Physicians are among the highest earning of all occupations in America.
According to the U.S. Department of Labor's Bureau of Labor Statistics, physicians are responsible for diagnosing diseases, illnesses and other conditions. They may prescribe medications and administer treatments. Working conditions sometimes dictate long and irregular hours for physicians, but they are typically well compensated for their time and expertise.
Types
According to the Bureau of Labor Statistics, there are two primary types of physicians. Medical doctors, also known as allopathic physicians, use drugs, surgery and all other accepted medical options to treat their patients. Doctors of osteopathic medicine also use all accepted treatment options, but are more focused on a holistic approach to treating the musculoskeletal system. All doctors work in one or more specialty area of medicine. The type of specialty may have a dramatic impact on their income potential.
Income
According to the Bureau of Labor Statistics, as of 2008 primary care physicians earned a median income of approximately $186,000 per year. Physicians who practiced in a specialized medical field earned a median income of nearly $340,000 during the same period. The bureau noted that self-employed physicians tended to have higher earnings than their salaried counterparts.
Specialty
According to PayScale, the type of specialty a physician chooses to practice in can have a significant impact on her income. As of April 2010, a doctor of internal medicine earned a median salary of approximately $144,700. An emergency room physician could expect to earn approximately $177,000 during the same time frame, and a plastic surgeon may earn in excess of $210,000.
Time Frame
Like many careers, physicians who have more experience tend to earn more than physicians who are just starting out. According to PayScale, as of April 2010 a physician in her first year on the job may expect to earn approximately $130,000. A physician with more than five years of experience may earn more than $152,000 per year. A physician with more than 20 years of experience can expect a total annual compensation of more than $174,000.
Employment outlook
According to the Bureau of Labor Statistics, physicians are expected to be in great demand through 2018 with an anticipated growth in jobs of 22 percent between 2008 and 2018. The bureau expects the greatest opportunities for physician jobs to be in rural areas and inner-city communities that have been traditionally underserved by the health care industry. Job opportunities are also expected to be good for physicians practicing in specialties that affect the elderly.
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