How much do emergency medicine physicians make per year? While the phrase "it depends" definitely applies, the median income for all US emergency medicine physicians in 2010 was $277,297, an increase of 5.65% from the year before - the greatest overall percentage increase of any medical specialty. That said, compensation in this field is squarely in the middle of the salary continuum for all medical specialties. For example, emergency medicine physicians earn approximately $100,000 more than pediatricians but approximately $100,000 less than orthopedic surgeons and radiologists.
While women are entering emergency medicine in greater numbers, they still earn less than their male counterparts, although the gap is narrower than it is for other specialties. Some hiring experts say this is because women want family-friendly schedules with fewer hours.
When you further evaluate the salary breakdown for emergency medicine doctors you will find that 31% of ER physicians have reported their salaries increased last year and 18% reported a decrease in pay. This could be a direct result of location. Salaries for EM physicians in less desireable areas in the Southern United States are highest followed by the Midwestern and Western states following close behind. More competitive and highly desirable areas like New York and Boston offer lower compensation.
While the laws of supply and demand don't always affect the healthcare industry, it appears that the number of emergency medicine physicians competing for jobs in the Northeast is lowering overall compensation for the emergency medical specialty in that region. The converse is true for the South: although fast-growing Southern US metropolitan areas like Raleigh-Durham, Atlanta and Dallas are certainly viewed as desirable places to live by emergency room doctors, most hospitals in the South pay higher salaries to emergency medicine specialists in order to attract their services.
While comparing salaries from region to region is a good start it can often times be misleading. You must take in to account the net pay vs. gross pay scenario. Some emergency room doctors work as independent contractors and have a much greater take-home pay than physicians that are considered hospital or group employees. Independent contractors must then take in to account withholding and monies taken out as their share of health insurance coverage, retirement and additional benefits.
It is crucial to weigh the pros and cons of these two employment models. Physicians who are employed by a group or hospital know exactly what their disposable income is. Emergency medicine doctors working as independent contractors have to calculate how much money to set aside for taxes and health benefits among other expenses.
Even so, many veteran emergency room physicians opt to become independent contractors. Why? In a word, control. These seasoned ER physicians trust their own judgment when it comes to paying taxes, buying health insurance or saving for their retirement. Perhaps they have so many tax deductions they won't owe a lot in taxes anyway and don't need any of their hard-earned money withheld. They may want the freedom to buy any insurance plan they choose - perhaps in conjunction with a health savings account - and not be forced to pick among a handful of cookie-cutter plans offered by their employer. Or perhaps they're eligible for coverage under their spouse's health insurance plan and don't need a plan from their employer.
Over the course of a 25-30 year emergency medicine career, an independent contractor has the opportunity to save $2-$3 millions dollars more in retirement money than an employed physician. This is due in fact to the ability to save a full $50,000 a year tax-deferred, as opposed to the employed physician who can only save $16,500 a year for retirement.
While women are entering emergency medicine in greater numbers, they still earn less than their male counterparts, although the gap is narrower than it is for other specialties. Some hiring experts say this is because women want family-friendly schedules with fewer hours.
When you further evaluate the salary breakdown for emergency medicine doctors you will find that 31% of ER physicians have reported their salaries increased last year and 18% reported a decrease in pay. This could be a direct result of location. Salaries for EM physicians in less desireable areas in the Southern United States are highest followed by the Midwestern and Western states following close behind. More competitive and highly desirable areas like New York and Boston offer lower compensation.
While the laws of supply and demand don't always affect the healthcare industry, it appears that the number of emergency medicine physicians competing for jobs in the Northeast is lowering overall compensation for the emergency medical specialty in that region. The converse is true for the South: although fast-growing Southern US metropolitan areas like Raleigh-Durham, Atlanta and Dallas are certainly viewed as desirable places to live by emergency room doctors, most hospitals in the South pay higher salaries to emergency medicine specialists in order to attract their services.
While comparing salaries from region to region is a good start it can often times be misleading. You must take in to account the net pay vs. gross pay scenario. Some emergency room doctors work as independent contractors and have a much greater take-home pay than physicians that are considered hospital or group employees. Independent contractors must then take in to account withholding and monies taken out as their share of health insurance coverage, retirement and additional benefits.
It is crucial to weigh the pros and cons of these two employment models. Physicians who are employed by a group or hospital know exactly what their disposable income is. Emergency medicine doctors working as independent contractors have to calculate how much money to set aside for taxes and health benefits among other expenses.
Even so, many veteran emergency room physicians opt to become independent contractors. Why? In a word, control. These seasoned ER physicians trust their own judgment when it comes to paying taxes, buying health insurance or saving for their retirement. Perhaps they have so many tax deductions they won't owe a lot in taxes anyway and don't need any of their hard-earned money withheld. They may want the freedom to buy any insurance plan they choose - perhaps in conjunction with a health savings account - and not be forced to pick among a handful of cookie-cutter plans offered by their employer. Or perhaps they're eligible for coverage under their spouse's health insurance plan and don't need a plan from their employer.
Over the course of a 25-30 year emergency medicine career, an independent contractor has the opportunity to save $2-$3 millions dollars more in retirement money than an employed physician. This is due in fact to the ability to save a full $50,000 a year tax-deferred, as opposed to the employed physician who can only save $16,500 a year for retirement.
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