How Much do Doctors Make an Hour (Updated 2024)

In this article, we’ll take a look at the financial side of working in the medical field, including a question that’s on a lot of people’s minds: How much do doctors make per hour in 2024?

Whether you’re a medical student, a practicing physician, or someone contemplating a career in the medical field, grasping the compensation scale is essential. Also, if you’re curious about how money works in the medical field, this article has some really useful insights.

How Much Do Doctors Make an Hour in 2024?

When you’re pondering a career in medicine, one of the most captivating questions is undoubtedly about the earning potential.

According to updated data for 2024, the average hourly wage for a physician in the United States is approximately $85. This translates to an annual salary of around $124,055. But remember, this is an average figure, encompassing all types of MD doctors, including specialists and non-specialists.

In the medical field, specializing can lead to higher earning potential.A specialist tends to earn more due to the extra training and expertise required. Specialists average around $382,000 a year, while non-specialists typically earn around $265,000.

However, these figures don’t tell the complete story. In the medical field, salaries can vary widely, spanning from $250,000 to over $600,000. This variation depends on factors like where you work, how long you’ve been in the field, what your specialty is, and how many hours you put in.

Physician Hourly Wage by Specialty

Let’s dig into why physicians’ salaries differ by looking at the data for each specialty. Just remember, these numbers are averages, so actual earnings can vary depending on things like where you work, how long you’ve been practicing, and the specific role you have. Here’s a breakdown of the average hourly wage for various medical specialties:

Plastic Surgery: With an average annual compensation of $619,000, plastic surgeons top the chart. Hence, their estimated hourly wage is approximately $297.

Orthopedics: Orthopedic surgeons earn an average of $573,000 annually, translating to roughly $276 per hour.

Cardiology: Cardiologists, with an annual compensation of $507,000, make about $244 per hour.

Urology: Urologists earn an average of $506,000 per year, which equates to around $243 per hour.

Gastroenterology: Gastroenterologists, with an annual income of $501,000, earn approximately $241 per hour.

The above figures clearly reveal the wide range of earning potential across different medical specialties.

Are You Considering Becoming a Doctor?

If you are contemplating a career in medicine, it is important to recognize that high-end salaries are not immediate. Typically, a doctor’s salary increases between the ages of 40 and 70. This is because most residencies and specialized training continue until around the age of 30, depending on the chosen specialty field.

Additionally, practice status can influence an average doctor’s salary. For instance, doctors that own their practices, either alone or with partners, generally earn a higher salary than those employed at a hospital or a healthcare clinic.

However, self-employment brings additional costs. Doctors in private practice often invest significant amounts in their businesses and typically pay higher premiums for malpractice insurance compared to employed doctors. Despite these factors, a career in medicine is one of the most lucrative in the United States, regardless of the chosen specialty.

Key Takeaways

The medical profession offers a wide array of opportunities and challenges. While it is one of the most rewarding careers, both in terms of personal satisfaction and financial gain, it requires significant investment in terms of time, effort, and money. Understanding the compensation structure is a crucial step in choosing your path in this noble profession.