Lesson 8: Salary Calculators
How to calculate what your earning should be.
Having a ballpark of what you should earn can help take some of the guesswork – and awkwardness – out of the negotiation process.
There are several factors that influence your physician salary, including your experience and training, the facility’s location, and demand for your specialty. Remember that your total compensation includes your benefits package, and you can negotiate for things like student loan reimbursement and time off for CME training.
The average salary for all specialties is $299,000, according to Medscape’s 2018 Physician Compensation Report. That’s an increase compared to $294,000, the average calculated in the 2017 report. Most salaries have continued to rise over the past decade.
As a provider, the need for your medical services is growing as the physician shortage becomes more prominent across the United States. Your salary will likely rise as the number of working-age physicians dwindles compared to America’s healthcare needs.
Primary Care physicians have seen modest increases in year-over-year salary, but they still fall behind other physician specialties. Psychiatrists saw the biggest year-over-year salary jump among physician specialties, reaching an average of $273,000 in 2018 up from $235,000 in 2017. Healthcare organizations are competing over fewer Psychiatrists as the demand for mental health care continues to grow.
Employment type also has an impact on your salary. Typically, you’ll make more working in single specialty groups. Physicians in urgent care settings report the lowest salaries.
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