Pay

What do orthopedic surgeons earn?

Salaried orthopedic surgeons earned a mean of $365,060 a year in May 2024, according to the Bureau of Labor Statistics, across 14,160 employed nationally. BLS counts them as “orthopedic surgeons, except pediatric”.

Mean annual wage, May 2024: $365,060
Employed nationally, May 2024: 14,160

These are salaried figures. BLS surveys employers, doesn't cover the self-employed or owners and partners in unincorporated practices, and leaves out pay such as year-end bonuses. That matters in orthopedics, where more than half of surgeons are in physician-owned practices, so the figures can understate what partners and private-practice owners earn.

Practice

How is orthopedics changing?

Orthopedics is still one of the most physician-owned fields. In the AMA's 2024 survey, 54.0% of orthopedic surgeons were in private practice, meaning a practice wholly owned by physicians. Of the specialties the AMA reports, only ophthalmology was higher. Across all physicians the share was 42.2%, down from 60.1% in 2012.

Ownership is shifting here too. A study cited by the GAO found that one-third of orthopedists were consolidated with hospitals in 2022. Another found that about 37% of physicians in five specialties together (cardiology, gastroenterology, medical oncology, orthopedics and urology) were affiliated with corporate entities, such as insurers or management services organizations, in 2022. That figure covers the five specialties combined, not orthopedics alone.

For you, the result is that a first offer may come from a physician-owned group, a hospital or health system, or a practice with outside investors. None is better in itself. Each changes how you're paid, what you might own one day and what you'd sign.

The first year

Your first year as an attending

The first twelve months bring the same decisions for most new attendings, in roughly this order. The full checklist goes through each one.

The first-year attending checklist

Disability insurance

Your income is what most of the rest of the plan depends on. Read how your employer's group coverage defines disability and how much of your pay it replaces, then decide whether an individual own-occupation policy belongs alongside it.

Student loans

Pick a repayment path on purpose rather than by default. Forgiveness, repayment plans and refinancing each depend on your loans and your employer, and moving federal loans to a private lender gives up options you can't get back, so compare before you move anything.

Retirement accounts

Learn what your employer offers, what the match is and how long it takes to vest, and when you can join. Above the Roth IRA income limits, a backdoor Roth may be worth reviewing with your tax professional.

Your contract and signing bonus

Read what you would repay if you left early, and how a signing or relocation payment is taxed and withheld. Your attorney reads the agreement; we help you see what it means for your household.

An emergency fund

Hold enough cash to cover your fixed costs for a stretch without income, before raising spending or investing more. The right amount depends on your household and how settled your job is.

Life and umbrella insurance

If anyone depends on your income, term life insurance is worth a look. Umbrella liability coverage sits above home and auto policies. We advise and coordinate with your insurance professional; we don't sell insurance.

What's different in orthopedics?

These are questions to ask before you sign and during the first year. The contract is for your attorney and the tax for your accountant. We advise and coordinate with both; we don't negotiate contracts or value practices.

01

Employed, private practice or investor-backed?

Ask who owns the practice today and whether that has changed in the last few years. A hospital job, a physician-owned group and a group with private equity investment each pay, vest and restrict you differently, so compare offers on the same terms: pay, benefits, ownership and what you can do if you leave.

02

What is the partnership track?

Ask how long until you're eligible, what decides it, and whether anyone has been turned down. Ask what changes when you become a partner: pay, call, voting and the share of practice income you receive.

03

What does the buy-in cost?

Ask the price, how the practice was valued and when, and what you're buying (the practice, equipment, real estate, receivables). Ask how it's paid for (cash, a loan, withheld pay) and what you get back if you leave. We look at what it does to your cash flow and loans next to your other goals.

04

Is there a surgery center or other ownership?

Some groups offer a stake in an ambulatory surgery center or imaging separately from partnership. Ask what it costs, how and when it pays out, how it's valued if you leave, and who signs off on the arrangement. Your attorney reviews whether the structure fits the rules that apply to it.

05

How are call and productivity paid?

Ask whether call is paid separately or built into salary, how productivity is counted (often in work relative value units, wRVUs), how long any fixed starting salary lasts, and what happens to your pay when it ends.

Common questions

What orthopedic surgeons ask.

Do orthopedic surgeons need a financial advisor?

Not necessarily. Many surgeons handle their own money well with a good accountant and some reading. An advisor tends to help most when several decisions land at once: a first contract, a buy-in, loans and a house. If you hire one, ask how they're paid and whether they act as a fiduciary. How to choose a financial advisor as a doctor

How much does an orthopedic surgeon make?

BLS puts the mean for salaried orthopedic surgeons at $365,060 a year (May 2024). Partners and practice owners are often missing from those figures, so compare with surgeons at your stage and in your state rather than with one national number.

Should a new orthopedic surgeon join a private practice or a hospital?

It depends on what each offer says. Employment often means a salary from the start and nothing to buy into. A partnership track may lead to ownership in return for a buy-in. Compare the offers on pay, benefits, partnership terms and what each restricts if you leave.

What should I ask about a partnership buy-in?

How much it costs, how the price was set, how you'd pay for it, and what you get back if you leave. Questions to ask before you sign

Guides

Financial planning for orthopedic surgeons