Physician salary is one of the highest among all careers. People have become sick at least once in their lives and we always need a doctor or at least some pills. Those who have access to hospitals or clinics may choose to get consultation from a doctor. A doctor is a health professional who diagnoses and treats patients. They may use several medical practices when treating patients such as medicines and surgery. They may choose to practice only in a certain field. Some of these include dermatology, psychiatry, surgery and gynecology. Most people would normally consult a physician first when trying to look for solutions to their medical problems. According to Bureau of Labor Statistics, physicians and surgeons had a median wage of $166,400 annually or an equivalent of $80 an hour in 2010. Keep reading for more useful information about physician salary and how to become a physician.
Physician job description
Prior the start of diagnosis, medical doctors will be taking the medical history of the patient first. This will help the doctor rule out possible allergies or could be used to tie up to the patient’s existing condition. A doctor takes his cue on the patient’s symptoms. This person may require a patient to undergo laboratory tests before performing any type of treatment depending on the need to do so. Once the results of the tests are obtained, the medical doctor will then design a treatment for the patient. Communication skills is a necessity since medical doctors are required to talk to the patients and staff. It is the duty of the doctor to explain the severity of a patient’s illness including the associated risks that may come with recommended treatment options.
How much does a physician make ?
Average physician salary
BLS says that physician and surgeons had a median wage of $166,400 per annum or an equivalent of $80 an hour in 2010. The website’s Outlook Handbook predicts a growth of 24% from 2010 to 2020.
Physician salary in USA
In the US, physician salary will depend upon one’s chosen field of specialization. According to the Medical Management Group Association, Anesthesiologists have a median wage of $407,292. Physician salary for those in the field of surgery is a rate of $343,958. Doctors who specialized in obstetrics or gynecology have salaries of $281,190. Internists on the other hand recorded a median wage of $205,379. Practice in psychiatry will allow you earn an average income of $200,694. If you are into pediatrics or adolescent medicine, mean wage is at $192,148. Family practice will give you an average wage rate of $189,402.
These rates could still vary depending on several factors such as experience and certification. For example, while physicians exercising general practice recorded wages ranging from $58,124 to $215,479, inclusive of bonuses of $25,845 and profit sharing of $48,936, a more comprehensive view on all data will tell you that salary increases with experience. Here are the expected physician salary for this certain field taking into account level of experience: Less than 1 year at $59,180 to $182,461 per annum; 1 to 4 years at $46,834 to $187,782 per annum or $11.44 to $87.20 per hour; 5 to 9 years at $55,777 to $206,069 per annum or $10.14 to $98.93 per hour; 10 to 19 years at $61,622 to $207,207 per annum or $22.50 to $155 per hour; and 20 years or more at $97,444 to $253,252 per annum or $30.91 to 106.65 per hour. PayScale says that aside from physician salary, there may be other benefits or perks received such as 401(k), malpractice or liability insurance, paid sick leave and holidays, life or disability insurance, 403(b), and tuition reimbursement on education or training.
For comparison, plastic surgeons received better wages with the physician salary rates of $87,290 to $532,817 which may include bonuses of $98,450 and profit sharing of $1,007 to $99,329. Salary rate with regard to experience are as follows: less than 1 year is from $130,000 to $300,000; 1 to 4 years is from $46,799 to $370,951; 5 to 9 years is from $96,958 to $510,222; 10 to 19 years is from $100,671 to $782,963; and 20 years or more is from $74,000 to $850,000.
According to Merritt Hawkins and Associates, orthopedic surgeons eared the highest rate in 2012 with the average physician salary of $519,000. The consulting firm reported these physician salary for other fields of specialization, disregarding other cash benefits like bonuses: cardiology at $512,000; Urology at $461,000; gastroenterology at $433,000; otolaryngology at $412,000; cardiology (non-invasive) at $396,000; dermatology at $364,000; hematology/oncology at $360,000; radiology at $358,000; general surgery at $343,000; pulmonology at $321,000; ophthalmology at $295,000; neurology at $280,000; OB/GYN at $268,000; emergency medicine at $264,000; endocrinology at $248,000; hospitalist at $221,000; internal medicine at $203,000; psychiatry at $189,000; family practice at $189,000; and pediatrics at $189,000.
Physician salary by state
Some states will have higher physician salary rates compared to others. BLS says that these are the states that paid the highest salaries for physicians and surgeons: Mississippi at $236,470; Minnesota at $235,730; Maine at $235,620; South Dakota at $235,230; and New Hampshire at $224,940. According to a report in Time, it says that a survey conducted by a reputable organization revealed that the highest medical doctor salaries came from the North Central region with the average salary of $234,000 followed by South Central and Great Lake region with the mean wage rate of $228,000. Those in the Northeast had an average physician salary of $204,000, recording the least of the bunch.
Physician salary in Canada
An author in CareerBear says that medical doctors may look like they have everything made with many thinking that every medical student will end up driving luxury cars like a Ferrari. However, medicine school is very expensive and some incur debts even before they graduate. The Human Resources and Skills Development Canada says the physician salary are within the rates of CA$40,000 to CA$380,000 a year. The median physician salary for general physicians is CA$150,000 while specialists physicians have a rate of $164,551. Physician salary will differ based of factors like location of practice, years of experience and their field of specialization. For example, while doctors in Calgary, Alberta are earning an average rate of $118.75 per hour, recording the highest salary in all of Canada, other areas may not be earning as much. In comparison, the physician salary in Laval, Quebec is $29.50 per hour. You will easily notice the significant difference in value. For all of Canada, residents are said to earn salaries ranging from CA$50,000 to CA$60,000 annually. If you want to earn as much as $500,000, work for a certain field of specialization and practice in areas such as Ontario, Northwest regions and Saskatchewan.
Physician salary in UK
According to NHS, doctors in training could increase their salaries if they will be working more than the 40 hours that are usually required of them. Most hospitals pay a starting salary rate for £22,636 for hospital trainees in their first year. This will eventually increase to the rate of £30,002 on the second year. Additional earnings for work rendered outside duty could increase pay rate by 20% to 50%. Physician salary for those with specialty are from £37,176 to £69,325. Doctors acting as consultants have wages ranging from £75,249 to £101,451 per annum. The salary for general practitioners will vary depending if they obtained a contract from the Clinical Commissioning Group, if they are self-employed or how they choose to render their services. Those who are in salaried positions as a member of the CCG are earning physician salary rates of £54,319 to £81,969.
Physician salary in Australia
Aster Medical says that physician salary could still increase by as much as 15 to 25% if one renders overtime work outside of duty. Salary rates will differ depending on the nature of your work. Basic pay rates in accordance to seniority are the following as claimed by the website: residents/SHO at AU$60,000 to AU$75,000; registrars at AU$75,000 to AU$110,000; general practitioners at AU$150,000 to AY$350,000; and consultants at AU$200,000 to AU$400,000.
PayScale on the other hand listed these average physician salary rates for certain fields of specialization: general practice at AU$103,646; radiologists at AU $200,000; internal medicine at AU$89,768; emergency room at AU$100,241; plastic surgeon at AU$125,000; neurologists at AU$147,170; and cardiologists at AU$98,264. The median physician salary in Australia with regard to experience are as follows: less than a year at AU$67,500; 1 to 4 years at AU$89,332; 5 to 9 years at AU$147,074; 10 to 19 years at AU$145,184; and 20 years or more at AU$183,126. Additional benefits or perks will be allowed for this profession. Some of these are superannuation, paid sick leave and holidays, life or disability insurance, malpractice insurance, and tuition reimbursements on training and education.
Physician Education, Training and Certification
Preparation for a medical career should start as early as high school. Medical school will require you to take up several science subjects. If you are dreaming of wanting to become a doctor in the future, now is the time to start getting disciplined in your studies since medical school will mean hours spent poring over medical books. Being involved in clubs or organizations will help you hone your leadership skills which you will soon find essential for this job. Before you are allowed to take a medical course, you must at least have obtained a bachelor’s degree. There is no particular requirement regarding the courses that you could take but it is recommended that you take courses such as biology, chemistry or anatomy. Medical schools are very strict with regard to accepting applicants. The top schools are known to only accept approximately 10% of their applicants. Only the best students may be allowed entry for this particular course. That is why in order to place yourself in a desirable position against other applicants, you need to have excellent grades in college coupled with stellar performance for the standardized test (MCAT) that will be conducted by the school. Aside from these, some schools may take into consideration experience in related field hence working in a healthcare setting may be able to give you an advantage prior to application. Once you are successfully accepted in medical school, you will be studying for four years more. The first 2 years will be mostly spent in classrooms and laboratories, learning the basics of biochemistry, anatomy, medical ethics, laws related to the medical practice, pharmacology and psychology. Sometimes, students will be allowed a bit of practical training such as taking a patient’s medical record. For the last 2 years, the student will now be working under the supervision of real doctors, learning the ropes of the profession. After graduation, one will need to enter into a residency program. In here, you will be given the chance to choose a certain field of specialization but you will need to be matched for this. The length of residency program will depend upon your field of specialization. This could last from 3 to 7 years. After this, you need to get board certified in order to practice in chosen field. You may choose to enter into fellowships if you want to train further as a medical doctor. Read more about How to become a doctor.
Conclusion about physician salary
Wanting to enter into the field of medical practice is reserved for individuals who are prepared to take several years of study and training. Aside from having the right mindset, you too should be financially prepared for the expenses that will be incurred for tuition fees in medical school, which is considered expensive in most countries. While salary rates are high in areas like the US, doctors in countries like Japan and China are saying that their wages may not be enough for the extra hours they need to spend on the job. The median pay recorded in BLS for US is $166,400 a year or $80 per hour in 2010.