A 'return to normalization' with physician compensation

For the report, Medscape surveyed almost 6,000 physicians across more than 29 specialties between Sept. 5 and Dec. 17, 2025. Respondents were full-time physicians practicing in the United States. They reported their total compensation including base salary, incentive bonus, and other income, such as profit-sharing contributions.

In 2025, the average physician compensation was $386,000, up 3% from 2024. For primary care physicians, the average compensation was $298,000, and for specialists, the average compensation was $417,000. 

Matthew Wells, a senior director at AMGA Consulting, said 2025 was a "return to normalization" for physician compensation and that he would look for "consistency with increases" going forward. According to Wells, the key drivers of rising compensation are increased physician productivity and greater efficiency due to new technologies.

Physician compensation varied significantly by specialty, with pediatrics earning an average of $266,000 while orthopedics and orthopedic surgery earn an average of $611,000. Eight specialties — otolaryngology, gastroenterology, urology, anesthesiology, plastic surgery, radiology, cardiology, and orthopedics/orthopedic surgery — reported over $500,000 in total compensation.

Although most specialties saw an increase in compensation in 2025, nine reported stagnant or declines in compensation. Although year-over-year declines in compensation can reflect physicians taking on flexible or reduced schedules, they can also suggest practices are implementing austerity measures, Medscape reports.

"At the top of this group, there's so much demand for radiologists and so much remote radiology work now, as well as ophthalmologists' benefiting financially from ownership in their own ambulatory surgery centers," said Angie Caldwell, principal at PYA Accountants & Advisors.

"I'm a little surprised by the number of declines," she added. "This could also reflect having a high Medicare patient volume at a time when the Medicare conversion factor declined, plus pressure generally on reimbursement rates."

Were physicians satisfied with their compensation?

When asked if they felt fairly paid for their job, 53% of physicians said yes, an increase from 48% who said the same in 2024. According to Medscape, this increase could represent a rebound from burnout, pressures to see more patients, and other challenges. 

How compensation varies by gender and race

There continues to be a gender gap when it comes to physician compensation, with the gap increasing in recent years.

In 2025, the average compensation for male physicians was $429,000 compared to $327,000 for female physicians — a difference of $102,000. In comparison, the gap in compensation between male and female doctors was roughly $91,000 in 2023. 

The overall gender pay gap among physicians "is not getting better," said Chad Stutelberg, national managing director of healthcare compensation and rewards for Arthur J. Gallagher & Co., noting that he continues to see gender equity problems in physicians' base pay and bias toward men in awarding signing bonuses.

"Ideally, as medical organizations pay more attention to the problem, things will start getting better, and the differences in pay will become more attributable to differences in productivity," said Stutelberg.

There also continues to be slight pay gaps across physicians of different races/ethnicities. Between 2023 and 2025, white physicians reported 6.1% higher total compensation on average compared to 6% for Asian-American physicians, 3.5% for Hispanic/Latinx physicians, and 2.9% for Black physicians.

White physicians also reported higher incentive bonuses on average ($51,000) compared to Asian American ($47,000), Hispanic/Latinx ($43,000,) and Black physicians ($32,000).