Does More Money Bring Greater Happiness?
Money, as the saying goes, can't buy happiness. Be that as it may, many doctors, who have seen their incomes steadily eroding over the years, would no doubt love the chance to discover this for themselves. For these physicians, though, orthopedists should give them pause, as Medscape's 2015 Orthopedist Compensation Report made plain.
The just-issued report was culled from a wider report that explored all aspects of compensation for physicians in 26 specialties based on over 19,500 responses. It found that, as in previous years, orthopedists earned far more than other doctors, an average of $421,000 in 2014.
In contrast, cardiologists, in second place, earned an average of $376,000 last year, $45,000 less; and pediatricians, the lowest-earning doctors, earned an average of $189,000, a whopping $232,000 less.
Orthopedists also outearned physicians in all other specialties in regard to non–patient-care activities, bringing in an average of $29,000 in 2014. Plastic surgeons, urologists, and dermatologists tied for second place, each averaging $26,000 for activities such as expert witness duties, product sales, and speaking engagements last year. Anesthesiologists, pediatricians, and radiologists earned the least for non–patient-care activities in 2014, each averaging less than $10,000.
But when orthopedists were asked whether they were satisfied with their income in 2014, fewer than half said they were. Only 42% of male orthopedists and only 45% of female orthopedists expressed satisfaction with their earnings last year. In Medscape's 2014 Orthopedist Compensation Report, 43% of male orthopedists and 62% of female orthopedists felt the same.
Even more surprising, of the 26 specialties included in the 2015 survey, orthopedists ranked a lowly 21st in feeling fairly compensated, with only 42% saying they were. Only endocrinologists, nephrologists, general surgeons, allergists and immunologists, and ophthalmologists ranked lower in compensation dissatisfaction. The doctors who felt most fairly compensated were dermatologists (61%), followed by emergency physicians and pathologists (both 60%).
Primary care physicians, including pediatricians (53%), family physicians (48%), and internists (45%), who are among the least well-paid physicians, all ranked higher than orthopedists in compensation satisfaction.