Career and Life Planning Guidebook for Medical Residents

R E A D : Major Factors Impacting a Physician’s Salary and Compensation Plan: Completing specialized medical training is not the end, it’s the beginning of a career as a highly-skilled physician. After years of training and sacrifice, it’s time to get paid a fair market wage for your hard work. To know that what you are being offered is indeed fair, it’s important to understand how a physician’s compensation is determined. There are several important factors, some obvious, some not so obvious, that can impact a physician’s salary and overall compensation plan. Throughout the chapter, we’ll provide you with compensation data based on how employers leveragephysician compensationdata todetermine the starting salary and compensation package of a new physician. Geographic location – Where you choose to practice medicine has a significant impact on your compensation. That holds true formost professions, but especially for physicians. Consider the following starting salary median data reported by American Medical Group Association (AMGA) in their 2022 Medical Group Compensation and Productivity Survey , for both new residents and experienced providers: NEWRESIDENT STARTING SALARIES Specialty Midwest Median National Median Anesthesiology $459,160 $425,000 Emergency Medicine $417,600 $354,000 Family Medicine $242,500 $225,000 General Surgery $397,500 $372,000 Hospitalist – Internal Medicine $215,745 $268,000 Internal Medicine $209,797 $230,000 Neurology $205,650 $300,000 OB/GYN – General $321,689 $321,000 Pediatrics and Adolescent – General $220,000 $200,000 SECTION II: T MINUS TWO YEARS CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 218