How much do primary care physicians earn and why?

Primary Care Physicians Salary

A primary care physician, also called a PCP, treats patients with a comprehensive approach including basic medical care and preventive healthcare. As someone has a health issue or worry of any kind, they are usually the first healthcare professional they contact, and they can be helpful in sending these people to specialists as needed. As such, PCPs play a crucial role in the healthcare system through providing integrated services, managing chronic illnesses, and promoting overall wellness.

The average salary for PCPs in the United States is $242,000 per year, according to the latest data from Medscape’s 2023 Physician Compensation Report. This is an increase of 2.5% from the previous year, when the average salary was $236,000. However, the average salary for PCPs varies depending on the source of data, the region, the specialty, and other factors.

Some of the main factors that affect PCP salary are:

• Geographic location: The pay for PCPs varies across the nation based on local health care markets, physician supply and demand, and cost of living. For instance, PCPs in the Northeast made the lowest average pay of $217,000, while those in the North Central region made the highest average salary of $277,000. This information is sourced from Medscape.
• Specialties: Family medicine, internal medicine, pediatrics, and geriatrics are just a few of the specializations available to PCPs. The patient demographics, areas of practice, and rates of payment for these disciplines vary. As to Medscape, the average salary of PCPs was $274,000 for geriatricians and $221,000 for pediatricians.
• Gender: In the medical field, there is a gender pay difference, and PCPs are not an exception. Male PCPs made 25% more money than female PCPs, with average salaries of $264,000 and $211,000, respectively, according to Medscape. There could be many reasons for this discrepancy, including prejudice, practice environments, negotiation abilities, and disparities in hours spent.
• Practice setting: Physicians can work in a variety of environments, including clinics, hospitals, private practices, and educational organizations. The degrees of autonomy, workload, overhead expenses, and pay structures vary among these environments. For instance, PCPs in multispecialty group practices made the most money on average—$267,000—while those in academic settings made the least money—$191,000, according to Medscape.

These are some of the factors that influence how much PCPs earn and why. PCP salary is an important indicator of the value and attractiveness of primary care as a career choice, as well as the quality and accessibility of health care for the population.

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Years of Experience

One of the factors that affects PCP salary is the years of practice and residency training. Generally, PCP salaries increase with more experience and a higher level of education. According to Indeed, the average salary for PCPs in the United States by experience level is as follows:

• Less than 1 year: $56,000
• 1 to 2 years: $61,000
• 3 to 5 years: $66,000
• 6 to 9 years: $70,000
• More than 10 years: $75,000

The figures presented here are derived from the recent 7.2k compensation that the PCPs have been reporting on Indeed as on October 30th, 2023. However, such numbers cannot be said to be a true representation of the income of PCPs because the assessment did not include bonuses, incentives or other allowances.

Most advantages associated with being a new PCP include having a new outlook, being open to learning and having greater chances for growing in the profession. Some of the disadvantages of being a new PCP include having less clinical practice, high possession of learning and high levels of pressure and burnout.

Some of the advantages of engaging in the practice of PCP as an experienced one includes, inviting more clinical practice, more skilled and professional, and more appreciation in the field. Some of the disadvantages of practicing as an experienced PCP include, needing to be proficient in current medical issues, more competition and expectations directed towards the individual and more mentally and physically demanding jobs.

Location

Another factor that affects PCP salary is the location of practice. PCP salary varies by region, state, and city based on the supply and demand of physicians, the cost of living, and the population characteristics.According to Medscape, the average salary for PCPs in the United States by region is as follows:

• North Central: $277,000
• South Central: $262,000
• Great Lakes: $256,000
• Northwest: $255,000
• West: $253,000
• Southeast: $250,000
• Southwest: $249,000
• Mid-Atlantic: $241,000
• South: $240,000
• Northeast: $217,000

These numbers are based on the 2023 Physician Compensation Report by Medscape, which surveyed 18,000 physicians across 29 specialties. However, these numbers may not reflect the actual income of PCPs, as they do not include taxes, expenses, or other deductions.

The advantages of working in a high-paying location for PCPs include having a higher income, being able to afford a better lifestyle, and having more financial security. The disadvantages of working in a high-paying location for PCPs include having a higher cost of living, facing more competition and pressure, and having less work-life balance.

The advantages of working in a low-paying location for PCPs include having a lower cost of living, having more job satisfaction and autonomy, and having more work-life balance. The disadvantages of working in a low-paying location for PCPs include having a lower income, having less access to resources and technology, and having more challenges in serving diverse and underserved populations.

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Practice Setting

Another factor that affects PCP salary is the type of practice setting, such as hospital, clinic, group practice, solo practice, or academic institution. PCP salary differs by the type of practice setting based on the level of autonomy, workload, overhead costs, and compensation models.  According to Medscape, the average salary for PCPs in the United States by practice setting is as follows:

• Multispecialty group practice: $267,000
• Single-specialty group practice: $258,000
• Hospital: $255,000
• Healthcare organization: $252,000
• Outpatient clinic: $248,000
• Solo practice: $240,000
• Academic setting: $191,000

These numbers are based on the 2023 Physician Compensation Report by Medscape, which surveyed 18,000 physicians across 29 specialties. However, these numbers may not reflect the actual income of PCPs, as they do not include taxes, expenses, or other deductions.

Some of the compensation models and incentives for different types of practice are:

• Multispecialty group practice: PCPs in this setting typically receive a salary plus a bonus based on productivity, quality, or other metrics. They may also receive a share of the group’s profits or revenues. PCPs in this setting benefit from the economies of scale, the diversity of services, and the referral network of the group. However, they may also face more bureaucracy, competition, and pressure to meet performance goals.
• Single-specialty group practice: PCPs in this setting usually receive a salary plus a bonus based on productivity, quality, or other metrics. They may also receive a share of the group’s profits or revenues. PCPs in this setting enjoy collegiality, specialization, and the reputation of the group. However, they may also have less autonomy, less variety, and less flexibility in their practice.
• Hospital: PCPs in this setting often receive a salary plus a bonus based on productivity, quality, or other metrics. They may also receive benefits such as malpractice insurance, a retirement plan, and health insurance. PCPs in this setting have access to the resources, technology, and support of the hospital. However, they may also have less control, more regulations, and more administrative duties in their practice.
• Healthcare organization: PCPs in this setting generally receive a salary plus a bonus based on productivity, quality, or other metrics. They may also receive benefits such as malpractice insurance, a retirement plan, and health insurance. PCPs in this setting are part of a larger system that aims to coordinate care, improve outcomes, and reduce costs. However, they may also have less independence, more oversight, and more standardization in their practice.
• Outpatient clinic: PCPs in this setting usually receive a salary plus a bonus based on productivity, quality, or other metrics. They may also receive benefits such as malpractice insurance, a retirement plan, and health insurance. PCPs in this setting provide care to patients in a convenient, accessible, and efficient manner. However, they may also have less continuity, less complexity, and less compensation in their practice.
• Solo practice: PCPs in this setting typically receive a fee-for-service payment based on the number and type of services they provide. They may also receive incentives from payers to meet quality or cost targets. PCPs in this setting have the most autonomy, flexibility, and personalization in their practice. However, they may also have the most risk, responsibility, and overhead costs in their practice.
• Academic setting: PCPs in this setting often receive a salary plus a bonus based on teaching, research, or clinical activities. They may also receive benefits such as malpractice insurance, a retirement plan, and health insurance. PCPs in this setting contribute to the education, innovation, and advancement of medicine. However, they may also have less income, less time, and less focus on patient care in their practice.

These are some of the pros and cons of working in different types of practice for PCPs. PCP salary is influenced by the practice setting and the compensation models and incentives used to reward PCPs for their work.

Conclusion

But there are other considerations to consider while selecting a practice opportunity, just PCP compensation. PCPs should also consider their values, goals, and preferences on a personal and professional level. These include the patients they would like to see, the kind of work they love doing, the degree of autonomy they would like to have, the work-life balance they require, and the effect they would like to make.

The advantages and difficulties of working in various environments, including the tools, technology, support, rules, conventions, and standards that they will face, should also be known to PCPs.

Therefore, before submitting an application or accepting a practice opportunity, PCPs should conduct their due diligence and investigation. They ought to weigh the advantages and disadvantages of different options and negotiate a fair and satisfying compensation package that reflects their skills, experience, and value. Some tips and resources for finding and negotiating a practice opportunity are:

• Use online platforms and databases, such as Medscape, Indeed, Doximity, or PracticeLinkk, to search for and compare practice opportunities across different locations, specialties, and settings.
• Network and communicate with other PCPs, mentors, advisors, recruiters, or consultants, who can provide insights, referrals, recommendations, or guidance on finding and choosing a practice opportunity.
• Prepare a resume, a cover letter, and a portfolio that highlight one’s qualifications, achievements, and goals, and tailor them to the specific practice opportunity that one is applying for or interested in.
• Research the market value and the compensation range for the practice opportunity, based on the location, the specialty, the setting, and the experience level, and use them as a benchmark for negotiating a fair and competitive salary and benefits package.
• Review the contract and the compensation package carefully, and ask questions or seek clarification on any terms, conditions, or clauses that are unclear, ambiguous, or unfavorable, such as the salary, the bonus, the incentives, the expenses, the malpractice insurance, the retirement plan, the health insurance, the vacation time, the sick leave, the continuing education, the non-compete agreement, the termination clause, or the dispute resolution process.
• Seek legal advice or assistance from a lawyer or a professional organization, such as the American Medical Association or the American Academy of Family Physicians, who can help review, negotiate, or finalize the contract and the compensation package.

With the help of these tips and links, PCPs should be equipped to find a practice opportunity that makes them happy working every day for reasonable wages. It sustains PCPs as an indispensable and important component of the health care system, worthy to be compensated justly and economically.

So, if you are seeking practice experience that provides a competitive salary, and a supportive work environment coupled with a rewarding career then take your call to Macie Medical. Hire the best providers of primary care services in United States! Macie Medical is a healthcare company dedicated to providing exceptional, patient-focused and value-based care for those living in underserved communities.

Macie Medical offers PCPs a variety of benefits, such as:

• A flexible and customizable compensation package that includes a base salary, a performance bonus, a sign-on bonus, a relocation allowance, and a retention bonus.
• A comprehensive and generous benefits package that includes malpractice insurance, retirement plan, health insurance, dental insurance, vision insurance, life insurance, disability insurance, and an employee assistance program.
• A supportive and collaborative work environment that includes mentorship, coaching, training, education, and career development opportunities.
• A meaningful and fulfilling work experience that includes serving a diverse and underserved patient population, participating in community outreach and engagement activities, and contributing to the improvement of health outcomes and health equity.

If you are interested in joining Macie Medical, you can visit our website to learn more about their mission, vision, values, and culture. You can also browse their current openings, apply online, or contact their recruitment team for more information. Macie Medical is always looking for talented and passionate PCPs who share their vision of transforming health care and improving lives. Don’t miss this opportunity to join Macie Medical and become part of a team that makes a difference every day. Apply today and start your journey with Macie Medical!

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