Are primary care physicians underpaid? New study suggests the answer is yes

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%

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%