Are you thinking about becoming a doctor? You’re not alone. The Bureau of Labor Statistics reports that the medical field is expected to grow by 18% by 2026, faster than the average for all occupations. But how much money can a doctor expect to make? The response might astound you. In this article, we’ll take a look at the average salaries for doctors by state, job level, and top companies. We’ll also give you an overview of the hiring outlook for doctors in the coming years. Let us know about ‘Doctor Salary And Hiring Outlook’.
Doctor Salary And Hiring Outlook:
Doctor salaries in the U.S. vary greatly by state, job level, and company. The 2016 Medscape Physician Compensation Report states that a doctor makes an average salary of $195,000 per year. The amount varies considerably depending on the location though. The doctors in the top 10% of highest-paid states earn an average of $258,000, while the doctors in the lowest-paid states earn an average of $122,000.
Job level also has a significant impact on doctors’ salaries. Anesthesiologists earn the most, with an average salary of $261,000. Internists and family practitioners earn the least, with an average salary of $161,000.
Company size is another factor that affects salaries. Doctors employed by large companies earn more than those employed by small companies. The average salary for a doctor employed by a company with more than 500 employees is $217,000, while the average salary for a doctor employed by a company with fewer than 10 employees is $163,000.
Salaries for Doctors by State:
Doctors’ salaries vary by state and depend on the level of experience and expertise the doctor has.
For example, according to the 2016 Medscape Physician Compensation Report, a family physician practicing in Des Moines, Iowa earned a salary of $188,000. However, a family physician in San Diego, California earned a salary of $269,000—almost $80,000 more.
The report also showed that doctors in specialties such as cardiology and orthopedics earned significantly more than general practitioners. The highest-paid doctor in the country was a cardiologist in New York City who earned a salary of $403,000.
Salaries for Doctors by Job Level:
The list below breaks down average salaries for various job levels in different states. As you can see, the salaries vary widely from state to state.
- Doctor’s Job Level Avg. Salary
- Physician $212,000
- Anesthesiologist $269,000
- Obstetrician $236,000
- Pediatrician $183,000
Salaries for Doctors at Top Companies:
- Kaiser Permanente: This large healthcare organization offers competitive salaries for doctors, with the average salary coming in at $247,000 per year.
- Mayo Clinic: Another top company for doctor salaries, Mayo Clinic offers an average salary of $242,000 per year.
- Cedars-Sinai: This hospital in Los Angeles is known for its high salaries, which average $228,000 per year for doctors.
- NYU Langone Health: This New York City-based hospital offers an average salary of $226,000 per year to its doctors.
- Cleveland Clinic: Another top choice for doctors, Cleveland Clinic offers an average salary of $309,000.
- Johns Hopkins Medicine: One of the most prestigious hospitals in the country, Johns Hopkins Medicine offers an average salary of $303,000.
Factors That Impact a Doctor’s Salary Today:
One important factor that impacts a doctor’s salary today is the state of their practice. Doctors who reside and work in high-income states like California, Colorado, Massachusetts, and New York tend to make more money than doctors in other states.
Another factor that impacts a doctor’s salary is their job level. For example, general practitioners or family physicians typically make less than specialists such as surgeons or anesthesiologists. And finally, the top companies a doctor works for can also impact their earnings. Doctors who work for hospitals or large healthcare organizations tend to make more money than those who work for smaller private practices.
So, what does this all mean for doctors today? Well, it’s important to consider all of these factors when determining how much money you’ll make as a doctor. If you want to earn a high salary, it’s important to practice in a high-income state, work for a large healthcare organization, and/or specialize in a particular area of medicine.
Top Employers for Doctors:
- Hospitals: This is the most common type of employer for doctors. They usually offer competitive salaries and benefits, and there is a lot of room for growth.
- Private Practices: Private practices are usually small, with only a few doctors on staff. They often offer more flexibility than hospitals, but the pay is usually not as good.
- Insurance Companies: Insurance companies are another option for doctors. They usually have very good benefits, but the work can be very stressful.
Top Companies That Employ the Most Doctors:
Here are some companies that have the most number of employed doctors, according to the United States Bureau of Labor Statistics:
- The Mayo Clinic in Rochester, Minnesota – 2,788 employed physicians and surgeons
- New York-Presbyterian Hospital in New York City – 2,681 employed physicians and surgeons
- Cleveland Clinic in Ohio – 2,163 employed physicians and surgeons
- Massachusetts General Hospital in Boston – 1,948 employed physicians and surgeons
- UC San Francisco Medical Center in California – 1,856 employed physicians and surgeons
Hiring Outlook: Are There Jobs Available?
The short answer is yes—the outlook for doctors is good. The Bureau of Labor Statistics projects that the employment of physicians and surgeons will grow 7 percent from 2019 to 2029, which is faster than the average for all occupations.
This anticipated expansion is due to several factors. One is that the population is aging and that older people typically require more medical attention. Additionally, as more people have access to health insurance (thanks, to the Affordable Care Act), they’re more likely to visit the doctor.
And while some states are projected to see higher growth than others, there will be opportunities across the country for those who are interested in pursuing a career in medicine.
Strategies to Increase Earnings as a Doctor:
First, it’s important to choose the right specialty. Some specialties, like emergency medicine, tend to be higher-paying than others, like primary care. So if you’re looking to maximize your earnings potential, it’s worth doing some research on which specialties tend to pay the most.
Second, it can be helpful to choose a state with a high cost of living. This is because medical professionals in states with a high cost of living typically earn higher salaries than those in states with a low cost of living. Of course, this isn’t always possible or practical, but it’s something to keep in mind if you’re looking to maximize your earnings.
Finally, it’s worth considering working for a top company. Some companies, like hospitals and private practices, tend to pay their doctors more than others. So if you’re looking to earn top dollar, it’s worth investigating which companies tend to pay the most.
Conclusion:
So, what are the averages for different types of doctors in your state? How does job level affect salary? Are there any top companies that are known for offering higher salaries? Keep reading to find out. Use the information in this article to help you negotiate your salary as a doctor. If you know what the average is for your state and job level, you will be in a better position to ask for what you deserve. Keep in mind that there are always exceptions to the rule, so don’t be afraid to ask for more than the average if you feel you are worth it. The worst that can happen is that they say no.