Overall physician compensation in the United States was down 2.4% in 2022, according to a new analysis from Doximity. Cardiology, however, was one of the few specialties that experienced a slight increase in pay during that time.
Cardiology was associated with an average salary of $544,201 in 2022. This was the 8th highest salary of any specialty in the report and represented a 1.2% increase compared to the $537,777 cardiologists earned in 2021. The No. 1 average salary in 2022 belonged to neurosurgeons ($788,313), followed by thoracic surgeons ($706,775) and orthopedic surgeons ($624,043).
Pediatric cardiologists saw an even bigger bump in pay in 2022. They earned an average salary of $325,595 for the year, up 3.4% compared to 2021.
Overall physician compensation is down
Compensation was down overall among U.S. physicians in 2022, Doximity noted, even as inflation has been on the rise. This trend, as well as significant Medicare cuts, a growing physician shortage and what the company described as a “tough economic environment,” are leading many physicians to consider leaving healthcare altogether. In fact, two-thirds of respondents reported that they are considering some kind of employment change due to unhappiness with their current work situation.
Would physicians take a pay cut to achieve more autonomy?
The Doximity report also explored how many U.S. physicians would consider accepting a reduction in compensation in exchange for more autonomy and a healthier work-life balance. While 36% of respondents said they would consider it, another 35% said they already have already made such a move. Thirteen percent of respondents said they would “probably not” make that trade, meanwhile, and another 12% said they “definitely not” do it.
The gender pay gap is alive and well
The overall gender pay gap among U.S. physicians—meaning the difference between how much men make compared to women for the same jobs—was 26% in 2022, a slightly improvement compared to the 28% gap in 2021. Women physicians made nearly $110,000 less than their male counterparts on average.
“In 2020, an analysis of our physician compensation data from 2014-2019 estimated that over the course of a career, men physicians make over $2 million more than women physicians,” according to the report’s authors. “These results, combined with this new data, emphasize the continued importance of increasing gender pay transparency and equity in healthcare.”
There was not a single healthcare specialty in 2022 that paid women more than men, the authors also noted.
This analysis was based on more than 31,000 physician compensation surveys from Doximity’s large network of U.S. physicians.
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Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.