Medscape's 2023 Physician Compensation Report surveyed over 10,000 physicians in 29 specialties about their income, workload, and job satisfaction. The report showed an overall increase in physician’s salaries as well as a decrease in the wage gap between men and women.

Physician's Income

Physician's income, including locum tenens is expected to continue increasing amidst the physician shortage. Average physician compensation for 2023 was $325,000 overall while Primary Care Physicians earned $265k and specialists earned $382k.

The top five compensated specialties were:

1. Plastic surgery: $619k

2. Orthopedics: $573k

3. Cardiology: $507k

4. Urology: $506k

5. Gastroenterology: $501k

Oncology, anesthesiology, gastroenterology, radiology, critical care, and urology experienced the highest salary increases.

Self employed Physicians vs Employed Physicians

Self-employed physicians, including locums tend to earn a higher income compared to their employed counterparts. The average annual income for self-employed physicians is $374,000, while employed physicians earn an average of $344,000. For most physician specialties, locum tenens pay shows continued growth in 2023 and demand remains high, and an estimated one-third of physicians are currently working locums jobs.

Men continue to earn more than their female counterparts

This year, we have made significant progress in addressing the pay gap between men and women primary care providers. One of the key factors that has contributed to this positive change is the implementation of salary transparency.

Still, in 2023, men earned 19% more than women compared to the 25% gap in the last five years. In primary care, men made on average $286k while women earned $239k. Among specialists, men still earned 27% more than their female counterparts. Men averaged $415k and women made $327k.

More women are going to medical school, leading to a slight increase in the number of women employed in higher paying specialties. Among various medical specialties, primary care has the highest percentage of female doctors. Ob/Gyn, Pediatrics, Diabetes & Endocrinology, and Family Medicine have the largest proportion of women physicians, accounting for 62%, 59%, 54%, and 49%, respectively. Among the highest paying specialty, Plastic Surgery, there has been a 16% increase in female physicians since last year.

Physician Satisfaction

Overall, 52% of physicians were satisfied with their income. Psychiatrist, Dermatologists, Public Health & Preventative Medicine Physicians, and Critical Care Physicians were among the physicians who ranked the highest in pay satisfaction.

When surveyed, 30% of physicians stated the most rewarding part of their job is being good at what they do, while 24% felt rewarded by the gratitude and relationships they had with their patients. 19% of physicians felt motivated by the belief that they are improving the world.

Conversely, 21% of physicians felt there were too many rules and regulations. Roughly 15% of those surveyed sited long hours and difficult patients were the most challenging parts of their job.

Locum Tenens is a great options for physicians looking to combat burnout and gain a bit of flexibility in their career. Because locums assignments come with less administrative burdens, physicians have more time to focus on patient care, which typically lead to happier and healthier patients.

The highest and lowest paid states

The top paid state for Physicians for 2023 was Wisconsin. Physicians in Wisconsin had an average salary of $397k, followed by Indiana with $372k, Georgia with $363k, and Connecticut with $362k. The remainder of the top earning states include Missouri, New Jersey, South Carolina, Florida, California, and Michigan. Indiana, Connecticut, Missouri and Florida remain on the top-earning states from last year.

The lowest earning states for Physicians overall were Massachusetts with an average annual salary of $331k, Virginia with $330k, Colorado with $350k, and Maryland with the lowest physician salary of $306k. The states with the lowest earnings are Arizona, Washington, Tennessee, Pennsylvania, Alabama, New York, Illinois, North Carolina, and Texas.

According to a study in Human Resources for Health, California, Florida, Texas, Arizona, and Georgia are projected to have the largest physician shortages by 2030. 

This year, the highest paying states for locum assignments according to Locumstory.com are Washington D.C, West Virginia, Mississippi, and interestingly, Colorado.

How Many Hours are Physicians Working?

32% of physicians surveyed took on extra work to supplement their income including other medical related work, medical moon-lighting, additional hours, or other non-medical related work.

On average, overall, physicians work 50 hours per week which includes seeing patients, charting, paperwork, and administrative work. Critical care (57.7), Surgery (57.4) and Cardiology (56.2) were among the specialties with the most hours worked per week, while Emergency Medicine (44.4), Dermatology (44.2), and Allergy & Immunology (44.1) were among the least. According to the Bureau of Labor Statistics, 34.6 was the national average in 2023.

Overall, physicians spend 15.5 hours per week on paperwork and administration. Of that, 9 hours are on EHR documentation. Physical Medicine rehabilitation physicians are spending on average of 19.0 hours per week, while Anesthesiologists spend about 9.

Because of overall burnout, many physicians have turned to locum tenens. With less administrative burden, locums often work a more typical schedule and can focus more on patient care.

Locum Tenens Physician Satisfaction

Locum physicians report satisfaction with their salaries. Locums tenens physicians often earn similar or higher salaries compared to permanent positions. The earning potential can vary significantly based on specialties, geographic locations, experience levels, and the specific terms of the positions.

Locum tenens assignments offer flexibility, as well as the wide variety of specialties. This flexibility allows them to control their schedules and work when and where they want.

Some locum tenens physicians may prioritize the higher compensation and flexibility over the benefits and stability of a permanent position, while others might prefer the security and perks of a permanent role.

Interested in learning more about working locum tenens? Give us a call or view our locum tenens physician job opportunities.