Physician pay can vary significantly, depending on factors such as specialty, location, and employment status. While the pay disparity between DO (Doctor of Osteopathy) and MD (Doctor of Medicine) is small, MDs generally earn more, especially when they specialize in higher-paying fields.
In this article, we’ll break down the highest-paid specialties in both the US and Canada, explain how doctors are compensated, and explore the factors influencing their income.
Highest Paid Medical Specialties in the US (2023 Data)
1. Orthopedic Surgery
- Average Salary: $511,000
- Description: This is one of the most lucrative specialties, as it involves surgical procedures related to bones, joints, and muscles.
2. Cardiology (Interventional)
- Average Salary: $520,000
- Description: Cardiologists specializing in interventional procedures, such as catheterization and angioplasty, earn top salaries.
3. Plastic Surgery
- Average Salary: $479,000
- Description: Plastic surgeons perform reconstructive and cosmetic surgeries, and their income can vary based on the procedures they offer.
4. Radiology
- Average Salary: $427,000
- Description: Radiologists who interpret medical images (like X-rays, MRIs, and CT scans) typically have high-paying jobs.
5. Dermatology
- Average Salary: $420,000
- Description: Dermatologists specialize in treating skin conditions and often earn well, especially those who perform cosmetic procedures.
6. Gastroenterology
- Average Salary: $431,000
- Description: Specialists focusing on the digestive system, including endoscopic procedures, have high earning potential.
7. Anesthesiology
- Average Salary: $410,000
- Description: Anesthesiologists, who administer anesthesia during surgeries, are among the highest-paid medical professionals.
8. Neurosurgery
- Average Salary: $773,000
- Description: Neurosurgeons, who perform surgery on the brain, spine, and nervous system, command some of the highest salaries.
9. Emergency Medicine
- Average Salary: $372,000
- Description: Emergency room physicians who handle acute cases and trauma in fast-paced environments earn significant salaries.
10. Ophthalmology
- Average Salary: $376,000
- Description: Ophthalmologists, who specialize in eye health and surgery, particularly cataract removal and refractive surgeries, earn highly competitive salaries.
11. Urology
- Average Salary: $414,000
- Description: Urologists, who specialize in urinary tract and male reproductive health, are also well-compensated.
12. Vascular Surgery
- Average Salary: $493,000
- Description: Surgeons specializing in blood vessels, including arteries and veins, can have high earnings due to the complexity of the procedures.
Primary Care Specialties
While specialists tend to earn more, primary care physicians still have valuable roles and can earn decent salaries, although lower on average.
1. Family Medicine
- Average Salary: $240,000
- Description: Family physicians provide general healthcare and treat patients of all ages.
2. Internal Medicine
- Average Salary: $260,000
- Description: Internists diagnose and treat adult diseases and often serve as the primary care provider for adults.
3. Pediatrics
- Average Salary: $235,000
- Description: Pediatricians focus on the healthcare of children, from newborns to young adults.
4. Obstetrics/Gynecology (OB/GYN)
- Average Salary: $308,000
- Description: OB/GYNs specialize in women’s reproductive health, childbirth, and surgeries related to the reproductive system.
Factors Affecting Physician Salaries:
- Location: Physicians in urban areas with high patient volume may earn more than those in rural or underserved areas.
- Experience: Seniority and years of practice play a huge role in increasing a doctor’s salary.
- Practice Setting: Those who own private practices often earn more than their employed counterparts, although this comes with added responsibilities and expenses.
Subspecialties: Some subspecialties within a specialty (e.g., interventional cardiology vs. general cardiology) can offer significantly higher salaries.
