Here are 10 notes on the state of cardiology's workforce and compensation in 2024, as reported by Becker's:
1. Nationally, there are 15,190 cardiologists working with a mean annual wage of $423,250, according to the Bureau of Labor Statistics.
2. New York and California have the most employed cardiologists at 1,890 and 1,260 respectively.
3. The median compensation for cardiologists increased 7.9% from 2023 to 2024, going from $552,056 to $595,827, according to the American Medical Group Association.
4. Cardiologists are largely employees — 88% were employed or leased by a hospital or health system, according to American College of Cardiology's consulting firm, MedAxiom.
5. MedAxiom also found that invasive cardiologists were the top earners in both private and integrated ownership cohorts for the first time in over a decade. The median total compensation for electrophysiology, invasive and interventional cardiologists exceeded $700,000 per full-time physician.
6. A majority (53%) of cardiologists have said they would take less pay for a better work-life balance.
7. Idaho is the highest-paying state for cardiologists at a mean annual wage of $521,690.
8. Medicare reimbursements have dropped 29% for cardiology between from 2005 to 2021, with even greater declines for cardiac surgery (-57.6%) and thoracic surgery (-41.5%), according to a recent study.
9. Burnout among cardiologists has increased by 2% since last year, with 66% reporting they have felt burned out for at least 13 months, compared to 64% in 2023.
10. Cardiologists said that workplace measures that would help most with their burnout included adding support staff (49%), increasing physician control/autonomy (49%) and making work schedules more flexible (47%).