Doctors are the highest paying professionals in the medical field, and the doctor salary varies based on size of the institution, geographic location and specialty. The national average starting doctor salary for family practice doctors who are doing post-residency work is approximately $120,000 per year. Depending on the medical specialty, this average may be more or less. General medical doctors normally have lower starting salaries than those doctors who have done additional years of residency in order to become specialists.
The average doctor salary for a family practice doctor is approximately $166,000 per year, while the average salary for a plastic surgeon can be as much as or more than $459,000 per year. According to the Company Size Charts’ Payscale’s Median Salary, larger institutions usually pay their doctors more than smaller private practice institutions, which give smaller pay.
It is very rare for doctors to change their specialization, but this is one of the ways in which they can earn more. There are a number of factors that can contribute to the increase of doctor salary including promotions to physician practice management roles, patient load, size of practice and seniority. Doctors can also choose to open their own practice, where their salaries will be based on the success of their businesses. Other ways in which doctors can increase their salaries are by conducting medical research, teaching medical students, doing work for the local, state or federal government, moving to Insurance/HMO companies, or moving to larger companies such as biotech/medical device/pharmaceutical companies.
Medical doctor salary can also be based on the specialty that the doctor chooses. For instance, on average the sports doctor salary is approximately $120,091 per year, while the internal medicine doctor salary is approximately $146,801 per year. Medical doctors who have some years of experience can earn more by contracting or consulting. There are some doctors who choose to do contracting or consulting on a full time basis, while others will do it just to earn a supplemental income.
The benefits and perks received can also increase doctor salary. These benefits are perks include taxes, bonuses, insurance, 401K/403b, health care, pension and paid time off. These can increase the salary of a doctor by 20 to 24%; increasing the average total salary for a doctor between $215,000 and $398,000, based on the specialty.
These are some of the ways in which the salary of a doctor can be increased. It is also important to note that a doctor can negotiate his or her salary with the organization that is hiring him or her. However, doctors will not receive higher salaries just because they asked for it.