Are primary care physicians underpaid? New study suggests the answer is yes
How 19 specialties rank in terms of salary compared to annual revenue generated.
A new study from Merritt Hawkins compares the average salaries of 19 medical specialties compared to the average annual inpatient/outpatient revenue they generate for their affiliated hospitals.
Medical Economics crunched the numbers to see which specialties were paid the highest compared to the annual revenue they generate-and which were paid the lowest.
The results from the 2019 Merritt Hawkins Inpatient/Outpatient Revenue Survey found that primary care physicians-defined by the survey as internal medicine, family practice and pediatricians-ranked near the bottom in terms of salary as share of the average revenue they generate.
Here’s how the 19 specialties rank in terms of salary compared to annual revenue generated, from highest share to lowest share:
1. Otolaryngology
Average salary: $405,000
Average revenue generated: $1,937,500
Salary share (of revenue): 20.9%
2. Ophthalmology
Average salary: $300,000
Average revenue generated: $1,440,217
Salary share: 20.8%
3. Neurosurgery
Average salary: $687,000
Average revenue generated: $3,437,500
Salary share: 19.99%
4. Cardiology (non-invasive)
Average salary: $427,000
Average revenue generated: $1,883,000
Salary share: 18.48%
5. Urology
Average salary: $386,000
Average revenue generated: $2,161,458
Salary share: 17.86%
6. Pulmonology
Average salary: $418,000
Average revenue generated: $2,361,111
Salary share: 17.7%
7. Cardiology (invasive)
Average salary: $590,000
Average revenue generated: $3,484,375
Salary share: 16.93%
8. Gastroenterology
Average salary: $487,000
Average revenue generated: $2,965,277
Salary share: 16.42%
9. Orthopedic Surgery
Average salary: $533,000
Average revenue generated: $3,286,764
Salary share: 16.22%
10. Ob/Gyn
Average salary: $324,000
Average revenue generated: $2,024,193
Salary share: 16.01%
11. Nephrology
Average salary: $272,000
Average revenue generated: $1,789,062
Salary share: 15.2%
12. Hematology/Oncology
Average salary: $425,000
Average revenue generated: $2,855,000
Salary share: 14.89%
13. Neurology
Average salary: $301,000
Average revenue generated: $2,052,884
Salary share: 14.66%
14. Psychiatry
Average salary: $261,000
Average revenue generated: $1,820,512
Salary share: 14.34%
15. Pediatrics
Average salary: $230,000
Average revenue generated: $1,612,500
Salary share: 14.26%
16. General Surgery
Average salary: $350,000
Average revenue generated: $2,707,317
Salary share: 12.93%
17. Cardiovascular Surgery
Average salary: $425,000
Average revenue generated: $3,697,916
Salary share: 11.49%
18. Family Practice
Average salary: $241,000
Average revenue generated: $2,111,931
Salary share: 11.41%
19. Internal Medicine
Average salary: $261,000
Average revenue generated: $2,675,387
Salary share: 9.76%
