two to three years of fellowship for those specializing in cardiovascular or cardiothoracic surgery.

• Salary: $450,203, ranging from $381,799 to $527,360.
• ZipRecruite: from $99,500 to $400,000.

Salaries most commonly fall between $314,000 (25th percentile) and $396,000 (75th percentile), with the top earners (90th percentile) making $400,000 annually. This significant variance up to $82,000 suggests ample opportunities for salary improvement through advancing skills, gaining experience, or relocating.

In fact, certain states offer better prospects than others. The highest-paying states for vascular surgeons include Washington, Delaware, Virginia, Maryland, New York, Vermont, Nebraska, Oklahoma, and California. Washington leads the pack, offering salaries that are 16.9% higher than the national average, followed closely by Delaware and Virginia.

Oral and Maxillofacial Surgery

Oral and maxillofacial surgery offers two distinct educational paths: one through medical school and another through dental school. Surgeons opting for a medical degree typically undertake a six-year residency, adding two years of medical training beyond the standard dental focus. This extensive training can sometimes span even longer, depending on the medical school’s program structure.

Conversely, those pursuing the dental route complete a four-year residency, focusing exclusively on developing their surgical skills in oral and maxillofacial areas without the additional medical training. Oral and maxillofacial surgeons find employment in various sectors, each offering different compensation structures.

• Salary.com: $319,300 (range: $279,372 to $375,658)
• ZipRecruiter: $339,174. 
• 2023 Doximity Physician Compensation Report: $556,642.

Geographical location significantly influences earnings, with states like New York, Pennsylvania, New Hampshire, and New Jersey offering some of the highest salaries, driven by higher demand and cost of living. In contrast, rural areas may present lower salary offers, albeit often coupled with a reduced cost of living, making them attractive in different ways. This variation underscores the diverse opportunities and financial prospects available within the field of oral and maxillofacial surgery.

Radiation Oncology

Radiation oncology in the United States often positions practitioners more as service providers than as integral voices in comprehensive cancer management. Despite a widespread belief among radiation oncologists that they should offer extensive guidance on managing cancer, the reality is that they frequently administer radiation therapy mainly at the referral of other medical professionals. This perception marks radiation oncology as somewhat of a “downstream” specialty, often seen as having less influence compared to its surgical and medical counterparts.

While the Bureau of Labor Statistics does not specifically outline median salaries for radiation oncologists, various professional groups and platforms offer a glimpse into their compensation:

• American Medical Group Association (AMGA): $449,891
• Medical Group Management Association (MGMA): $477,807
• Merritt Hawkins): $423,233
• Payscale: $359,957
• Salary.com: $470,260
• ZipRecruiter: $368,086

Salaries for radiation oncologists also vary widely depending on the region. The Southern United States leads with an average salary of $425,000. The Midwest follows, offering a median of $340,000, while the West offers $328,000. The Eastern region trails with significantly lower earnings at $123,000 annually.

Interestingly, gender disparities in compensation persist across medical specialties, with female physicians typically earning less than their male counterparts. However, the gap is narrowing slightly. For instance, Doximity 2021 Physician Compensation Report highlighted a 28.2% wage gap, equating to a $122,000 difference annually. By 2023, this gap decreased to 26% or about $110,000 difference. In radiation oncology specifically, the gender wage gap is less pronounced, with women earning 9% less than men. This places radiation oncology as the third-best specialty concerning the smallest gender wage disparity. Male radiation oncologists average $547,000 annually, while females average $498,000.

Cardiology

Cardiology is a field where experience and specialization significantly influence earning potential. Cardiologists with expertise in high-demand areas like interventional cardiology or electrophysiology often command higher salaries due to their specialized skills and the vital nature of their work. Additionally, regions with older populations tend to offer higher salaries for cardiologists due to greater demand for cardiac care.

According to a 2023 report from the Medical Group Management Association (MGMA), cardiologist compensation saw an overall increase of about 5% from the previous year. The report breaks down cardiologist pay into three subcategories: invasive cardiology, invasive-interventional cardiology, and noninvasive cardiology, with respective compensation increases of 3.76%, 6.8%, and 4.71%. This translates to an average compensation rise of approximately 5.09% for cardiologists in the U.S. Notably, invasive cardiology experienced a significant 16.25% increase in work RVUs, illustrating a substantial rise in the volume of services provided, compared to smaller increases in other subfields.

The average annual income for cardiologists stands at $525,000, ranking them third among all healthcare specialties, following orthopedics and plastic surgery. This data comes from the 2024 Medscape Physician Compensation Report, which gathered responses from about 280 cardiologists out of 7,000 U.S. physicians surveyed across various specialties from October 2023 to January 2024.

The report also indicates that overall physician compensation in the U.S. is on an upward trend. The average annual income for all responding physicians was $363,000, up from $352,000 the previous year, with primary care providers seeing an increase from $265,000 to $277,000 and specialists from $382,000 to $394,000. Despite a general rise, some specialties like plastic surgery witnessed significant decreases in average compensation, with plastic surgeons experiencing a 13% drop. Yet, they still ranked second overall in earnings.

Urology

Urology stands out as a highly specialized and financially rewarding medical field, focusing on the genitourinary system’s disorders. Urologists, who hold either an MD or DO degree, undergo over a decade of rigorous training. This extensive preparation not only equips them to manage medical issues through both non-surgical and surgical means but also positions them as some of the top earners in the medical profession.

As urologists progress in their careers, their earnings typically increase, reflecting their growing expertise and professional reputation. Further financial benefits arise for those who pursue sub-specializations such as urologic oncology, pediatric urology, or robotic surgery. These focused areas demand additional training and certification, attracting higher salaries due to their specialized nature and the unique patient needs they address.

In terms of compensation, urologists are well-compensated across the United States, with an average annual salary of about $461,000. This figure places them among the upper echelon of medical professionals in terms of earnings. Yet, salary levels can vary widely, influenced by factors such as geographic location, the complexity of their subspecialty, and the practice setting. For instance, urologists in California and New York City report average salaries of $453,310 and $430,380, respectively.

Entry-level urologists start around $322,000 annually, but with over 20 years of experience, their earnings can rise significantly. Moreover, board-certified urologists often earn about 13% more than their non-certified peers. Salaries also differ between academic settings and private practice, with academic medical centers offering around $384,426 on average and self-employed urologists making about $403,000 yearly.

However, disparities exist, such as a notable gender pay gap where female urologists earn approximately 25% less than male urologists. Furthermore, urologists working in metropolitan areas typically earn about 10% more than those in rural settings, highlighting the impact of location on earning potential.

Radiology

Radiology, one of the top-paying medical specialties, offers substantial growth in earnings as radiologists advance in their careers. Starting salaries for entry-level radiologists can range from $80,000 to $120,000, varying by location. With additional years of experience, particularly in high-demand subspecialties like interventional radiology or nuclear radiology, salaries tend to rise significantly due to the advanced skills and critical services provided.

Specializations such as interventional radiology and radiation oncology significantly impact earnings, reflecting the need for more specialized training and expertise. These fields often command higher wages as employers highly value radiologists who can meet specific, complex patient needs. Additionally, areas with a high concentration of specialized practices usually offer greater financial rewards due to the increased demand for these skills.

Educational achievements play a critical role, with radiologists who have pursued fellowships in subspecialties generally commanding higher salaries due to their advanced qualifications and skills. The practice setting—whether in private practices, hospitals, or academic settings—also affects earnings, reflecting each institution’s operational and financial priorities.

Geographically, the salary range for radiologists can vary widely. For example, states like Massachusetts and California are known for higher earnings reflecting the regions’ higher cost of living and greater demand for healthcare services. In contrast, less urbanized or less populous regions may offer a different compensation scale, influenced by local economic conditions and lifestyle benefits.

The pathway to becoming a radiologist involves completing a medical degree, followed by a residency program in radiology. Most radiologists go further to complete fellowships, adding 1-2 years of specialized training in areas like pediatric radiology or vascular and interventional radiology, enhancing both their skills and income potential.

Radiology salaries also vary significantly from state to state. For example, radiologists in New York might earn an average annual salary of $409,782, significantly higher than their peers in lower-cost areas like Arkansas, where the average is $266,703. Such disparities are driven by local cost of living adjustments and regional demand for medical professionals.

With the Association of American Medical Colleges projecting a shortage of radiologists, some states offer competitive wages to attract talent, especially in areas with severe shortages. For instance, Wyoming offers an average salary of $357,458 to address its acute need for radiologists.

Challenges and Rewards in Medical Careers

Burnout and stress are becoming more common among physicians, who continue to face long hours and an ever-changing industry. Many doctors also deal with cumbersome EHR systems and staff shortages. As a result, more physicians are open to accepting different compensation packages in exchange for a better work-life balance. In fact, a third have already renegotiated their pay, and another 36% would consider it. It’s important for physicians to explore their options and work with experts to secure contracts that enhance their job satisfaction.

Many physicians find their work deeply rewarding, yet burnout and overwork are increasingly impacting job satisfaction. More than 35% of doctors are thinking about early retirement, and another 16% are considering a career change. Surprisingly, only about 14% of physicians felt they weren’t overworked, while nearly 20% admitted they were overworked but still planned to stay in their current roles.

What physicians love about their work:

• Mastering their craft: 30%
• Patient gratitude and relationships: 24%
• Making a positive impact: 19%
• Earning a good living doing what they love: 10%
• Pride in being a doctor: 5%
• Teaching: 5%
• Nothing: 4%
• Other: 2%

What physicians dislike the most:

• Excessive rules and regulations: 21%
• Long hours: 16%
• Difficult patients: 15%
• Challenges with reimbursement: 13%
• Frustrations with EHR systems: 13%
• Other grievances: 10%
• Fear of lawsuits: 7%
• Nothing: 3%
• Risks from treating COVID-19 patients: 1%

In pursuit of greater autonomy or a better work-life balance, many healthcare professionals are willing to accept lower pay. A Doximity poll of over 3,000 U.S. physicians revealed that 71% are either open to, or have already accepted, lower compensation for more control over their work and personal lives. However, economic pressures like inflation and Medicare payment cuts are driving some physicians to take on more work, despite their desire for balance. In a survey of more than 2,000 doctors, around 47% said they might take on a side gig, increase their patient load, or work extra hours to counter these economic challenges. Additionally, 26% indicated they might seek a raise, either through their current employer or by changing jobs.

Switching cities is another strategy physicians consider to boost their income, as compensation can vary significantly by region. In high-demand areas or locations experiencing a shortage of healthcare professionals, physicians often find they can command higher salaries. However, relocating can present its own set of challenges, particularly when it comes to obtaining the necessary medical licenses to practice in a new state. The licensing process can be complex and time-consuming, often serving as a bottleneck that delays a physician’s ability to start working and earning in their new location.

This is where MedicalLicensing.com can be an invaluable partner. By handling the intricacies of the licensing process, MedicalLicensing.com helps physicians secure the required credentials efficiently, allowing them to focus on their practice rather than the paperwork. Whether you’re moving to a new state or expanding your practice across multiple regions, their expertise ensures that licensing doesn’t become a roadblock in your career advancement. This streamlined approach not only saves time but also enables physicians to quickly capitalize on higher-paying opportunities in different cities, ultimately enhancing both their income and work-life balance.

Side gigs, like locum tenens or moonlighting, offer physicians extra income opportunities outside their regular jobs. While these options are appealing—locum tenens was expected to grow by 7% in 2022—many employment contracts include non-compete clauses that can limit a physician’s ability to take on additional work or switch employers. In a recent poll of over 4,800 physicians, nearly 62% reported having a non-compete clause in their contract, and 87% supported the idea of the Federal Trade Commission (FTC) banning such clauses in employment agreements.

Additionally, over half of the physicians surveyed (56%) said they were either prohibited from moonlighting or could only do so with restrictions, such as avoiding work with competitors. Despite a strong desire to seek additional opportunities, non-compete clauses and other limitations on side gigs can significantly hinder physicians from expanding their careers or boosting their income.

Conclusion

Navigating the world of physician compensation can be complex, especially given the wide-ranging factors that influence earnings across specialties, regions, and employment settings. As we’ve explored, while the financial rewards in medicine are significant, they come with a host of challenges, including regional disparities, gender pay gaps, and the evolving demands of the healthcare landscape. Understanding these dynamics is crucial for physicians at every stage of their career, whether they’re negotiating contracts, considering a move, or exploring new specialties.

By staying informed about compensation trends and the factors driving them, physicians can better position themselves to achieve not only financial success but also job satisfaction and career longevity. As the healthcare industry continues to evolve, those who are proactive in managing their careers will be best equipped to navigate these changes and thrive in an increasingly competitive field.

Ultimately, whether you’re a neurosurgeon commanding top-tier earnings or a primary care physician focused on community health, the key to maximizing your career lies in balancing financial goals with professional fulfillment. As the demand for skilled physicians continues to grow, so too do the opportunities for those who are prepared to seize them.