Medscape analyzed its 2019 physician wealth and debt report to determine why some physicians earn more than others, even when they specialize in the same field.
Three details to know about physician compensation:
1. According to Medscape, 18 percent of physicians like orthopedic surgeons who have other business ventures like ASCs and inventions report a net worth of $5 million. Physicians who are employed by hospitals or practices are less likely to be involved in a business venture, especially in states with strict certificate of need laws.
2. Physicians who work in larger practices and see more patients tend to make more than those who work for smaller organizations. For example, physicians working for multispecialty groups earned $260,000 compared to those who work in solo practices, who report an average compensation of $222,000, according to Medscape's 2014 survey, the last instance when the website reported single- and multispecialty group income.
3. Additionally, physicians who avoid working in lower-paying institutions, such community health centers and academic institutions, earn more.