Doctors are highly paid professionals.
Physicians are vital specialists whose job requires over 10 years total of higher level education and training. These men and women are responsible for the health and physical being of their community and make crucial decisions on a daily basis. Some work very long hours and spend a great deal of time on call, and all must continually educate themselves on the newest technologies and scientific discoveries to stay current. Consequently, they are highly paid professionals, in keeping with the amount of time, dedication, effort and responsibility their jobs entails.
Starting Pay
After graduating from four-year graduate medical programs, physicians who are just starting out enter a residency. During this time, residents get on-the-job training, along with pay. Residents typically work the worst shifts and keep very long hours. It is not unusual for residents to work shifts of over 24 hours straight. Residents receive a relatively low wage during this period, which can last several years. In 2011, the Mercy Health System of Janesville, Wisconsin, paid their family practice residents salaries of $48,200 to $52,000 per year during their three-year program. Scott and White Healthcare System of Temple, Texas, paid their 2011 residents between $ 47,517.28 and $57,626, depending on their level of training. This is in line with resident pay in other areas of the country.
Median Salary
Once they finish residence and start practicing their profession out in the field, physicians earn median salaries in the six-figures. According to the Bureau of Labor Statistics (BLS), family and general practitioners earned a median annual salary of $160,530 as of May 2009. Physicians and surgeons in general earned a mean annual salary of $173,860 for the same period. The compensation of physicians often includes benefits such as bonuses, profit sharing, paid vacation and sick days, medical insurance and retirement benefits, which raises their total annual compensation.
Specialist Pay
A large percentage of physicians choose to specialize in an aspect of medical practice, including general surgery, pediatrics, dermatology, cosmetic surgery, gynecology, psychiatry and anesthesiology. Annual salaries among various specialties can vary a great deal. According to the American Medical Association, the average annual salary for a pediatrician in 2008 ranged from $140,000 to $202,547. Average gynecologist salaries ranged from $231,514 to $304,689. Specialists such as anesthesiologists, cardiologists, plastic surgeons, radiation oncologists, orthopedic surgeons and urologists all had average salary ranges beginning at over $300,000 per year.
Geographic Differences
Location has a good deal to do with the median salary earned by physicians. The BLS statistics show that family and general practitioners in Arkansas were the highest earners in the nation, with a median annual salary of $206,030 as of May 2009. Physicians and surgeons in general earned the most in Minnesota, $218,180 per year, during the same period. These salaries were around $45,000 more than the national median.
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