Financial planning company, Physicians Thrive, has issued its 2020 Physician Compensation Report, providing insight into compensation and hiring trends in the orthopedic and greater physician community.
Physicians Thrive analyzed data from the following sources: U.S. Bureau of Labor Statistics, Doximity, Salary.com, Merrit Hawkins, and Medscape. Its report includes data on compensation trends, hiring trends, and the impact of COVID-19 on physician salaries.
According to the report, physicians in rural areas earn higher salaries than those in metropolitan areas. Orthopedic surgeons have higher salaries in the midwestern and western regions of the United States when compared to the eastern and southern United States.
Orthopedic surgeons continue to rank as some of the highest paid professionals in medicine. Orthopedic surgeons rank number three with a median salary of $500,000. Cardiovascular surgeons ranked number two and neurosurgeons ranked number one ($645,000/year).
Importantly, orthopedic surgeons received, on average, one of the biggest salary increases in 2020 of 6%.
In 2018 and 2019, physicians received “record-high bonuses.” This year, the average signing bonus for all physicians was $32,692, a decrease from last year’s average of $33,707. Orthopedic surgeons have one of the highest signing bonus averages, $40,000. Orthopedics, as a whole, has the top average incentive bonus, $96,000.
The report utilized hiring trends to project the increase in demand of various specialties through 2028. Orthopedic surgeons rank among the top 20 most recruited physicians. The projected demand for surgeons is expected to increase by 8% through 2028. The only other groups that are expected to see a larger demand are psychiatrists and family practitioners.
The report also examined how COVID-19 impacted physician salaries and patient volume. Due to COVID-19, physicians “have seen a 55% decrease in revenue.” Notably, physicians in ophthalmology, dermatology, orthopedics, plastic surgery, and cardiology saw the “biggest decreases in patients.” Overall, physicians “have seen a 60% decrease in patient volume.”
The report presents a broad view of physician compensation and hiring trends. How does it compare to your experiences over the past year? Let us know in the comments below.
