Salary of an Anesthesiologist – “A King’s Bounty”
A “king’s bounty” for the salary of an anesthesiologist, why not? It is a compensation befitting the job. Not only does it take 12 years of specialized training for one to become an anesthesiologist, he or she also has the delicate task of taking care of patients while other doctors undertake medical procedures which will otherwise kill them. The salary for anesthesiologist may be viewed as rather high by many but it is actually just commensurate to the huge responsibilities resting on his shoulders every time he performs his role.
Salary of an Anesthesiologist with Sub Specialty
The average anesthesiologist income ($325,000) is the second highest in the country. Only the orthopedic surgeons earned much more than the salary of an anesthesiologist clipping the number 1 slot according to U.S. Department of Labor Statistics. 20% of the anesthesiologists in the country had annual earnings of $300,000 to $349,000 with some earning more than the average salary of an anesthesiologist. Another 25% of them got top salaries ranging from $350,000 to $449,000. Of the anesthesiologist incomes reported, the highest earners where the sub-specialists. Specifically, this refers to the salary of an anesthesiologist with specialization in pediatrics and cardiology.
Salary of an Anesthesiologist According to Practice
Most of the anesthesiologists in the country are employed by various medical institutions where the reported salary of anesthesiologist covers salary, bonus, and profit-sharing contributions. The rest owns their own practice or belongs to a private practice group. While the anesthesiologist salary doing private practice is higher than the salary of an anesthesiologist who is employed, his reported earnings may not truly reflect his actual total take home pay. This is because the salary of an anesthesiologist doing private practice is always net of tax-deductible business expenses. They also often put a big portion of their earnings into retirement plans which are deemed deferred income to avoid higher taxes.
Salary of an Anesthesiologist According to Gender
This particular medical field continues to be male dominated although there is a noticeable increase of female anesthesiologist interns throughout the country lately. The salary of an anesthesiologist also varies according to gender with the male anesthesiologist earning more than his female counterpart (although the gap has narrowed somewhat from the previous years).
Salary of an Anesthesiologist According to Location
10% of the anesthesiologists are in the less populated rural areas and amazingly, they earn more than their urban counterparts. The average reported salary of an anesthesiologist in rural areas is $365,000 which is way higher than the average salary of an anesthesiologist working in major cities and suburbs.
The lowest reported salary of an anesthesiologist is from those who work in outpatient clinics or are employed by academic institutions and the military. However, the average salary of an anesthesiologist belonging to this group still falls in the range of $250,000 to a little bit more than $300,000.
The recession and the decreasing reimbursements from health insurers have somewhat affected the salary of an anesthesiologist. Although 49% reported that their 2010 earnings are the same as their 2009 earnings, 28% of the total anesthesiologists in the country reported a decline in their earnings compared to the previous year.
The U.S. Department of Labor, Bureau of Labor Statistics projects a higher than usual demand for anesthesiologists going into the middle of the decade. Accordingly, the increase in demand will be farther fueled by shortages of healthcare professionals and the increasing number of aging anesthesiologists going into retirement. The increase in demand for anesthesiologists expected to come not only from traditional medical institutions such as hospitals but also from outpatient surgical settings.
While anesthesiology may be a career choice that can not and should not be taken lightly, those who have set their career paths towards the medical profession may want to consider going a mile further and set their future as anesthesiologists instead. After all, the salary of an anesthesiologist can be likened to a “king’s bounty”!