- Michael Jerkins, MD MEd
- The average annual salary for all physicians is $339,000, according to an April 2022 report from Medscape.
- Idaho is the highest paid state in the U.S. for family medicine physicians with a mean annual salary of $305,960, according to the U.S. Bureau of Labor Statistics.
About 12.5% of all active physicians in the U.S. are family medicine physicians, according to the Association of American Medical Colleges. Whether considering the specialty during medical school or training or practicing as a family medicine physician, having an income expectation can help guide salary negotiations and create a long-term financial plan.
What is the average physician salary?
The average annual salary for all physicians is $339,000, according to an April 2022 report from Medscape. When broken down further, primary care physicians made an average of $260,000 annually, while specialists made an average of $368,000.
According to the U.S. Bureau of Labor Statistics, the mean annual wage for family medicine physicians specifically is $235,930.
See Also:
How much do family medicine physicians make per hour?
The mean annual wage for general family medicine physicians as reported by the BLS equates to an hourly wage of $113.43.
Family medicine physician salary by state: What do physicians make in each state?
Family medicine physicians’ salaries can vary greatly by state and territory, ranging from $94,050 in Puerto Rico to $305,960 in Idaho. According to the BLS, these are the annual mean salaries for general physicians, family medicine, by state:
- Alabama – $233,180
- Alaska – $297,130
- Arizona – $224,220
- Arkansas – $240,940
- California – $261,260
- Colorado – $223,040
- Connecticut – $223,220
- Delaware – $239,450
- District of Columbia — $217,500
- Florida – $221,020
- Georgia – $220,070
- Hawaii – $215,180
- Idaho – $305,960
- Illinois – $255,310
- Indiana – $271,470
- Iowa – $270,990
- Kansas – $243,810
- Kentucky – $248,220
- Louisiana – $173,530
- Maine – $192,980
- Maryland – $230,530
- Massachusetts – $259,460
- Michigan – $232,660
- Minnesota – $258,080
- Mississippi – $209,210
- Missouri – $203,740
- Montana – $256,730
- Nebraska – $236,870
- Nevada – $247,520
- New Hampshire – $294,830
- New Jersey – $219,000
- New Mexico – $197,020
- New York – $219,820
- North Carolina – $240,330
- North Dakota – $273,010
- Ohio – $206,220
- Oklahoma – $229,750
- Oregon – not available
- Pennsylvania – $218,130
- Puerto Rico – $94,050
- Rhode Island – $224,440
- South Carolina – $247,780
- South Dakota – $215,500
- Tennessee – $230,550
- Texas – $220,590
- Utah – $214,700
- Vermont – $204,400
- Virginia – $247,890
- Washington – $266,190
- West Virginia – $227,500
- Wisconsin – $261,250
- Wyoming – $282,550
Explore: More Physician Salary Articles
Highest paying states for family medicine physicians
According to the BLS, these are the highest paying states for physicians specializing in family medicine:
- Idaho – $305,960
- Alaska – $297,130
- New Hampshire – $294,830
- Wyoming – $282,550
- North Dakota – $273,010
Physician salary by specialty: How do family medicine physicians’ salaries compare to other specialties?
According toMedscape, family medicine physicians make an average of $255,000 per year. The average salaries for other medical specialties are as follows:
- Plastic surgery– $576,000
- Orthopedics– $557,000
- Cardiology– $490,000
- Otolaryngology– $469,000
- Urology– $461,000
- Gastroenterology– $453,000
- Dermatology– $438,000
- Radiology– $437,000
- Ophthalmology– $417,000
- Oncology– $411,000
- Anesthesiology– $405,000
- Surgery, general– $402,000
- Emergency medicine– $373,000
- Critical care– $369,000
- Pulmonary medicine– $353,000
- Ob/Gyn– $336,000
- Pathology– $334,000
- Nephrology– $329,000
- Physical medicine & rehabilitation– $322,000
- Neurology– $301,000
- Allergy & immunology– $298,000
- Rheumatology– $289,000
- Psychiatry– $287,000
- Internal medicine– $264,000
- Infectious diseases– $260,000
- Diabetes & endocrinology– $257,000
- Pediatrics– $244,000
- Public health & preventive medicine– $243,000
See Also:Which Medical Specializations Have the Best ROI?
How do family medicine physicians’ bonuses compare to other bonuses?
According to data fromMedscape, 57% of physicians receive an incentive bonus as part of their income. The average annual bonus for a family medicine physician is $30,000.
Other specialties’ average incentive bonuses are
- Orthopedics– $126,000
- Ophthalmology– $100,000
- Cardiology– $85,000
- Gastroenterology– $74,000
- Urology– $73,000
- Anesthesiology– $68,000
- Radiology– $66,000
- Pathology– $54,000
- Emergency Medicine– $51,000
- Ob/Gyn– $49,000
- Physical Medicine & Rehabilitation– $48,000
- Surgery, General– $46,000
- Psychiatry– $33,000
- Internal Medicine –$29,000
- Neurology– $29,000
- Pediatrics– $28,000
Do employed or self-employed physicians earn more?
According toMedscape, self-employed physicians earned an average of 20% more than their employed peers. Self-employed physicians make an average of $385K, while employed physicians earn an average of $320K.
Before you go…
These salary figures are simply averages from surveys and can differ at different practices in different locations.
For many physicians, including family medicine physicians, it can be difficult to adjust to the large jump in income from training to practice. Having support and resources can help you feel confident as you negotiate and navigate your new salary. If you need help with financial planning, budgeting, taxes, or other areas, we can connect you with industry-specific experts for free. Find out more about ourBuild Your Teamprogram here.
For more helpful information and tips, visit ourResourcespage or read one of our featured articles below:
- Considering a Job Change? Here’s What Doctors Should Know
- What You Need to Know About Credit Card Consolidation for Doctors
- Personal Loans for Doctors: What You Need to Know
Panacea Financial, a division of Primis. Member FDIC.
Contents
Subscribe
Sign up for notifications and stay up to date on the latest resources.
All Articles
Dental (19)
Insurance (8)
Medical (42)
Mental Health (3)
Mortgages (7)
Panacea News (2)
Personal Loans (13)
Practice Solutions (26)
Retirement (4)
Student Loans (28)
Veterinary (6)
Popular
January 2024
Pros and Cons: Starting a Dental Practice vs. Buying an Existing Practice
April 2022
How Much Do You Make in Medical Residency?
December 2021
Podcasts & Webinars
- Podcasts
November 26, 2021
Life Stages
Build Wealth
Career Growth
Financial Freedom
Residency
Retirement
School
Financial Topics
Credit
Insurance
Mortgage
Personal Loans
Practice Ownership
Student Debt
About The Author
Michael Jerkins, MD MEd
President & Co-Founder
Michael is the President and Co-founder of Panacea Financial and is also a practicing physician in Little Rock, AR. After earning his BBA in Economics he deferred his medical school acceptance to teach middle school science in the Phoenix, AZ area while also earning his Masters in Education from Arizona State University. He then completed medical school at the University of Tennessee Health Science Center before finishing his residency at University of Cincinnati Medical Center and Cincinnati Children’s Hospital. With a faculty position and board certifications in both Internal Medicine and Pediatrics, Michael is able to treat patients of all ages and teach medical trainees in both inpatient and outpatient settings.
Subscribe to our emails to stay up to date on news, resources, and products.
Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.
Trustpilot
Products
- PRN Personal Loans
- Student Loan Refinance
- Mortgages for Doctors
- Practice Loans
Resources
- Articles
- Build Your Team
- In the News
- Partnership Benefits
- Resource Library
About
- About Us
- Community Engagement
- FAQs
- Get Cobrowsing Code
- Contact Us
- 833-472-6223
- Privacy Policy
- Disclosures
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by Panacea Financial. Links are provided for informational purposes and should not be viewed as an endorsem*nt
Fine Print
1. All personal loans have a $100 origination fee. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account. To check the rates and terms you qualify for, click “Apply Today” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval. Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000.
2. No payments during the first year. For a 5-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.
3. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.
4. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.
5. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.
