 Earnings
Earnings of physicians and surgeons are among the highest of any
occupation. The Medical Group Management Association's Physician
Compensation and Production Survey, reports that median total
compensation for physicians in the most current data varied by specialty, as shown
below. Total compensation for physicians reflects the amount reported
as direct compensation for tax purposes, plus all voluntary salary
reductions. Salary, bonus and incentive payments, research stipends,
honoraria, and distribution of profits were included in total
compensation.
Self-employed
physicians -- those who own or are part owners of their medical practice
-- generally have higher median incomes than salaried physicians.
Earnings vary according to number of years in practice, geographic
region, hours worked, skill, personality, and professional reputation.
Self-employed physicians and surgeons must provide for their own health
insurance and retirement.
According to the
Medical Group Management Association (MGMA) Physician Compensation and
Production Survey, median compensation for all primary care physicians
rose just 2 percent to $171,519 in 2006 – less than the 3.2 percent
inflation increase that same year. Specialists reported even a lower
rate of median compensation gains, with a 1.7 percent overall increase
to $322,259.
Among specialists,
cardiologists experienced flat or declining compensation in 2006.
Invasive cardiologists reported a 1.3 percent decrease in compensation;
noninvasive cardiologists reported a decrease of slightly less than 1
percent. Similarly, ophthalmologists encountered a 1.6 percent loss in
pay in 2006. Among specialists who fared better were pulmonary
physicians, with an almost 9.2 percent increase in compensation, and
urologists, posting a gain of 6.3 percent – possibly compensating for
stagnation and loss in compensation in previous years.
Starting Salaries
In terms of starting salaries, according to the
Medical Group Management Association (MGMA) Physician Compensation and
Production Survey, the starting median compensation level for all new
primary care physicians in 2006 was $145,285 annually, compared with
$171,519 for all primary care physicians, the survey report shows. For
specialty physicians, the median compensation levels were $275,000 for
new specialists and $322,149 for all specialists. Reported median
signing bonuses for new physicians range from $10,000 up to $42,500;
relocation packages range from $5,000 to $15,000.
Salary Impacts of Working Environment
MGMA says that physician-owned medical group practices are closing the
gap with hospital-owned and integrated delivery systems (IDSs) when it
comes to starting compensation rates they offer physicians in some
specialties. For example, physician-owned practices offered comparable
salaries to hospital/IDS salaries for family practice without OB
($130,000 vs. $135,000), general internal medicine ($150,000 vs.
$145,000) and noninvasive diagnostic radiology ($350,000 vs. $345,000).
Note: Some resources in this section are provided by the US Department
of Labor, Bureau of Labor Statistics
and the Medical Group Management
Association.
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