Anesthesiologist salaries continued to rise over the past year, but nearly half of these specialists (46%) still feel underpaid — despite their average annual compensation increasing by nearly $70,000 year over year, according to Medscape’s 2024 Anesthesiologist Salary Report.
This annual survey provides insight into anesthesiologists’ feelings about pay, job satisfaction, supplemental income, and what’s most and least rewarding about the job. Here’s how anesthesiologists responded to this year’s salary report.
Anesthesiologist compensation increased significantly
Anesthesiologists reported an average salary of $472,000 in 2023, a 14% jump over prior year earnings ($405,000). These figures place anesthesiologists on the higher end of income compared to other specialties surveyed, both in terms of average salary and income gains over 2022 earnings.
Anesthesiologists typically rank in the top five of high-earning specialists — just below very high earners like plastic surgeons, orthopedists, and cardiologists — and this year was no different.
Future compensation plays a role in specialty choice
This year, Medscape sought to understand the influence of future salary assumptions on a physician’s decision to choose a specific specialty. Most (83%) of all physicians report that potential salary played no role or only a minor role in their choice of specialty.
However, when it comes to anesthesiologists, pay seems to have been a larger factor. While two-thirds (65%) said potential earnings were either not a factor or a minor factor in choosing their specialty, potential pay was a leading consideration for 32% of anesthesiologists. Future earnings were the main factor for choosing anesthesiology for only 3% of survey respondents.
How much potential pay mattered in choosing anesthesiology as a specialty
Anesthesiologists continue to take on supplemental work
About one-third (38%) of anesthesiologists take on extra work to supplement their income, a bump of nearly 3% compared to last year’s report. This figure is nearly on par with doctors overall, which sits at 36% and 39%, respectively.
In recent years, more physicians are seeking outside work, usually in the medical field. Common reasons for pursuing supplemental work include early retirement, greater financial independence, and outstanding student debt.
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Of those who pursue side hustles, three areas are nearly tied as popular outlets for additional work and income:
- Medical moonlighting, including locum tenens (14%)
- Additional hours at their primary job as a physician (14%)
- Other medical-related work (9%)
Only 7% of respondents who pursue side hustles do so with non-medical-related work.
Are anesthesiologists taking extra work to boost their income?
Elizabeth Lumpkin, MD, is an anesthesiologist who works locum tenens. In addition to the extra income, she’s enjoyed the work/life balance and travel opportunities this career choice offers.
“Since I have been doing locum tenens, I have traveled all over the country. I live on the west coast in Washington State, but I have been all the way to Maine. I’ve gone to Ohio, New Mexico, and Montana, and most recently, I’ve gone up to Alaska. It has improved my work/life balance because when I work, I work and when I am off, I am off,” says Lumpkin.
Find out what it’s like: A day in the life of a locum anesthesiologist
Half of anesthesiologists feel fairly compensated
Approximately half of the anesthesiologists surveyed (54%) believe they are fairly compensated for their work, a figure which places them in the middle among all the physician specialties surveyed.
Interestingly, they feel slightly more satisfied with their own pay than with the physician profession overall — two-thirds of anesthesiologists (66%) believe that most physicians in the U.S. are underpaid.
That said, the headwinds against compensation satisfaction are strong. Many Americans believe that despite pay raises, their overall compensation is not keeping pace with inflation, according to a 2023 poll on Bankrate.
Anesthesiologists cite working long hours as most challenging
Though anesthesiologists find several areas of their work rewarding and personally fulfilling, the job still comes with its challenges.
Having to work long hours is the chief concern for 29% of anesthesiologists based on 2023 data.
“I think one of the problems in medicine these days is that the majority of our jobs are no longer on medicine itself. It’s all of the extrinsic things, the meetings, the new rules, the administration and those things add to the fatigue. So you have a physician who’s tired before they even start for the day. And I think it really does amplify at the time,” says Dr. Lumpkin.
Other challenges mentioned included having too many rules and regulations (18%), getting fair reimbursements from insurers and Medicare (13%), managing difficult patients (10%), and nervousness about litigation (8%).
The most challenging part of an anesthesiologist's job
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Anesthesiologists find reward in a job well done
Anesthesiologists still find a lot to love about their jobs, even considering the challenges highlighted above. High satisfaction is derived from the sense of being good at their jobs — 32% of respondents enjoy finding answers and making diagnoses.
One-quarter of respondents (23%), meanwhile, find high value in making good money at a job they like. Others cite knowing that they’re making the world a better place and developing positive relationships with their patients as other gratifying aspects of anesthesiologist work.
The most rewarding part of an anesthesiologist's job
Dr. Lumpkin shares, “As an anesthesiologist, I can relieve people’s anxiety and pain at what is probably one of the most terrifying times of their lives. That is an aspect of medicine that I think is immensely gratifying.”
Want to learn more about locum tenens for anesthesiologists? Give us a call at 800.453.3030 or view today’s locum tenens anesthesiology job opportunities.