Career and Life Planning Guidebook for Medical Residents

AMGA 2022 Medical Group Compensation and Productivity Survey, 2021 data (1) EXPERIENCED PROVIDER STARTING SALARIES Specialty North Median East Median South Median West Median National Median Anesthesiology $460,000 $375,323 $303,000 $400,000 Emergency Medicine $377,440 $395.200 $363,500 $395,000 Family Medicine $240,000 $233,439 $210,000 $237,411 $230,000 General Surgery $440,000 $366,228 $403,000 $366,718 $387,500 Hospitalist – Internal Medicine $292,060 $250,000 $271,460 $251,181 $270,000 Internal Medicine $224,000 $226,762 $225,000 $252,003 $225,000 Neurology $309,988 $300,000 $265,000 $250,000 $286,218 OB/GYN – General $320,951 $275,000 $349,112 $326,014 $320,000 Pediatrics and Adolescent – General $230,000 $226,142 $219,500 $220,000 $225,000 What’s causes such variation in compensation by geographic region? Large metropolitan markets might have a greater demand for physician services driven by a larger patient population, but they also tend to have a greater supply of physicians. However, those same large metropolitan markets can have a higher cost of living (which we’ll speak about later). Smaller, rural markets, while they may serve a smaller patient population by comparison, tend to have a much lower supply of physicians and face challenges recruiting and retaining physicians to those markets, all of which tends to increase the market value for physician services to meet the needs of that community. Take into account, however, these four geographic regions encompass large segments of the country, each with their own composition of rural and metropolitan service markets, and each with their own uniquemarket competition and other dynamics. Todd Skertich, managing partner of Arlington HealthCare – a physician recruitment firm, states, “There are several markets within each region and compensation can vary significantly by the size of the community. To give you an idea of how compensation may vary between markets, below is a comparison of two metropolitan markets in different regions. A breast surgeon received offers in two different metropolitan areas. The first offer was located near Seattle, Washington while the second offer was near Manhattan. The Seattle position offered $150,000 MORE compared to the offer in Manhattan. Generally, when comparing a small, medium, or metropolitan area in each of the regions of the US, compensation tends to be higher in the Midwest and Southeast versus the Northeast and West.” Demographic classification (population) – Non- metropolitan areas, typically defined as a population base of less than 50,000, tend to experience higher starting salaries in order to attract qualifiedphysicians to work in such rural markets. Metropolitan markets, by definition, can be further stratified into segments of 50,000-250,000, 250,000-1,000,000, and greater than 1,000,000. These different metropolitan markets can among themselves experience varying degrees of starting salary. Physician Compensation 219 WWW.PHYSICIANCAREERPLANNING.COM