According to the U.S. Bureau of Labor Statistics, the national average salary of an internal medicine physician is $242,190.
Data trends show the median national average salary is $255,274.
Internal medicine salaries vary depending on several factors such as location, years of experience, and type of practice. This article will explore these elements and provide an overview of what you can expect to earn as an internal medicine physician.
Average Physician Salary by Location
Internal medicine salaries can vary widely depending on the geographical region in which you practice. According to recent data, internal medicine physicians practicing in the Northeastern United States earn the highest salaries, with an average annual income of around $257,000. Those practicing in the Midwest and Southern regions of the country tend to earn slightly less, with average salaries ranging from $220,000 to $240,000 per year. Cost of living differences can also impact the overall value of a physician’s salary in different regions.
New York City is of the highest paying cities for an internal medicine physician with a high range salary of $306,000.
The average internal medicine physician’s salary in a Midwestern city such as Chicago typically ranges from $212,000 to $299,000. Physicians practicing in Southern cities like Tennessee generally earn around $227,000 per year.
Factors Affecting Internal Medicine Salary
Several elements can affect internal medicine salaries such as location, education and experience, specialty in a subfield, type of practice, and industry sector.
Location
Geographic location is one of the most significant factors affecting the salary of an internal medicine physician.
Physicians practicing in high-cost areas or regions with a higher demand for specialized care may earn significantly more than those working in less populated or lower-income areas. For example, physicians working in major metropolitan areas like New York City, Los Angeles, or San Francisco may command much higher salaries than those practicing in rural communities or smaller cities.
In some cases, this discrepancy can be attributed to the higher cost of living in these urban centers, while in others it reflects the increased demand for specialized medical care among a larger population.
Additionally, certain states or regions may offer more favorable tax policies, loan repayment programs, or other incentives that can impact physician salaries.
Education and Experience
Education and experience are key elements that can significantly impact the salary of an internal medicine physician.
A physician with a more advanced medical degree or certification, such as a Master of Business Administration (MBA) or a Board Certification in Internal Medicine, may be able to command a higher salary than the average physician without these credentials. Similarly, a physician with more years of experience in the field may earn more than the average entry level salary.
However, experience alone isn’t always enough to drive up salary; physicians who actively seek out opportunities for professional development and continued education, such as attending conferences or participating in research studies, may be better positioned to negotiate higher salaries based on their expertise and knowledge.
Specialty in a Subfield
The specialty within internal medicine that a physician chooses to pursue can also have a significant impact on their salary.
Physicians in high-demand specialties, such as cardiology or gastroenterology, command higher salaries than those practicing in less specialized areas. This is due in part to the increased demand for specialized care among patients with complex medical needs as well as the additional fellowship training required.
Additionally, physicians who have developed expertise in certain procedures or treatments may have the opportunity to earn more than a general internal medicine physician. For example, a physician who decides to make a practice change to interventional cardiology will receive a higher compensation due to the specific skill set needed to perform complex heart procedures.
Specialties such as family medicine can also impact the salary of an internal medicine doctor.
These physicians are trained to provide comprehensive care for patients of all ages, from infants to seniors. They play a critical role in promoting preventative care and managing chronic conditions. As primary care physicians, they often serve as the first point of contact for individuals seeking medical attention and are responsible for coordinating care across multiple specialties when necessary.
In some cases, family medicine physicians may even be paid more than specialists by certain insurance plans or healthcare organizations, as they are seen as essential providers who help keep patients healthy and out of the hospital.
Type of Practice
The type of practice chosen by a physician will play a major role in determining their overall internal medicine salary.
Physicians may choose to work in a variety of settings, including hospitals, private practices, group practices, and academic medical centers.
The compensation for these positions can vary depending on the region, patient population, and level of responsibility.
Physicians who work in urban areas or high-demand specialties may earn higher compensation than those who work in rural areas or less specialized fields. Those who work in academia may receive additional compensation for teaching and research activities.
Industry Sector
Finally, internal medicine salary can be affected based on the industry sector in which a physician works.
Physicians who work in the public sector, such as those employed by government agencies or community health centers, may earn less than those working in private practice or hospital settings. This is due to the limited funding available for public healthcare and the emphasis on providing affordable care to underserved populations.
Physicians who work in private practice or hospital settings may receive high compensation due to the revenue generated by patient visits and procedures. Those who work for large companies may also have access to more opportunities for career advancement and increased compensation through research grants or administrative jobs.
Benefits and Bonuses Offered to Physicians
Many employers offer a range of benefits and bonuses to attract and retain top talent for internal medicine jobs.
Common benefits may include competitive compensation, health insurance, retirement plans, paid time off, and continuing education opportunities. Some employers may offer performance-based bonuses or profit sharing programs based on the physician’s productivity or patient outcomes. These bonuses can be a significant source of additional income for physicians and can help incentivize high-quality care.
Other perks such as flexible scheduling, gym memberships, or tuition reimbursement may also be included to further support the overall well-being and professional development of physicians.
The High Rewards of a Career in Internal Medicine
The internal medicine field can be highly rewarding both personally and professionally.
Internal medicine physicians play a critical role in the healthcare system, providing comprehensive care and making a significant impact on the health and well-being of their community.
As a constantly evolving field, the demand for internal medicine physicians is high, meaning excellent job security. Due to the high level of skill and expertise required to practice internal medicine successfully, the salary for physicians in this field is typically quite competitive.
Overall, internal medicine offers many opportunities for personal fulfillment and professional success.
Internal Medicine Opportunities at Adaptive Medical Partners
Adaptive Medical Partners can help you find your dream career in internal medicine or any medical specialty.
Looking for doctors? To speak with a consultant regarding your staffing needs and potential solutions to your healthcare recruiting challenges, contact Adaptive Medical Partners at inquire@adaptivemedicalpartners.com.
