For the 10th year in a row, Medscape invited member physicians to participate in an online survey.
Medscape collected data for its 2020 Physician Compensation Report between October 4, 2019 and February 10, 2020—17,461 physicians across more than 30 specialties completed the survey.
The recently released survey reflects physician compensation prior to the COVID-19 pandemic. The health crisis has dramatically impacted physicians. Specialties focused on elective procedures have seen an almost complete loss of business including orthopedics, plastic surgery, dermatology, cardiology, and ophthalmology.
In the survey, orthopedics topped many of the results including earnings and bonuses. Will any of the below results carry over to next year?
The pay gap is a reality for female physicians. In the survey, male primary care physicians continued to earn about 25% more than female primary care physicians. The pay gap shrunk slightly for specialists. Last year males earned 33% more than female specialists. This year that percentage decreased to 31%.
When Medscape asked physicians if they would choose the same specialty again, orthopedics topped the list—97% of those surveyed indicated they would choose orthopedics again. Oncologists, ophthalmologists, and dermatologists were also most likely to choose their own specialty again.
Another category where orthopedics continues to top the list is compensation. For the past six years, orthopedics has been in the top five earning specialties. Other top earners this year include plastic surgery, otolaryngology, cardiology, and radiology. Lower-earning specialties include family medicine, public health and preventative medicine, and pediatrics.
Orthopedics also topped the list for incentive bonuses. A majority of physicians reported that they have an incentive bonus. A third of physicians eligible for an incentive bonus reported that the incentive bonus motivated him/her to work longer hours. Orthopedists and otolaryngologists earned the highest incentives. The average incentive bonus for orthopedics was $96,000. The average incentive bonus for family medicine was $24,000.
Physicians reported high rates of disappointment when participating in merit-based incentive payment systems. Physicians were disappointed by the incentive pay they earned and the amount of work involved in reporting.
Some physicians were able to report an increase in earnings. At the top of the list were physicians in public health and preventative medicine, allergy and immunology, and orthopedics. Orthopedics reported a 6% increase in earnings. Physicians noted many reasons for their changes in earnings. Some of the reasons included an increase in patients and surgeries.
Physicians looking for a geographic change may look at the top 10 earning states. The top earning states this year were Kentucky, Tennessee, Florida, Alabama, and Utah. Notably, Connecticut, Arkansas, and Nevada fell from the list.
What will the 2021 survey reveal in this rapidly changing world?
One of the exact reasons I retired from Ortho surgery to become a venture capitalist, COO of a supplement company and invest in real estate. I was working too many hours, had an unpredictable schedule all for too little money. Now I live life on my own terms and work 4-8 hours per week with no regrets.