Orthopedic surgeons remain the highest paid physician specialty in 2024, despite a 3% decline in pay from the year prior, according to Medscape's 2024 "Physician Compensation Report," published April 12.
Here are 12 statistics to know on physician compensation in 2024, per Medscape:
1. Physicians earn an average salary of $363,000 in 2024, while specialists earn an average of $394,000.
2. Orthopedic surgeons earn an average salary of $558,000.
3. The majority of physicians (61%) believe that most U.S. physicians are underpaid.
4. Over half of physicians (51%) feel underpaid in comparison to their work demands.
5. Orthopedic surgeon pay declined by 3% in 2024.
6. The majority of physicians (55%) reported that compensation was a factor when picking a specialty, but for most (38% of all physicians surveyed) it played only a minor role. Forty-five percent said it was not a factor at all.
7. Male specialists earn considerably more than their female specialist counterparts, at $435,000 compared to $333,000.
8. Physicians working in the West North Central region of the U.S., which comprises North Dakota, South Dakota, Minnesota, Iowa, Nebraska, Missouri and Kansas, earn more than physicians working in any other U.S. region.
9. The majority of physicians (61%) do not take side jobs to boost their yearly income.
10. While the average incentive bonus for specialists is $51,000, the average incentive bonus for orthopedic surgeons reaches $102,000.
11. Less than half of orthopedic surgeons (44%) are happy with their compensation.
12. Employed physicians earn less than their self-employed counterparts, at $353,000 and $391,000, respectively.