Psychiatrists

Earnings of physicians and surgeons are among the highest of any occupation. According to the Medical Group Management Association’s Physician Compensation and Production Survey, median total compensation for physicians in 2004 varied by specialty, as shown in table 2. Total compensation for physicians reflects the amount reported as direct compensation for tax purposes, plus all voluntary salary reductions. Salary, bonus and/or incentive payments, research stipends, honoraria, and distribution of profits were included in total compensation.

Self-employed physicians—those who own or are part owners of their medical practice—generally have higher median incomes than salaried physicians. Earnings vary according to number of years in practice, geographic region, hours worked, and skill, personality, and professional reputation. Self-employed physicians and surgeons must provide for their own health insurance and retirement.

Physicians and surgeons held about 567,000 jobs in 2004; approximately 1 out of 7 was self-employed and not incorporated. About 60 percent of salaried physicians and surgeons were in office of physicians, and 16 percent were employed by private hospitals. Others practiced in Federal, State, and local governments, including hospitals, colleges, universities, and professional schools; private colleges, universities, and professional schools; and outpatient care centers.

According to the American Medical Association (AMA), in 2003 about 2 out 5 physicians in patient care were in primary care, but not in a subspecialty of primary care (table 1).

A growing number of physicians are partners or salaried employees of group practices. Organized as clinics or as associations of physicians, medical groups can afford expensive medical equipment and realize other business advantages.

According to the AMA, the New England and Middle Atlantic States have the highest ratio of physicians to population; the South Central and Mountain States have the lowest. D.O.s are more likely than M.D.s to practice in small cities and towns and in rural areas. M.D.s tend to locate in urban areas, close to hospital and education centers.

(from the Occupational Outlook Handbook: Physicians and Surgeons)

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