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No one ever said becoming a doctor was easy. Medical school is competitive, rigorous and expensive. If you’re going to invest time, effort and money to earn your M.D. or D.O., then you want your medical career to be rewarding enough – financially and otherwise – to make your work worthwhile.
The training takes persistence, and the work-life continues to be strenuous and demanding. Physicians and surgeons often work schedules with long, unpredictable hours. They may also work on-call. The hard work yields a high-paying career, and the opportunity to provide hope and healing to patients of all ages.
Medicine is known as a lucrative field, but even within the industry, earnings can vary substantially from one specialty to the next. The United States Bureau of Labor Statistics (BLS) notes that all physicians earn a median annual wage above $208,000 per year. As a whole, specialists make $284,000 per year on average, Medscape reported. Our list of the top 10 highest paying medical specialties delves into several of these rankings to show you which specialties truly pay the most money – and what to expect working in them.
- Neurosurgeon
Top 10 Highest Paying Medical Specialties 3Neurosurgery is the highest-paid specialty in the medical profession. With patients suffering from brain-related illness or injury, neurosurgeons must have experience and expertise with the brain, spine, spinal cord and nervous system. Neurosurgeons can specialize in adult or infant and child treatment.
Neurosurgeons will:
perform back surgery
remove tumors
care for brain and spine infections and injury
treat strokes and degenerative disease
diagnose and treat chronic pain, seizures and epilepsy
interpret radiological studies
Salary.com reports neurosurgery as the top-paid specialty in the medical field with an annual salary of $609, 201.
Neurosurgery impacts the life of a patient because the nervous system affects all areas of the body. Though the training is extensive, a neurosurgeon provides a significant contribution to the medical field.
What They Do: Brain, Spine and Nervous System Surgery
Annual Earning: $609,201
Training: 1 year internship in general surgery, 5-7 years in neurosurgery residency program
- Invasive Cardiology
Top 10 Highest Paying Medical Specialties 2If you don’t mind the pressure of holding a patient’s heart in your hands, then this top-paying field of invasive cardiology might be the right medical specialty for you to pursue. Forbes reported that doctors who practice invasive cardiology earn an average base salary of $525,000 per year. If you’re interested in heart health but not necessarily the high-stress invasive aspect of the specialty, cardiology more generally is still a rewarding choice. CBS News rated the specialty of cardiology second-highest, bringing in $376,000 in annually for patient care.
Cardiologists specialize in heart health. They assess heart function and cardiovascular health through blood flow, blood pressure and other health indicators.
Cardiologists:
order diagnostic tests
perform procedures
prescribe medication to improve suboptimal heart health
These doctors may work with patients who are in the advanced stages of heart failure and even those who need transplants. Invasive cardiologists are surgeons who carry out procedures such as repairing damaged heart valves, inserting pacemakers or defibrillators and performing heart bypass operations.
What They Do: Heart health and surgery
Annual Earnings: $525,000
Training: 1 year of subspecialty training on top of 3 years of general cardiology training
- Orthopedic Surgery
Top 10 Highest Paying Medical Specialties 4Orthopedic surgeons earn a base salary of $497,000 per year, according to Forbes. Other sources cite different earnings for the specialty, but it consistently ranks high on the list. For example, Medscape and CBS News listed the average wages for orthopedic surgeons as $421,000, but rank the field as the top-paying specialty in medicine.
Treating the musculoskeletal system means working on the spine, extremities, and related structures. Orthopedic surgeons treat:
patients who suffered injuries in a trauma
congenital (from birth) conditions
infections
cancer
degenerative (progressive) diseases
Even within the specialty of orthopedic surgery, there are numerous subspecialties. Some orthopedic surgeons work exclusively on procedures on the hand or foot and ankle. They may also focus on a particular type of condition, like cancer (oncology) or sports injuries (sports medicine). Orthopedic surgeons set broken bones, replace damaged joints, repair injured tendons and surgically remove tumors.
What They Do: Surgical procedures on the musculoskeletal system
Annual Earnings: $497,000
Training: 5 years
- Gastroenterology
Top 10 Highest Paying Medical Specialties 5Reporting a base salary of $455,000 per year, Forbes statistics rank gastroenterology the fourth highest paying specialty in medicine. Medscape also rated the specialty equally highly, though it listed annual earnings of $370,000.
Gastroenterologists treat disorders that occur in every part of the digestive system, from the esophagus through the stomach and even the bowels, and including organs like the liver, gallbladder, pancreas and others within the abdominal cavity. As part of the specialty of internal medicine, gastroenterology focuses on diagnosing and treating conditions like:
heartburn
diarrhea
acid reflux
ulcers
pain
These specialists play a role in preventing and diagnosing cancers of the digestive organs, including esophageal and colon cancer. Gastroenterologists perform minimally invasive procedures and diagnostic tests like endoscopies, which allow doctors to see inside the gastrointestinal organs.
What They Do: Digestive health
Annual Earnings: $455,000
Training: 3 years of subspecialty training on top of 3 years of internal medicine training
- Radiology
Top 10 Highest Paying Medical Specialties 6Radiology is the use of nuclear radiation for medical purposes, ranging from diagnostic tests to radiation treatments. Radiologists earn an average of $414,090, Salary.com reported. Radiologists work in hospitals and other healthcare settings.
Diagnostic radiologists read and interpret diagnostic imaging tests such as:
X-rays
ultrasounds
computed tomography (CT) scans
magnetic resonance imaging (MRIs)
Radiologists may also serve interventional roles, such as taking part in image guided therapy and administering radiation to cancer patients. Radiologists often specialize in imaging different regions of the body, like chest and cardiac imaging, abdominal imaging and performing mammograms to screen for breast cancer
What They Do: Diagnostic testing and radiation treatments
Annual Earnings: $414,090
Training: 5 years
- Urology
Top 10 Highest Paying Medical Specialties 7Urologists make an annual base salary of $412,000, Forbes reported. Medscape ranked the specialty lower on the list, with earnings of just $344,000 per year, but even on this list urology still made the top 10.
Urology is the medical specialty that focuses on the health of the urinary tract of both genders and the reproductive system of male patients. Several organs and structures fall under the domain of urologists, including the bladder, kidney, prostate and urethra as well as male genitals. Urologists diagnose and treat:
urinary tract and bladder infections
difficulty urinating
incontinence
kidney stones
enlarged prostate
male infertility
What They Do: Urinary tract
Annual Earnings: $412,000
Training: 5 years
- Dermatology
Top 10 Highest Paying Medical Specialties 8As the largest organ of the body, it’s no wonder skin gets its own specialist. Forbes lists a base annual salary of $412,000 for dermatologists, while Medscape reports earnings of $339,000.
Dermatologists diagnose and treat skin disorders of all kinds, from acne to cancer. They may perform routine skin examinations to screen for signs of melanoma or other forms of skin cancer, tracking any changes in the appearance or location of moles. They may perform diagnostic tests like biopsies on unusual skin conditions and changes. Dermatologists treat skin allergies, infections, eczema and other conditions. Many dermatologists also perform cosmetic procedures, ranging from laser surgery and excisions of unwanted skin conditions and markings to liposuction, chemical peels and injections of dermal fillers like Botox.
What They Do: Skin health
Annual Earnings: $412,000
Training: 4 years
- Plastic/ Reconstructive Surgery
Top 10 Highest Paying Medical Specialties 9Dermatologists may do some cosmetic procedures, but plastic surgeons are the physicians who devote their careers to medical aesthetics and reconstruction. Salary.com reports annual earnings of $393,073 for plastic surgeons. Earnings for plastic surgeons have increased consistently over the past 10 years.
Plastic surgeons may work on virtually any visual body part, from the appearance of the skin to the shape of the torso, breasts, and limbs and even external reproductive structures. While the goal of cosmetic surgery is often to enhance the aesthetic appearance of the body, some plastic surgery procedures are reconstructive, intended to repair damage done by an injury, congenital defects or disease that affects function as well as appearance. Plastic surgeons typically use skin grafts, implants, liposuction techniques, tissue transfers and other methods to achieve the appearance improvements desired by their patients. As with other specialties, plastic surgery includes subspecialties like surgery on the head and face (craniofacial surgery), the hand and serious burns.
What They Do: Cosmetic procedures
Annual Earnings: $393, 073
Training: 2 years
- Emergency Medicine Physician
Top 10 Highest Paying Medical Specialties 10Emergency medicine is what it sounds like – the specialty that focuses on caring for and stabilizing patients during medical emergencies. Forbes lists the annual base salary for specialists in the field of emergency medicine as $345,000. Medscape puts the salary somewhat lower, at $306,000 per year, but within its ranking of the top 10 highest paying specialties.
In a medical emergency, doctors have to act fast. Making the wrong decision could endanger the patient’s life or leave them with permanent disabilities, but so could waiting too long to take action. Specialists in emergency medicine work in both emergency department and pre-hospital settings to recognize and treat acute diseases and severe injuries. Quick and accurate decision-making is essential to saving the lives of emergency patients., These physicians need a strong background in clinical and technical skills and a breadth of medical knowledge to draw from when evaluating patients and planning patient care.
What They Do: Emergency care
Annual Earnings: $345,000
Training: 3 years
- Anesthesiology
Top 10 Highest Paying Medical Specialties 11Anesthesiologists are the doctors responsible for keeping patients pain-free, sedated or unconscious during surgical procedures. The important job comes with a high earning potential – $261,730 according the Bureau of Labor and Statisics– though salaries for specialists like urologists and dermatologists overshadow that of anesthesiologists in other publications.
Though not surgeons themselves, anesthesiologists work primarily with patients undergoing surgery. They prepare the patient for diagnostic procedures and operations that would be painful or uncomfortable by administering anesthetics, pain relief medications. During surgery, anesthesiologists observe the patient’s pulse, blood pressure, breathing, body temperature and other vital signs for any signs of pain or stress and adjust pain medications accordingly. They monitor patients after surgery and contribute to postoperative care. Anesthesiologists also use their expertise in pain medications to help patients with chronic pain, those in the intensive care unit (ICU) and mothers going through childbirth find effective and safe pain relief.
What They Do: Pain relief during surgery
Annual Earnings: $261,730
Training: 4 years
The list of the 20 highest paid specialties in 2020 as average physician pay dips: Doximity
The financial pressures presented by the pandemic have put their squeeze on physician pay, according to a new survey.
Between 2019, compensation for U.S. doctors grew on average about 1.5%, according to the fourth annual Physician Compensation Report from professional medical network Doximity. When compared against the 2019 inflation rate of 2.3%, physicians experienced a decline in real income over the last year, they said.
“This year’s report shows how significantly the COVID-19 pandemic is impacting the healthcare industry,” said Peter Alperin, M.D., vice president at Doximity, in a statement.
The survey was based on responses from 44,000 licensed U.S. doctors.
The study also found the gender wage gap has increased since last year study. According to the survey responses, the wage gap was 28% this year compared to 25.2% last year, with female doctors reporting to earn an average of $116,289 less than male doctors.
RELATED: The list of the top 10 highest physician salaries by specialty for 2019
While overall compensation among physicians plateaued, some specialties are still seeing increases.
Among the specialties experiencing the most growth right now, the report shows vascular surgeons were on top at $534,508, a 4.9% increase in their average compensation in 2020 over the average of $509,335 they reported in 2019.
Likewise, physical medicine, geriatrics, genetics, emergency medicine and oncology all saw a more than 4% jump in their average annual compensation between 2019 and 2020.
“It’s possible the pandemic has generated more demand in these areas, impacting pay for specialists who treat high-risk patients such as those with severe respiratory complications, those 65 and older, and patients presenting at the emergency room,” the authors of the report said.
So which specialties are doing the best when it comes to annual compensation? Here’s a look at what Doximity found:
- Neurosurgery — $746,544
- Thoracic surgery — $668,350
- Orthopedic surgery — $605,330
- Plastic surgery — $539,208
- Oral and maxillofacial — $538,590
- Vascular surgery — $534,508
- Cardiology — $527,231
- Radiation oncology — $516,016
- Gastroenterology — $485,817
- Radiology — $485,460
- Urology — $472,941
- Otolaryngology (ENT) — $472,273
- Dermatology — $449,494
- Anesthesiology — $445,533
- General surgery — $439,824
- Colon & rectal surgery — $438,811
- Oncology — $437,280
- Ophthalmology — $424,488
- Pulmonology — $374,293
- Nuclear medicine — $367,741
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