Here are five numbers on independent physician pay:
$374,000: The average yearly salaries for self-employed physicians, according to Medscape’s “Physician Compensation Report 2023.” Employed physicians reported earning $344,000 in average yearly salary.
40%: The percentage of independent physicians that reported a reduction in income in 2023, according to the 2024 Survey of America’s Current and Future Physicians which surveyed 1,723 physicians, residents and medical students between June 17 and July 16, 2024.
10%: The number of independent physicians that reported an increase in income, compared to 25% of their employed counterparts.
28%: The percentage of independent physicians in the survey that reported a cut-back on work hours, compared to 17% of employed physicians.
$428,112: The average physician compensation in a solo practice, according to Doximity’s “2023 Physician Compensation Report.” This was the second highest-earning employment setting for physicians in the survey, which increased 3% from 2021 to 2022. Single-specialty group practice was the employment setting with the highest compensation.
