Points
- Cardiologists rank among highly-paid medical professionals
- Interventional cardiologists are paid relatively higher as compared to other subspecialties. State-related variations in salaries are determined by the demand and supply of cardiologists in that state or region
- Lesser individuals pursuing cardiology in residency and an increase in retirements contribute to a potential shortage of cardiologists in the future
- Females are subjected to gender wage disparities in the field of cardiology. To secure their license, income, and finances, cardiologists shall obtain malpractice insurance, disability insurance, and a thorough contract review
Summary
There are over 33,000 practicing cardiologists based in the United States. Variations in the subspecialty and career paths contribute to differences in the earnings of cardiologists. Some of the career paths relevant to cardiology include cardiothoracic surgery, interventional cardiology, and pediatric cardiology. In the US, the national average salary of cardiologists is $459,000 each year. The average annual incentive bonus for cardiologists is $71,000. The average annual salary of self-employed cardiologists is $477,000. These statistics are obtained from Medscape’s 2021 Cardiologist Compensation Report.
Subspecialties are important determinants of cardiologist salaries. Interventional cardiologists earn relatively greater with an average salary of $674,910 per annum as compared to non-invasive cardiology with an average salary of $402,900 per annum. As per location, Hawaii, Alaska, Massachusetts, North Dakota, and Rhode Island pay the highest salaries to cardiologists, contrary to Alabama, Florida, Mississippi, New Mexico, and North Carolina which pay the least. Regional data reveals that cardiologists in Western and Northeast US regions are paid the least. Supply shortages and increased demands are related to higher salaries for cardiologists and other medical practitioners. A smaller percentage of individuals pursuing cardiology in residency and an increase in the number of retirements in the following years may lead to the potential worsening of shortages in the cardiology workforce.
Not only there are fewer females in the field, but they are also paid a significantly lesser percentage of the salary offered to their male counterparts, manifesting a gender wage gap in cardiology. Contract review, disability insurance, and malpractice insurance are important measures for protecting license, finances in the future, and income.
Link to the article: https://physiciansthrive.com/physician-compensation/cardiology/
References Nabity, J. (2022, January 10). Full guide to a cardiologist salary by subspecialty and region. Physicians Thrive. https://physiciansthrive.com/physician-compensation/cardiology/
