Physicians saw an average 3.6% rise in compensation this year, reaching $398,000, according to Medscape’s 2025 “Physician Compensation Report,” published April 11.
Since 2015, physicians have seen an average pay hike of 40.14%.
From 2015 to 2025, the inflation rate in the U.S. has risen by 1.7%, according to data from the U.S. Inflation Calculator. Throughout that period, there have been several spikes, reaching a high of 7% in 2021.
However, according to the U.S. Bureau of Labor Statistics’ inflation calculator, the average salary for physicians in January 2015, $284,000, has the same buying power as $386,032.78 in January 2025, falling slightly below 2015 earnings based on current inflation rates.
Here is what physicians would be earning today, adjusted for inflation, each year, from 2015 to 2024:
2015
Wages: $284,000
Buying power today: $386,032.78
2016
Wages: $274,000
Buying power today: $367,395.42
2017
Wages: $316,000
Buying power today: $413,376.91
2018
Wages: $329,000
Buying power today: $421,652.58
2019
Wages: $341,000
Buying power today: $430,356.16
2020
Wages: $346,000
Buying power today: $426,071.79
2021
Wages: $344,000
Buying power today: $417,761.25
2022
Wages: $368,000
Buying power today: $415,805.65
2023
Wages: $382,000
Buying power today: $405,623.30
2024
Wages: $394,000
Buying power today: $405,821.90
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