How much do primary care physicians earn and why

Primary Care Physicians Salary

A primary care physician (PCP) is a doctor who provides general medical care and preventive health services to patients. PCPs are often the first point of contact for people who have health problems or concerns, and they can refer them to specialists if needed. PCPs play a vital role in the health care system, as they help coordinate care, manage chronic conditions, and promote 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.

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Some of the main factors that affect PCP salary are:

Geographic location: PCPs in different regions of the country earn different amounts, depending on the cost of living, the demand and supply of physicians, and the local health care market. For example, according to Medscape, PCPs in the North Central region earned the highest average salary of $277,000, while PCPs in the Northeast earned the lowest average salary of $217,000.
Specialty: PCPs can have different specialties, such as family medicine, internal medicine, pediatrics, or geriatrics. These specialties have different scopes of practice, patient populations, and reimbursement rates. For example, according to Medscape, pediatricians earned the lowest average salary of $221,000, while geriatricians earned the highest average salary of $274,000 among PCPs.
Gender: There is a gender pay gap in the medical profession, and PCPs are no exception. According to Medscape, male PCPs earned 25% more than female

PCPs, with an average salary of $264,000 and $211,000, respectively. This gap may be due to various factors, such as differences in hours worked, negotiation skills, practice settings, and discrimination.

Practice setting: PCPs can work in different settings, such as hospitals, clinics, private practices, or academic institutions. These settings have different levels of autonomy, workload, overhead costs, and compensation models. For example, according to Medscape, PCPs who worked in multispecialty group practices earned the highest average salary of $267,000, while PCPs who worked in academic settings earned the lowest average salary of $191,000.

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.

Years of experience

One of the factors that affects PCP salary is the years of practice and residency training. Generally, PCP salary increases with more experience and higher level of

education. A ccording 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

These numbers are based on 7.2k salaries reported by PCPs on Indeed as of October 30, 2023. However, these numbers may not reflect the actual income of PCPs, as they do not include bonuses, incentives, or other benefits.

The benefits of being a new PCP include having a fresh perspective, being eager to learn, and having more opportunities to advance in the career. The challenges of being

a new PCP include having less clinical experience, facing a steep learning curve, and dealing with high levels of stress and burnout.

The benefits of being an experienced PCP include having more clinical expertise, being more confident and competent, and having more respect and recognition in the field. The challenges of being an experienced PCP include having to keep up with the latest medical knowledge, facing increased competition and expectations, and coping with the physical and mental demands of the job.

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.

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

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 the collegiality, the 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, 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, 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, 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 for meeting 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, 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 type of practice setting, as well as the compensation models and incentives that are used to reward PCPs for their work.

Conclusion

However, PCP salary is not the only factor that matters when choosing a practice opportunity. PCPs should also consider their personal and professional goals, values, and preferences, such as the type of patients they want to serve, the kind of work they enjoy doing, the level of autonomy they desire, the work-life balance they need, and the impact they want to make. PCPs should also be aware of the benefits and challenges of working in different settings, such as the resources, technology, support, regulations, standards, and expectations that they will encounter.

Therefore, PCPs should do their research and due diligence before applying for or accepting a practice opportunity. They should compare and contrast the pros and cons

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 PracticeLink, 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.

By following these tips and resources, PCPs can find and negotiate a practice opportunity that suits their needs, interests, and aspirations, and that rewards them for their work and value. PCPs are essential and valuable members of the health care system, and they deserve to be compensated fairly and satisfactorily.

If you are looking for a practice opportunity that offers you a competitive salary, a supportive environment, and a rewarding career, you may want to check out Macie

Medical, a leading provider of primary care services in the United States. Macie Medical is a healthcare organization that aims to deliver high-quality, patient-centered, and cost-effective care to diverse and 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 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 their 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!