The average physician salary was $299,000 in 2017, according to the Medscape Physician Compensation Report 2018. However, the physician's specialty, geographic location and employment status makes a difference.
Here are five key points on self-employed physicians and physician compensation.
1. Self-employed physicians have earned more than employed physicians over the past three years, and the gap is widening. Employed physicians typically have higher incomes to begin their careers, but self-employed physicians have the ability to earn more over time.
2. Despite the overall pay gap between employed and self-employed physicians, around 69 percent of physicians are employed, compared with 26 percent who identify as self-employed. The number of self-employed physicians has declined over the past decade as an increased number of younger physicians choose the employment model and hospitals acquire physician groups to gain market share.
3. Female physicians are more likely to be employed by hospitals than male physicians, and they're more likely to work part time hours when compared with their male counterparts. Around 22 percent of female physicians and 12 percent of male physicians work fewer than 30 hours per week.
4. Self-employed physicians make around $350,000, compared to employed physicians who make just under $300,000 on average.
5. While less than half of physicians are majority owners in their own practices, the AMA Physician Practice Benchmark Survey says 47.1 percent are practice owners, 47 percent are employed and 55 percent work in practices that are wholly owned by physicians.