Physician compensation varies broadly between specialties, geographic location, type of employment and most notably, gender. Doximity notes in its 2019 Physician Compensation Report, that this is the first year that pay parity between male and female physicians has reduced below a $100,000 salary gap.
Another bright spot in the Physician Compensation Report is that gender wage disparity is significantly smaller for female physicians who work as independent contractors, emphasizing your ability to take control of your career as a locum tenens physician.
Male physician compensation remained the same, while female physician compensation increased by two percent, closing the gap just a little, but moving in the right direction. While we are moving in the right direction, it is noted that male physicians still earn an average of $1.25 for every $1 that female physicians earn, despite the fact that women account for the majority of medical school applicants.
Location matters in physician compensation
The physician gender wage gap is closing more quickly in certain metro statistical areas (MSAs) than others.
Doximity referenced the metro areas with the smallest gender wage gaps in 2018 according to their report:
- Birmingham, Alabama: female physicians earn 9 percent less, or a difference of $28,542
- Bridgeport, Connecticut: 10% or $35,817 less
- Seattle, Washington: 15% or $56,011 less
- Milwaukee, Wisconsin: 14% or $57,077 less
- Jacksonville, Florida: 16% or $57,853 less
In stark comparison, these metro areas had the largest gender wage gaps reported in 2018:
- Louisville/Jefferson County,KY-IN: female physicians earn 40% less, or a difference of $154,077
- New Orleans: 32% or $131,394 less
- Austin, Texas: 31% or $106,748 less
- Hartford, Connecticut: 31% or $118,813 less
- Dallas, Texas: 31% or $120,116 less
Louisville, KY actually had a 14% increase in their gender wage gap between 2017 & 2018 and Hartford, CT had a 9 % increase.
The locum tenens advantage in physician compensation
While employees are making eight percent less than in 2017, practice owners are making seven percent more. Interestingly enough though, both employees and owner/partners have a gender wage gap of over 21%. Independent contractors, like locum tenens physicians, have the smallest gender wage gap, at 15.5%.
Our locum tenens rates are predetermined at the time of a job posting, so a female physician and a male physician would be paid the same rate for the same position. Independent contractors have the ability to choose when and where they work, allowing them to control their career and their finances.
If you'd like to learn more about taking control of your financial future as a locum tenens physician, reach out to a recruiter at Health Carousel Locum Tenens today.