2024 cardiologist salary report: Small but steady growth
July 24, 2024)
Cardiologists are maintaining their rank as one of the top-earning specialties among physicians, according to Medscape's 2024 Cardiologist Salary Report. This annual report reveals what cardiologists earned in 2024, how they compare to other specialties, and how they felt about their compensation. Let’s take a closer look at what cardiologists’ say about their compensation in 2023.
Cardiologists’ salary continues to increase
In 2023, cardiologists reported average earnings of $525,000 — a 3% increase over 2022’s average earnings of $507,000. This number placed them third as a top-paid specialty, trailing behind orthopedics and plastic surgery.
While 3% may sound like a small raise, an annual increase is not a guarantee for doctors. In fact, in 2023, the two specialties that, on average, earn more than cardiologists — orthopedics and plastic surgeons — saw their compensations go down by 3% and 13%, respectively.
Cardiologists work extra hours to supplement their income
According to the report, over a third of cardiologists (37%) take on extra work to supplement their income.
While one-quarter (23%) take on other medical-related work, 10% of cardiologists earned additional income through medical moonlighting or working locum tenens jobs. A further 6% find ways to earn income unrelated to the medical profession, while 4% have added extra hours to their primary job.
Did cardiologists take on supplemental work to boost their income in 2023?
In many cases, cardiologists have increased their happiness and satisfaction at work by turning to locum tenens work. They earn more, have more control over their schedule, and don’t have as many administrative responsibilities.
Dr. William Rowe, a cardiologist and avid pilot who converted to full-time locums in 2018, says, “The good sides are that you don’t work nearly as hard as you do in a traditional practice, but you make equivalent income.”
Thanks to locums, he gets to spend more time with his wife and grandkids and get outdoors. “For me, locums works well. It balanced how much I work versus how much time I get to spend at home.”
How much can you earn? Find out how locum tenens pay and salary works for physicians
Cardiologists are split on their feelings about pay
Just over half (52%) of cardiologists believe that, given the demands of their jobs and what it took to get there, they should be getting paid more. However, 48% say they’re happy with their pay.
This last number puts cardiologists in the middle of all surveyed specialties regarding how happy they are with their pay. More than two-thirds (65%) of public health and preventive medicine physicians are happy with their pay, giving them top ranking, while only one-third (35%) of infectious disease doctors feel satisfied with their pay.
Despite their feelings about their current pay, three in four cardiologists say that potential income was only a minor factor or no factor in their decision to become a cardiologist. Only one-quarter (25%) say potential pay was a main or leading factor in their decision to choose cardiology.
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Rewards and challenges of being a cardiologist
Like all jobs, some parts are better than others. Regarding the most rewarding part of their jobs, 27% of cardiologists cited gratitude from, or relationships with their patients.
Another 25% said being good at their job was rewarding, while one in five said they enjoyed helping others. Only 10% of cardiologists cited pay as the most rewarding part of their job.
The most rewarding parts of a cardiologist's job
Alternatively, cardiologists were frustrated with the many rules and regulations (31%) and with having to work long hours (19%). Other challenges cited were working with the EHR system (12%) and dealing with Medicare and other insurers for reimbursements (12%).
Many ways to work in cardiology
Though this year’s increase in compensation for cardiologists was small, many are satisfied with their pay. For those interested in supplementing their income or taking a break from the long hours and administrative tasks, locum tenens can be an excellent option for cardiologists.
CompHealth can help you find the cardiology position that’s right for you. Give us a call at 800.453.3030 or view today’s physician job openings to get started.