About 12.5% of all active physicians in the U.S. are family medicine physicians, according to the Association of American Medical Colleges. Whether considering the specialty during medical school or training or practicing as a family medicine physician, having an income expectation can help guide salary negotiations and create a long-term financial plan.
The average annual salary for all physicians is $339,000, according to an April 2022 report from Medscape. When broken down further, primary care physicians made an average of $260,000 annually, while specialists made an average of $368,000.
According to the U.S. Bureau of Labor Statistics, the mean annual wage for family medicine physicians specifically is $235,930.
The mean annual wage for general family medicine physicians as reported by the BLS equates to an hourly wage of $113.43.
Family medicine physicians’ salaries can vary greatly by state and territory, ranging from $94,050 in Puerto Rico to $305,960 in Idaho. According to the BLS, these are the annual mean salaries for general physicians, family medicine, by state:
According to the BLS, these are the highest paying states for physicians specializing in family medicine:
According to Medscape, family medicine physicians make an average of $255,000 per year. The average salaries for other medical specialties are as follows:
According to data from Medscape, 57% of physicians receive an incentive bonus as part of their income. The average annual bonus for a family medicine physician is $30,000.
Other specialties’ average incentive bonuses are
According to Medscape, self-employed physicians earned an average of 20% more than their employed peers. Self-employed physicians make an average of $385K, while employed physicians earn an average of $320K.
These salary figures are simply averages from surveys and can differ at different practices in different locations.
For many physicians, including family medicine physicians, it can be difficult to adjust to the large jump in income from training to practice. Having support and resources can help you feel confident as you negotiate and navigate your new salary. If you need help with financial planning, budgeting, taxes, or other areas, we can connect you with industry-specific experts for free. Find out more about our Build Your Team program here.
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