How much does an MD make yearly?

According to the Medscape Physician Compensation Report 2023, the average annual salary for physicians in the United States is $339,000. However, there is a wide range in salaries, depending on specialty, years of experience, practice setting, and geographic location.

For example, the highest-paid specialties are plastic surgery ($537,000), orthopedic surgery ($518,000), and dermatology ($476,000). The lowest-paid specialties are pediatrics ($224,000), family medicine ($233,000), and internal medicine ($243,000).

Physicians with more years of experience also tend to earn more money. For example, physicians with 30 or more years of experience earn an average of $416,000, while those with less than 1 year of experience earn an average of $256,000.

Physicians who work in private practice typically earn more money than those who work in hospitals or academic settings. For example, private practice physicians earn an average of $381,000, while hospital-based physicians earn an average of $284,000.

Finally, geographic location also plays a role in physician salaries. Physicians who work in the Northeast and West Coast regions of the United States tend to earn more money than those who work in the Midwest or South. For example, physicians in New York City earn an average of $467,000, while those in Kansas City earn an average of $276,000.