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MEDTECH Physician income has been affected by inflation, yet these metro areas still rank at the top for remuneration.
As the healthcare industry grapples with the combined challenges of inflation and staffing shortages, the impact on physician pay throughout 2022 has become increasingly noticeable.
Key Points:
- In 2022, average doctor compensation decreased by 2.4%, contrasting the 3.8% salary increase seen in 2021.
- The 12-month inflation rate in June 2022 hit a 40-year high of 9.1%, leading to a real income loss for physicians.
- Gender pay gap remains high at 26%, with female doctors earning $110,000 less on average than male counterparts.
- Cities with the largest pay increases in 2022 were led by Oklahoma City, OK (6.3%), followed by Baltimore, MD (4.6%), and Salt Lake City, UT (2.9%).
- The highest paying city for physicians in 2022 was Charlotte, NC, with an average annual salary of $430,890.
Additional Points:
- Top-paying metro areas did not necessarily correlate with cities of higher median incomes.
- Private institutions generally paid more than academic or governmental medical facilities.
- Three cities repeated their appearance in the top 10 of 2022’s highest paying cities, while the rest were new entries.
- The lowest-paying city for physicians in 2022 was Washington, D.C., with an average yearly salary of $342,139.
Conclusion:
- The financial landscape for physicians underwent a negative shift in 2022, evidenced by decreased average compensation and the continuing gender pay gap. Fluctuating city rankings reveal the volatility in physician pay across the US, influenced by factors such as institutional type and regional economic conditions.
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Did You Know?
Despite nationwide decreases in physician compensation in 2022, Oklahoma City, OK witnessed the only pay increase greater than 5%.
