The Best States to Be a Physician, Money-Wise

“Physician” is ranked as the most popular profession within the top 1% of earners, but where is it best, and worst, to practice medicine, according to your wallet.

Being a physician is a lucrative business, without question, and the high-paying salary is well deserved, given how hard physicians work to save and improve lives and the demands that come with the profession. But where does it make the most and least sense, financially, to practice medicine?

New findings from WalletHub, as determined by comparing the 50 states and the District of Columbia across 16 crucial metrics, including average salary, average starting salary, hospitals per capita, current and projected competition, CME requirements, and more, offer some insight. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for practicing doctors.

Below are the top five best and worst states and their scores, as found by the survey, as well as other key findings.

Top Five Best Places to Practice Medicine

  1. South Dakota (75.97/100)
  2. Nebraska (70.66/100)
  3. Idaho (70.64/100)
  4. Iowa (70.16/100)
  5. Minnesota (69.94/100)

Top Five Worst Places to Practice Medicine

  1. New Jersey (40.24/100)
  2. Rhode Island (40.86/100)
  3. New York (41.39/100)
  4. Hawaii (43.25/100)
  5. District of Columbia (45.75/100)

Highest Average Annual Wage for Physicians, Adjusted for Cost of Living: Mississippi
Lowest Projected Competition by 2024: Idaho
Least Punitive State Medical Boards: Maine
Lowest Malpractice Award Payout Amount per Capita: Wisconsin
Least Expensive Annual Malpractice Liability Insurance: Nebraska

Disclaimer: The viewpoint expressed in this article is the opinion of the author and is not necessarily the viewpoint of the owners or employees at Healthcare Staffing Innovations, LLC.