Physicians Weigh In on Compensation, Job Search, and More
All Press Releases
St. Louis, MO, July 26, 2017– PracticeMatch, a company providing online staffing resources to healthcare employers nationwide, conducted and released its first annual physician salary survey this summer. The report aims to help clients and candidates gather real-time data regarding physician salary trends and other physician perspectives related to recruiting and pay.
The survey, completed by 1,959 physicians in a variety of specialties, found that career satisfaction, as well as satisfaction about one's pay, vary widely by experience level and specialty. The average tenure of the participants was 11 years in their current role, and 17 years in practice, which is of note when referencing the survey results.
The highest earning specialties of the survey respondents were cardiologists, which reported an average annual income of $364,000, including salary and bonus. Urologists were a close second place, with $357,400 annually, followed by dermatologists, who reported average annual earnings of $325,667. (Surgeons, which often top industry lists of highest paid doctors, were not amply represented in the survey sample to report an average annual salary.)
Cardiologists also reported receiving the highest signing bonuses upon joining their current practice, reporting an average of $26,536. The average signing bonus reported by cardiologists was well above the average signing bonus reported by the entire survey sample, of $18,137. Hospitalists reported the highest rate of frequency of receiving a sign-on bonus, as 44 percent reported receiving a bonus upon signing on with their current role.
Nearly one-third of physicians surveyed (29%) report having an outstanding student loan balance, which is a considerable percentage based on the average experience level of the respondents. Of those respondents who still carry a student loan balance, about a third received some type of medical student loan assistance in 2016.