Physician pay increases have failed to keep up with inflation rates in recent years, with average physician compensation declining by 2.4 percent last year. This decline is compared with an increase of 3.8 percent the prior year, according to Doximity’s 2023 “Physician Compensation Report.”
Five findings:
1. Considering the peak inflation rate of 9.1 percent last year, most physicians in the U.S. experienced a significant decrease in real income.
2. At 6.3 percent, Oklahoma City experienced the largest increase in physician compensation, according to the survey. Baltimore followed close behind at 4.6 percent.
3. Charlotte, N.C. ($430,890) and St. Louis ($426,370) remained the top two metropolitan areas with the highest average physician compensation in 2022. Washington, D.C. ($342,139) and Baltimore ($346,260) were the two metropolitan areas with the lowest average physician pay rates last year.
4. Two out of three physicians are also considering leaving their roles as overworking continues to be a challenge and physician compensation remained flat or was down for many specialties last year.
5. Neurosurgery ($788,313) was the specialty with the highest average physician compensation in 2022, while pediatric endocrinology ($218,266) was the lowest.
Doximity’s survey results include responses from more than 31,000 full-time physicians in 2022 and responses from more than 190,000 physicians over the last six years.
