What do doctors earn? The answer is: it depends. Some physician specialists earn more than others. A new report from physician recruiting firm, AMN Healthcare reveals the details. Specifically, it looked at what it takes to recruit physicians from various specialties. The following is a summary from MSN:
This year, otolaryngology had the largest increase in average starting salary, jumping 36% to $487,000. Other specialties that saw double-digit percentage increases were cardiology (up 18.8% to $470,000), psychiatry (up 10.4% to $315,000), and hematology/oncology (up 10.3% to $490,000).
The last ENT (i.e., otolaryngologist) I saw was the daughter of the retired justice of the peace who performed our marriage ceremony for my wife and me. The judge gave us her business card. The doctor later said she had seen quite a few new patients who came through her mother’s recommendation. More from MSN:
Orthopedic surgery once again took the top spot for the specialty with the highest average starting salary at $576,000, according to the report. However, this was down 16% from the prior year.
Gastroenterology had the next highest average starting salary (up 3.9% to $552,000), followed by urology (up 5.1% to $521,000), and radiology (up 1% to $500,000).
One reason that gastroenterology is a well-paid specialty is an aging population. One private equity investment guru called it a “golden age of older rectums” referring to private equity’s rising investment in gastroenterology practices. Indeed, aging Baby Boomers are what is behind the jump in physician pay in general. According to MSN:
“Seniors 65 and older see a physician at three times the rate of younger people and generate a much higher number of tests and procedures per capita than younger people. Many have multiple, complex chronic problems that require care management from primary care physicians and the intervention of specialists.”
Primary care tends to pay lower than non-primary care specialties ($292,000 starting salary). Again, the lowest paying specialty is pediatrics (down 8.5% to $258,000).
The recruiter that analyzed the data claimed 78% of search engagements were for surgical specialists, internal medicine subspecialties and other types of specialists. Only 22% were primary care physicians. Starting salaries for nurse practitioners (NPs) are also up 10% this year. The reason is the growing number of retail clinics, telemedicine firms in addition to growing demand from hospitals, medical groups and insurance companies.
Read the full report at AMN Healthcare: 2025 Review of Physician and Advanced Practitioner Recruiting Incentives