Pay in 17 of 30 physician specialties failed to keep up with inflation in 2026, according to a Sept. 29 analysis from Marit Health.
Consumer prices rose 3.4% in the 12 months ending in August, according to the Bureau of Labor Statistics. Twelve specialties got raises below that rate, and pay fell outright in five. Marit took year-over-year pay changes from 2026 MGMA physician benchmarks and adjusted them for inflation by compounding the two rates rather than subtracting one from the other. It paired those figures with average total compensation that physicians reported on its platform.
Neurosurgery roughly broke even, with pay up 3.5% and up 0.1% after inflation. Psychiatry posted the largest gain.
Here’s a breakdown of the specialties:
| Specialty | Pay change | After inflation | Average pay |
| Hepatology | -9.7% | -12.7% | $505,543 |
| Hematology | -3% | -6.2% | $566,931 |
| Wound care | -2.2% | -5.4% | $356,742 |
| Allergy and immunology | -0.9% | -4.2% | $345,709 |
| Otolaryngology | -0.9% | -4.2% | $603,964 |
| Cardiology | 0.2% | -3.1% | $630,063 |
| Plastic surgery | 0.2% | -3.1% | $723,236 |
| Emergency medicine | 1.2% | -2.1% | $439,235 |
| Pathology | 2% | -1.4% | $408,769 |
| Radiology | 2% | -1.4% | $690,809 |
| Neurology | 2.1% | -1.3% | $373,057 |
| Orthopedic surgery | 2.4% | -1% | $801,071 |
| Ophthalmology | 2.6% | -0.8% | $552,561 |
| Pediatrics | 2.7% | -0.7% | $264,130 |
| Dermatology | 2.7% | -0.7% | $539,771 |
| Anesthesiology | 2.9% | -0.5% | $570,332 |
| Pulmonology | 3.2% | -0.2% | $483,738 |
| Neurosurgery | 3.5% | 0.1% | $997,472 |
| Internal medicine | 3.6% | 0.2% | $326,492 |
| OB-GYN | 4% | 0.6% | $411,714 |
| Gastroenterology | 4.8% | 1.4% | $628,603 |
| Endocrinology | 5% | 1.5% | $321,813 |
| Physical medicine and rehabilitation | 5.1% | 1.6% | $342,746 |
| Urology | 5.3% | 1.8% | $646,165 |
| Urgent care | 5.6% | 2.1% | $343,977 |
| Nephrology | 5.9% | 2.4% | $384,047 |
| Rheumatology | 6.3% | 2.8% | $319,014 |
| Nuclear medicine and radiation oncology | 6.4% | 2.9% | $646,978 |
| Infectious disease | 7.3% | 3.8% | $320,891 |
| Psychiatry | 8.7% | 5.1% | $349,990 |
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