We recently compiled a list of the 25 Highest-Paying Medical Jobs in the US and in this article, we will talk about the highest-paying medical job in the US.
The healthcare industry is a vast and multifaceted sector that includes hospitals, nursing homes, private practices, research institutions, and pharmaceutical companies. According to a Yahoo Finance report, the industry is projected to be valued at $9,816.85 billion by 2027. While healthcare is generally considered one of the most competitive industries to break into, there do exist 2 year medical degrees that pay well in the industry.
In 2023, the healthcare industry observed unprecedented job growth as it added over 650,000 jobs. The Bureau of Labor Statistics attributes this to the increased service demand and the need to replace workers lost during the “Great Resignation” of 2021 and 2022. Despite early pandemic losses, healthcare jobs had largely recovered by October 2022. However, recruitment and retention remained critical concerns for health system executives. In fact, Fitch Ratings identified recruitment as the industry’s most pressing issue. Moreover, the Altarum report indicated that the sector’s 2023 hiring spree was observed predominantly in ambulatory service centres.
It is also concerning to note that despite high salaries in the sector, healthcare workers in the US are increasingly walking off the job as they are demanding better pay. According to the 2024 Physician Compensation Report from Doximity, 81% of doctors report feeling overworked. Moreover, almost 88% of doctors acknowledge that the shortages of healthcare professionals have a detrimental impact on their practices. As a result, 30% of doctors are contemplating early retirement.
Administrative duties compound the issues for doctors as they spend nearly twice as much time on paperwork as they do on patient care. For every hour of patient interaction, doctors dedicate about two hours to administrative tasks during the day and an additional one to two hours at night.
As a result, on October 23, 2023, over 1,300 employees at PeaceHealth Southwest, went on strike after their demands for addressing understaffing and a pay rise were ignored. This strike is part of a greater wave of actions like a planned nationwide strike by Walgreens and CVS Health Corp (NYSE:CVS) pharmacy workers on October 30 and a major strike by 75,000 Kaiser Permanente employees in early October which was the largest healthcare strike in history.
To address the administrative inefficiencies in the healthcare domain, CVS Health Corp (NYSE:CVS) is utilizing technology to enhance administrative efficiency, streamline operations, and improve customer experiences. As part of this effort, the company serves over 100 million consumers which includes 55 million digital customers. CVS Health Corp (NYSE:CVS) is consolidating its previously federated IT, digital, data, and analytics functions into a cohesive product organization, which enhances customer experiences and operational efficiency.
The key to this transformation is the launch of a new CVS Health Corp (NYSE:CVS) app by the end of 2024. This app aims to integrate all CVS assets that will provide a comprehensive digital experience for customers and caregivers. By enabling features such as transparency in medical costs and streamlined access to health care services, the app supports CVS Health Corp (NYSE:CVS)’s vision of a world where customers enjoy seamless and personalized health care interactions.
On the other hand, despite the overall wave of dissatisfaction in the healthcare sector, HCA Healthcare Inc (NYSE:HCA) celebrates Patient Experience Week and honors its over 309,000 colleagues for their dedication every year. In 2023, 29 HCA Healthcare Inc (NYSE:HCA) hospitals received the prestigious Press Ganey Human Experience Awards.
Among these, 23 facilities earned the Guardian of Excellence Award which placed them in the top 5% for patient experience. These facilities span across multiple states like the Corpus Christi Medical Center Bayview in Texas and TriStar Centennial Medical Center in Tennessee. Additionally, six HCA Healthcare Inc (NYSE:HCA) hospitals were awarded the Pinnacle of Excellence Award for maintaining high-performance levels for three consecutive years, with winners such as Frankfort Regional Medical Center in Kentucky and HCA Florida Largo Hospital.
A lecturer giving an overview of a complex medical topic in a classroom of medical students.
Is Neurosurgeon the Highest-Paying Medical Job in the US?
To determine the highest paying medical jobs in the US, we researched the highest-paying jobs in the US, from Indeed and the Bureau of Labor Statistics. Then we listed 35 frequently appearing highest-paying medical jobs in ascending order based on their average salaries. The average salary data was sourced from our salary database. Our methodology revealed that with an average salary of $677,301, neurosurgeon is indeed the highest paying medical job in the US.
In the United States, a neurosurgeon typically completes 4 years of undergraduate education, 4 years of medical school, and 7 years of residency (PGY-1-7). Most residency programs include some basic science or clinical research. After residency, neurosurgeons may pursue additional training through fellowships, which can also be completed as a senior resident. These fellowships include specialities like pediatric neurosurgery, trauma/neurocritical care, functional and stereotactic surgery, surgical neuro-oncology, radiosurgery, neurovascular surgery, skull-base surgery, peripheral nerve, and complex spinal surgery and they fellowships usually last 1-2 years. Neurosurgery is a highly competitive and small speciality in the US, making up only 0.5% of all physicians. All these factors collectively explain why neurosurgeons have the highest-paying medical profession in the US.
To check out the extensive list of the highest paid medical jobs in America, visit 25 Highest Paying Medical Jobs in the US.
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25 Highest Paying Medical Jobs in the US is originally published on Insider Monkey.
