How does your salary compare to other hospitalists’ salaries?
Every now and then, it’s a good idea to take note of compensation trends in your specialty so you know how you compare. Let’s look at some of the numbers, averages and key trends.
Average Salary for hospitalists in 2022
In a recent report, MedScape surveyed 13,064 physicians to compare compensation data for health care specialists across the board – including hospitalists. Based on the findings, hospitalists in the United States are currently earning an average salary of $283,000, ranking above primary care physicians and below the average for other non-hospitalists.
In terms of satisfaction with this figure, hospitalists’ responses were split, with just over half (53%) saying they felt fairly compensated in their roles.
Salary changes for hospitalists
Knowing the average salary for your specialty is key, but observing how that figure is fluctuating year over year is also useful to gain an accurate understanding of the current market.
In assessing these trends, the report found the average annual salary for hospitalists increased roughly 2% in 2022 from the previous year’s average. However, of the hospitalists who saw an income dip, over half (62%) attributed the decline to COVID-19 factors, such as job loss, hour reductions and lower patient volumes.
Average annual salary for male/female hospitalists
Another category within the report compared the average annual salaries of male and female hospitalists. On average, a 29% wage gap exists between the two groups, with male hospitalists making roughly $71,000 more than their female colleagues.
Incentive bonuses for hospitalists
Incentive bonuses are great for boosting income, but the frequency and amounts offered not only fluctuate by specialty but also by individual. To get an idea of how these figures compare, the report assessed the percentage of hospitalists vs. non-hospitalists who received an incentive bonus as well as the dollar amount received.
Interestingly, incentive bonuses are more frequent among hospitalists than their non-hospitalist colleagues. However, the report found when it is offered, the bonus amount is usually much higher for non-hospitalists.
Are hospitalists taking on extra work?
In addition to compensation trends, the report also gathered information about hospitalists who supplement their income with extra work. Though most hospitalists do not (53%), there was still a significant number who reported adding to their schedules in some form or another.
Most frequently, hospitalists supplement their income by pursuing medical moonlighting opportunities (21%), other medical-related work (17%), adding more hours in their current role (12%) and non-medical work (6%).
What about you?
After looking over these numbers, did they align with your expectations? What about your reality?
Whatever your current salary, being aware of key trends in your specialty gives you an advantage. Not only can stats like these keep you informed, but they can help you know what to expect (and negotiate) throughout your career as a hospitalist so you can plan your most successful future.
February 23, 2021
