By Dan Miller, WCI Contributor
While not all doctors go into medicine solely to make a lot of money, there's no denying that their potential income plays a part in the outlook of many physicians. While it is true that many doctors make a healthy income, they also have to deal with higher-than-average costs, such as malpractice insurance and paying hundreds of thousands of dollars in student loans. While an average person may not realize this, most in the medical field understand that there is a wide range in salary and income between different specialties in the medical field—like, for instance, the salaries of pediatricians vs. plastic surgeons.
Medscape gathered data from more than 13,000 physicians in more than 29 different specialties and created the 2022 Compensation Report for Pediatricians and many other medical specialties. Pediatricians shared information about their compensation, whether they supplement their salary with other income, and their overall outlook on the field. If you're a medical school student investigating pediatrics, this can provide helpful data to understand what you can expect. If you're already in pediatrics, you can use this information to see where you fit among others in the field.
Pediatrician Average Salary
According to the Medscape report, the average salary for pediatric doctors is $244,000. This puts them at the bottom range among the medical specialties that were surveyed, only slightly above public health and preventative Medicine doctors.
This probably does not come as a surprise to those familiar with the field, as pediatrics has a reputation for being (relatively) lower paying.
Is Pediatrician Income Rising?
While income for pediatricians is at the lower end of the scale, the same is not true for the year-over-year income. On average, pediatricians reported that their income rose 10% compared to 2021, an average that was in the upper half of all fields that were surveyed.
The annual inflation rate during the surveyed period was 4.7%, meaning that even with higher-than-normal inflation, the average purchasing power for pediatricians still increased as compared to the previous year.
More information here:
Do Pediatricians Have Incentive Bonuses?
Medscape reported that 57% of surveyed physicians have some sort of incentive program, but pediatricians were surveyed as the lowest subgroup in terms of receiving an annual incentive bonus.
While those in orthopedics and ophthalmology could make six figures in incentive bonuses, pediatricians made about one-quarter of that.
Do Self-Employed Pediatricians Make More Money?
Many physicians choose between being self-employed or working for a larger hospital or physician group. The Medscape survey reported that employed pediatricians had an average total compensation 21% higher than self-employed pediatricians. The self-employed pediatricians earned an average of $231,000, while those pediatricians who are employees made an average of $279,000.
This compares to a 20% higher rate of average compensation among all physician specialties, placing pediatrics squarely in the middle of the pack in this category.
More information here:
Do Pediatricians Feel Fairly Compensated?
It may not come as a surprise since pediatrics fell near the bottom of the overall compensation figures, but pediatricians also report not feeling fairly compensated at a higher rate than other doctors. Only 47% of surveyed pediatricians reported feeling fairly compensated, placing them ahead of only the diabetes and endocrinology and nephrology specialties.
Interestingly, even though pediatricians actually make more money than public health and preventative medicine doctors, the latter group overwhelmingly feels that they're treated more fairly than pediatricians.
Even a low-paid pediatrician still makes much more money than the average US worker, but it still can be tough. Especially since the lifestyle of an average pediatrician probably won't be as lavish as a plastic surgeon or a cardiologist. You don't get a pass on math. The less you make and the more of your income that you spend, the longer it will take to reach your financial goals.
But remember that a pediatrician family still will have enough income that, if managed well, will provide a wonderful life during the career and still allow for retirement at traditional retirement age without ever feeling financially deprived.
The Medscape survey is not the end-all and be-all of physician salary data. There are other sources out there, and our recommended contract review firms use them to help ensure you are getting paid what you're worth. Other average salary numbers you can find from surveys done about the same time as the Medscape survey include:
- MGMA: $245,860
- AAMC: $220,000 (this survey only includes academics)
- Doximity: $251,657
- Merritt Hawkins: $236,000
- AMGA: $255,352
Increasing Your Physician Income
One of the most important things that you can do to earn more for your work is to negotiate your pay and the terms of your contract. Many doctors wind up with bad contracts that leave them improperly compensated, facing high costs and non-compete agreements that restrict their future opportunities.
If you’re negotiating a new contract, The White Coat Investor has a list of vetted attorneys and law firms to work with to make sure you get a good deal.
If you're a pediatrician, do these numbers track with your experience? Did anything surprise you with these numbers? How could you go about making more money? Comment below!