Considering a career in medicine and wondering, “What Doctor Makes The Most Money?” It’s a valid question. While becoming a doctor in any field promises a rewarding career both personally and financially, some medical specialties offer significantly higher earning potential than others. In 2024, a physician’s career path can lead to a comfortable annual salary, well above the national median. However, certain doctors are in a league of their own when it comes to income.
This comprehensive guide, drawing insights from the latest Physician Compensation Report, breaks down the highest-paid doctors in the US. Understanding these trends can be invaluable for medical students and those considering a career change into the medical field. Let’s delve into which medical specialties command the highest salaries and what factors contribute to these impressive figures.
Jonathan Preminger, Former Admissions Committee Member, Hofstra-Northwell School of Medicine
Top 20 Highest-Paid Doctor Specialties in the US
To accurately determine which doctors earn the most, we analyzed data from the Physician Compensation Report. This report provides a detailed overview of physician salaries across various specialties. Below is a ranking of the top 20 highest-paying medical specialties, based on average annual income:
| Rank | Specialty | Average Annual Income |
|---|---|---|
| 1 | Neurosurgery | $763,908 |
| 2 | Thoracic Surgery | $720,634 |
| 3 | Orthopedic Surgery | $654,815 |
| 4 | Plastic Surgery | $619,812 |
| 5 | Oral & Maxillofacial Surgery | $603,623 |
| 6 | Radiation Oncology | $569,170 |
| 7 | Cardiology | $565,485 |
| 8 | Vascular Surgery | $556,070 |
| 9 | Radiology | $531,983 |
| 10 | Urology | $529,140 |
| 11 | Gastroenterology | $514,208 |
| 12 | Otolaryngology (ENT) | $502,543 |
| 13 | Anesthesiology | $494,522 |
| 14 | Dermatology | $493,659 |
| 15 | Oncology | $479,754 |
| 16 | Ophthalmology | $468,581 |
| 17 | General Surgery | $464,071 |
| 18 | Colon & Rectal Surgery | $455,282 |
| 19 | Pulmonology | $410,905 |
| 20 | Emergency Medicine | $398,990 |
Let’s explore each of these top-paying medical specialties in more detail.
1. Neurosurgery: The Pinnacle of Physician Compensation
Neurosurgery consistently tops the list of highest-paid doctor specialties. These highly specialized surgeons deal with the intricate and complex field of the nervous system. Neurosurgeons treat conditions affecting the brain, spinal cord, peripheral nerves, and cerebrovascular system. The demanding nature of the work, the extensive training involving at least a seven-year residency, and the critical procedures they perform contribute to their leading average annual compensation of $763,908. The complexity and risk associated with neurosurgical procedures necessitate a high level of expertise and skill, justifying the substantial financial rewards.
2. Thoracic Surgery: Expertise in Chest Cavity Procedures
Thoracic surgeons are the second highest-paid doctors, specializing in surgeries within the chest cavity. This encompasses vital organs such as the heart, lungs, esophagus, and major blood vessels in the chest. Often referred to as cardiothoracic surgeons, they are experts in diagnosing and surgically treating a wide range of life-threatening conditions, from lung cancer and heart disease to esophageal disorders and congenital heart defects. The precision and critical nature of thoracic surgeries, combined with the lengthy training, result in an impressive average annual salary of $720,634.
3. Orthopedic Surgery: Focusing on the Musculoskeletal System
Orthopedic surgeons specialize in the musculoskeletal system – bones, joints, ligaments, tendons, and muscles. Their expertise covers a broad spectrum of conditions, from sports injuries and trauma to arthritis and joint replacements. The demand for orthopedic procedures is consistently high due to aging populations and active lifestyles, contributing to the specialty’s rise in physician compensation. Orthopedic surgeons in the US earn an average annual income of $654,815, reflecting the significant impact they have on patients’ mobility and quality of life.
4. Plastic Surgery: Blending Aesthetics and Reconstruction
Plastic surgeons are masters of surgical artistry, performing both cosmetic and reconstructive procedures across the entire body. From enhancing aesthetic appearance to rebuilding tissues damaged by injury, disease, or birth defects, plastic surgery is a diverse and demanding field. Plastic surgery residencies are among the longest, typically lasting six years, reflecting the breadth of knowledge and surgical skills required. The combination of cosmetic procedures and complex reconstructive surgeries allows plastic surgeons to command an average annual compensation of $619,812.
5. Oral and Maxillofacial Surgery: A Dental Specialty with Surgical Prowess
While rooted in dentistry, oral and maxillofacial surgery is a highly specialized surgical field. These surgeons treat diseases, injuries, and defects of the mouth, face, jaws, head, and neck. Their expertise ranges from complex tooth extractions and dental implants to reconstructive surgery following trauma or cancer. The dual medical and dental foundation, coupled with the surgical complexity of the procedures, leads to an average annual salary of $603,623 for oral and maxillofacial surgeons.
6. Radiation Oncology: Targeting Cancer with Precision Radiation
Radiation oncologists are cancer specialists who utilize radiation therapy to treat malignancies. They are crucial in cancer care teams, meticulously planning and overseeing radiation treatments to maximize effectiveness while minimizing damage to healthy tissues. Radiation oncologists require a deep understanding of oncology and radiation physics, contributing to their average annual earnings of $569,170.
7. Cardiology: The Heart of High-Earning Specialties
Cardiologists focus on the intricate world of the cardiovascular system – the heart and blood vessels. They diagnose, treat, and prevent heart diseases, ranging from hypertension and arrhythmias to heart attacks and heart failure. Cardiology is a consistently high-earning specialty due to the prevalence of heart disease and the demand for specialized cardiac care. Cardiologists in the US earn an average annual salary of $565,485.
8. Vascular Surgery: Maintaining the Body’s Circulation Network
Vascular surgeons are experts in the blood vessels outside of the heart and brain. They treat conditions affecting arteries and veins, such as aneurysms, blood clots, varicose veins, and peripheral artery disease. Vascular surgery encompasses both open surgical procedures and minimally invasive techniques. The critical role vascular surgeons play in maintaining healthy circulation translates to an average annual salary of $556,070.
9. Radiology: The Diagnostic Powerhouse of Medicine
Radiologists are physician detectives, interpreting medical images – X-rays, CT scans, MRIs, PET scans, and ultrasounds – to diagnose and monitor a vast array of illnesses and injuries. Their expertise is essential across nearly all medical specialties, providing crucial diagnostic information. The high demand for radiologists and their pivotal role in patient care contribute to an average annual salary of $531,983.
10. Urology: Focusing on the Urinary and Male Reproductive Systems
Urologists specialize in the urinary tract in both men and women, and the male reproductive system. They diagnose and treat conditions such as kidney stones, urinary tract infections, prostate cancer, and male infertility. The specialized nature of urological care and the demand for their services result in an average annual salary of $529,140.
11. Gastroenterology: Experts in the Digestive System
Gastroenterologists are specialists in the digestive system, encompassing the esophagus, stomach, intestines, liver, pancreas, gallbladder, and bile ducts. They diagnose and treat conditions like acid reflux, irritable bowel syndrome, liver disease, and colon cancer. The prevalence of digestive disorders and the need for specialized procedures contribute to an average annual salary of $514,208 for gastroenterologists.
12. Otolaryngology (ENT): Specialists of the Head and Neck
Otolaryngologists, also known as ENT (Ear, Nose, and Throat) doctors, specialize in disorders of the head and neck. This includes conditions affecting hearing, balance, smell, taste, voice, breathing, and swallowing. The breadth of conditions they treat, from common ear infections to complex head and neck cancers, leads to an average annual salary of $502,543.
13. Anesthesiology: Ensuring Patient Comfort and Safety During Procedures
Anesthesiologists are critical members of the surgical team, responsible for patient care before, during, and after surgery. They manage pain, maintain vital functions, and ensure patient safety throughout procedures. Their expertise in pain management and critical care medicine is essential for modern surgery, resulting in an average annual salary of $494,522.
14. Dermatology: Caring for Skin, Hair, and Nails
Dermatologists specialize in conditions of the skin, hair, and nails. From common acne and eczema to skin cancer and cosmetic concerns, dermatologists address a wide range of patient needs. The increasing demand for both medical and cosmetic dermatology contributes to an average annual salary of $493,659.
15. Oncology: Comprehensive Cancer Care
Oncologists are dedicated to the diagnosis, treatment, and management of cancer. They guide patients through complex treatment plans, including chemotherapy, immunotherapy, and targeted therapies, and provide ongoing care and support. The critical role oncologists play in fighting cancer leads to an average annual salary of $479,754.
16. Ophthalmology: Vision Care and Eye Surgery
Ophthalmologists are eye doctors with extensive medical and surgical training. They provide comprehensive eye care, including vision testing, medical treatment of eye diseases, and eye surgery. The importance of vision and the demand for specialized eye care contribute to an average annual salary of $468,581.
17. General Surgery: A Broad Surgical Foundation
General surgeons possess a wide range of surgical skills and knowledge, covering various areas of the body. They perform surgeries for a multitude of conditions, often acting as the primary surgeon for abdominal surgeries, trauma cases, and other general surgical needs. General surgeons earn an average annual salary of $464,071, reflecting their essential role in the surgical landscape.
18. Colon & Rectal Surgery: Specializing in the Lower Digestive Tract
Colon and rectal surgeons, also known as colorectal surgeons, focus on the lower gastrointestinal tract – the colon, rectum, and anus. They treat conditions like colorectal cancer, inflammatory bowel disease, and hemorrhoids. The specialized nature of colorectal surgery leads to an average annual salary of $455,282.
19. Pulmonology: Respiratory System Experts
Pulmonologists are specialists in the respiratory system, diagnosing and treating lung diseases and breathing disorders. They manage conditions like asthma, COPD, pneumonia, and lung cancer. With increasing respiratory illnesses, pulmonologists play a vital role, earning an average annual salary of $410,905.
20. Emergency Medicine: Frontline Care in Acute Situations
Emergency medicine physicians are the frontline doctors in hospital emergency departments. They treat patients with acute illnesses and injuries, providing immediate and critical care in high-pressure environments. The demanding and unpredictable nature of emergency medicine results in an average annual salary of $398,990.
Factors Influencing Doctor Compensation
While specialty is a significant factor in determining physician salary, several other elements come into play.
- Specialty Demand and Complexity: As seen in the list, surgical and procedural specialties, particularly those dealing with complex organ systems like the brain and heart, tend to command the highest salaries. This is due to the extensive training, high-stakes procedures, and critical decision-making involved.
- Geographic Location: The cost of living and demand for physicians vary significantly across states and cities. As highlighted later, certain states and metropolitan areas offer higher average physician salaries.
- Experience and Seniority: Like most professions, physician salaries generally increase with experience. More experienced doctors, especially those with specialized expertise or leadership roles, often earn more.
- Practice Setting and Employer: Physicians can work in various settings, including private practices, hospitals, academic institutions, and government facilities. Compensation structures and benefits can differ based on the employer and practice model.
- Market Forces and Reimbursement Models: Changes in healthcare policies, insurance reimbursement rates, and market demand for specific services can influence physician compensation trends.
Highest Paying States and Cities for Doctors
Interestingly, the highest-paying states for physicians may not be the most obvious ones. According to Medscape’s Physician Compensation Report, states like Wisconsin, Indiana, and Georgia lead the nation in average physician salaries. This may be attributed to factors such as lower cost of living compared to major metropolitan areas and high demand in certain regions.
Here’s a table of the highest-paying states for physicians in the US:
| State | Average Annual Physician Salary |
|---|---|
| Wisconsin | $397,000 |
| Indiana | $372,000 |
| Georgia | $363,000 |
| Connecticut | $362,000 |
| Missouri | $361,000 |
| New Jersey | $360,000 |
| South Carolina | $360,000 |
| Florida | $359,000 |
| California | $358,000 |
| Michigan | $356,000 |
Doximity’s data also reveals the highest-paying cities for physicians, with Charlotte, NC; St. Louis, MO; and Oklahoma City, OK leading the list. These cities may offer a favorable balance of compensation and living costs.
Here are the highest-paying cities for physicians based on Doximity data:
| City | Average Annual Physician Salary |
|---|---|
| Charlotte, NC | $430,890 |
| St. Louis, MO | $426,370 |
| Oklahoma City, OK | $425,096 |
| San Jose, CA | $418,600 |
| Minneapolis, MN | $411,677 |
| Sacramento, CA | $411,257 |
| Phoenix, AZ | $409,185 |
| Indianapolis, IN | $408,199 |
| Salt Lake City, UT | $408,044 |
| Atlanta, GA | $407,863 |
Frequently Asked Questions About Doctor Salaries
1. What is the salary range of the highest-paid doctors?
The top earners, particularly in neurosurgery, thoracic surgery, and orthopedic surgery, often have average annual salaries exceeding $600,000 and can reach upwards of $780,000 or more.
2. Which type of surgeon is the highest paid?
Neurosurgeons consistently hold the position of the highest-paid surgeons in the US.
3. Is there a salary difference between MDs and DOs?
Generally, there isn’t a significant pay difference between MD (Doctor of Medicine) and DO (Doctor of Osteopathic Medicine) physicians in the same specialty. However, some data suggests MDs may be slightly more likely to pursue specialized, higher-paying fields.
4. Why do primary care physicians generally earn less than specialists?
Several factors contribute to this, including shorter residency durations for some primary care specialties, differences in reimbursement models, and the focus on procedural vs. cognitive services.
5. Are non-surgical specialties less lucrative?
While surgical specialties dominate the top of the salary rankings, several non-surgical fields like cardiology, radiology, and gastroenterology still offer very high earning potential, often exceeding $500,000 annually.
Making an Informed Decision About Medical Specialization
Ultimately, while understanding “what doctor makes the most money” is a relevant consideration, it shouldn’t be the sole driver in choosing a medical specialty. Factors like personal interest, passion for a particular field, work-life balance preferences, and desired geographic location are equally, if not more, important for long-term career satisfaction.
Job satisfaction and professional fulfillment are paramount in the demanding field of medicine. Exploring your interests, strengths, and values will lead you to a specialty that is both financially rewarding and personally fulfilling. The journey to becoming a physician is rigorous, and choosing a path that aligns with your passions will ensure a more sustainable and rewarding career.
