Anesthesiologists: Salary Overview
Anesthesiologists are physicians specialized in administering anesthetics and analgesics to patients before, during, and after surgery.
Becoming an anesthesiologist requires many years of rigorous training but this profession is usually well paid.
According to the United States Bureau of Labor Statistics, the median average annual wage for anesthesiologists was $261,730 per year as of May 2019.
Salaries for anesthesiologists vary widely depending on the level of experience and the industry of employment.
According to a report published by payscale.com salaries for this profession typically range between $129,000-$416,000 per year.
Anesthesiologist Salary by Industry
According to the Bureau of Labor Statistics, most anesthesiologists work for offices of physicians.
Anesthesiologists who worked in this field were paid, on average, with $272,140 per year as of May 2019.
General medical and surgical hospitals are the second-biggest employer for anesthesiologists and paid them, on average, with $208,390 per year.
The mean annual wage was $273,140 for anesthesiologists who worked for outpatient care centers and $125,300 for those employed by colleges, universities, and professionals schools.
The average annual wage for anesthesiologists who worked for offices of other health practitioners was $186,190 per year.
The highest average annual salary was reported by anesthesiologists who worked for specialty hospitals.
These hospitals hired only a few anesthesiologists but paid them, on average, with $274,500 per year.
Total Compensation for Anesthesiologists
Along with a fixed salary, some salaried anesthesiologists also receive bonuses and profit sharing.
Some anesthesiologists have their own medical practice or partner with other medical professionals.
The total compensation for self-employed anesthesiologists is calculated as earnings after taxes and deductible business expenses.
According to a report published by Medscape in 2019, total earnings for anesthesiologists summed up to $392,000 per year, on average, more than the average for many other medical specialties, including ophthalmology, general surgery, nephrology, internal medicine, pediatrics and more.
The same report shows that self-employed anesthesiologists typically earn more than employed anesthesiologists.
Anesthesiologists who are self-employed reported an annual pay of $424,000 per year, on average, while those who were employed made $369,000, on average, per year.
However, self-employed anesthesiologists have additional responsibilities and their earnings may vary depending on the region where the practice is located and business expenses.
Salaries for Anesthesiology Residents
As a medical school graduate of a domestic medical school, you will be matched with a residency which will be your first job as a physician.
As a resident doctor, you will make less than what you’ll earn after completing the training.
According to Medscape Resident Salary&Debt Report, the mean annual wage for resident physicians was $61,200 per year but salaries vary slightly depending on the specialty.
The average annual wage for anesthesiology residents was $61,500.
A resident’s salary also varies depending on the year of residency.
The report published by Medscape shows that first-year residents earned, on average, $55,200 per year while the mean annual wage for residents in years 6-8 was $67,800.
Second-year residents made $57,100, on average, per year, while third-year residents made $60,100 a year, on average.
The mean annual wage was $62,400 for fourth-year residents and $65,200 for fifth-year residents.
Most residents also receive health insurance, paid time off, and dental insurance.
Vision insurance, travel allowances, professional liability coverage, meal allowance, retirement plans, and book allowances are other benefits resident doctors may receive.
Another aspect that we should mention when discussing physicians’ salaries is medical school debt.
According to the Medscape report, almost half of medical students owe more than $200,000 in medical school loans, and 24% of them owe more than $300,000.
Only 22 percent of residents say they don’t have any debts.
Depending on the repayment plan, physicians may spend several thousands of dollars per month in debt repayments.
According to the Bureau of Labor Statistics, overall employment for anesthesiologists is projected to grow 4 percent from 2018 to 2028.
However, demand for medical services is sensitive to changes in healthcare reimbursement policies and if the health coverage policy results in higher out-of-pocket costs, patients will seek fewer physician services.
* Based on information from the May 2019 salary report from the BLS. The figures represent accumulated data for all states of employment for Anesthesiologists. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.
* Employment conditions in your area may vary.