By Dan Miller, WCI Contributor
Medicine can be a fairly lucrative career, though there can be a wide range of physician incomes depending on specialty. While most doctors don't go into medicine solely to make money, a higher income generally comes with the territory (along with higher-than-average costs including malpractice insurance and paying hundreds of thousands of dollars in student loans.)
Medscape gathered data from more than 13,000 physicians in more than 29 different specialties and created a 2022 Compensation Report for Urologists. In this 2022 report, urologists shared details about their compensation, bonuses, incentives, and whether they felt adequately compensated. If you are considering urology as a career, this information could be useful as a benchmark of what you are likely to expect.
Urologist Average Salary
According to the Medscape report, the average salary for urologists in 2021 was $461,000. This makes it one of the highest-paying medical specialties, well above average and nearly double some of the lower-paying medical specialties (including pediatricians).
Is Urologist Income Rising?
In addition to having an income above many other medical specialties, urologists' income, on average, is increasing more than other specialties. According to the Medscape survey, urologists had an 8% average increase in their income in 2021. That was slightly above average compared to the increases in other medical specialties.
The annual inflation rate during 2021 was 4.7%—that means that even though inflation was relatively high, urologists still had an increase in their average purchasing power as compared to the previous year.
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Do Urologists Have Incentive Bonuses?
It's common in many medical professions for physicians to earn annual incentive bonuses. In fact, Medscape reported that 57% of surveyed physicians had some sort of bonus program. Urologists were again near the top of the list, earning an average annual incentive bonus of $73,000.
Do Urologists Feel Fairly Compensated?
Although urologists are at the higher range of physicians in terms of overall earnings, that doesn't necessarily translate to feelings of being adequately compensated. Only 59% of urologists reported feeling fairly compensated, according to the Medscape survey.
Even with higher costs, urologists enjoy an income that is significantly above the median US income. With solid financial management, a urologist should have plenty of money to live comfortably and retire at a traditional age, if not earlier.
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While the Medscape survey is an important indicator of physician salaries, it's not the only source of physician data. Our recommended contract review firms use them to help ensure you are getting paid what you're worth. Here are a few other sources about the average urologist salary income:
- MGMA: $518,284
- AAMC: $460,000 (this survey only includes academics)
- Doximity: $514,922
- Merritt Hawkins: $497,000
- AMGA: $500,698
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.
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