According to Medscape’s 2025 Physician Compensation Report, four specialties now average over $500,000 annually, with orthopedic surgery topping the list at $543,000. The report, based on responses from over 7,300 physicians across 29 specialties, reveals a widening gap between the highest and lowest paid fields.
Top earners:
- Orthopedic Surgery at $543,000
- Radiology at $520,000
- Plastic Surgery at $516,000
Bottom earners:
- Pediatrics at $265,000
- Family Medicine at $281,000
- Internal Medicine at $294,000
We benchmark both the highest and lowest earning physician compensation using a composite of national data sources, including MGMA, SullivanCotter, and AMGA. Here are the results:
Top earners:
- Orthopedic Surgery at $543,000 (23rd percentile)
- Radiology at $520,000 (22nd percentile)
- Plastic Surgery at $516,000 (30th percentile)
Bottom earners:
- Pediatrics at $265,000 (47th percentile)
- Family Medicine at $281,000 (38th percentile)
- Internal Medicine at $294,000 (40th percentile)
The United States is facing a significant physician shortage across multiple specialties, with critical implications for patient access and care quality. Family medicine and internal medicine are among the most affected, with projected adequacy levels of just 73% and 76%, respectively, by 2037. Pediatrics also faces uneven growth and geographic maldistribution, particularly in subspecialties, which may limit access to care for children in underserved areas. Orthopedic surgery is expected to experience one of the largest surgical shortfalls, with a projected deficit of over 5,000 surgeons by 2025. Radiology is grappling with a long-term shortage driven by rising imaging demand, residency growth, and a wave of retirements, with the gap expected to persist through 2055. Plastic surgery, while not facing the most severe shortage, is experiencing growing demand, especially for cosmetic procedures, which may divert resources from reconstructive care and exacerbate access issues.
Given the projected shortfall, we also investigated medical school acceptance rates in Indiana. Indiana University School of Medicine is the largest in the state of Indiana, but it’s highly competitive; only about 6% of applicants are accepted each year, with over 6,500 students applying annually. Marian University’s Tom and Julie Wood College of Osteopathic Medicine is slightly less competitive, with a 13% acceptance rate and more than 5,700 applicants in 2025.
Texas tells a similar story. Even with one of the largest medical‑education footprints in the country, getting into the top programs is still incredibly tough. Baylor College of Medicine and UT Southwestern each draw roughly 5,500–6,000 applications a year, but end up enrolling only about 220–230 students, which puts their acceptance rates right around 4%. McGovern Medical School at UTHealth Houston is larger by class size, admitting about 240 students annually, yet it still faces well over 5,700 applicants, keeping its acceptance rate near 4% as well. The takeaway is straightforward: even in Texas, where capacity is high, demand far outstrips supply, and admissions remain a bottleneck as the state tries to train enough physicians to meet future needs.
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At Blue & Co., LLC, we assist healthcare organizations in evaluating whether their provider’s compensation aligns with national benchmarks and supports long-term sustainability. Whether you are part of a provider network or planning for future hires, we can help you assess and optimize your compensation structure. Contact one of our experts today.
Dustin Brown, ASA-MTS, CVA, Senior Manager
Htayni Hmung, MHA, MPH, Consultant
Sources:
Medscape. (2025, April 11). 2025 compensation overview [Slide show]. Medscape. Retrieved November 13, 2025, from https://www.medscape.com/slideshow/2025-compensation-overview-6018103
