Surgeons performing a surgical procedure on a patient's hand. (Photo by: Pascal Bachelet/BSIP/Universal Images Group via Getty Images)
Where doctors choose to practice can significantly shape their financial stability and working conditions, especially given the high cost of medical training and demands of the job.
A new WalletHub analysis ranks the best states for physicians after comparing all 50 states and Washington, D.C., across 19 metrics, including pay, hospital access, and system quality.
Methodology:
To determine the best states for doctors, WalletHub analyzed all 50 states and Washington, D.C., across two main categories: "Opportunity & Competition" and "Medical Environment."
RELATED: You may be owed a tax refund from COVID: Here's how to get it
The study used 19 weighted metrics, each scored on a 100-point scale, to assess conditions for physicians. States were then ranked based on their overall weighted scores.
What they're saying:
"Setting up a practice in one of the best states for doctors can have a profound effect on a medical career," said Chip Lupo, an analyst at WalletHub. "Physicians benefit from high-quality facilities, strong salaries, lower burnout risk and reduced malpractice costs, while residents gain access to quality care at a reasonable price."
Best states for doctors
Dig deeper:
Montana
Montana ranks as the best state for doctors, backed by one of the nation’s top hospital systems. About 78% of patients rated their hospitals a 9 or 10 out of 10. Physicians are also well compensated, with anesthesiologists earning nearly $442,000 on average, while psychiatrists and surgeons earn more than $263,000 and nearly $400,000, respectively.
RELATED: Judge temporarily blocks federal health officials from reducing vaccine recommendations for children
The state also has the lowest physician burnout rate in the country, supporting strong mental well-being among doctors. Nearly 63% of medical residents remain in Montana after training, the second-highest retention rate nationwide. The state also has a high number of hospitals per capita and physicians per resident.
Indiana
Indiana ranks second, driven in part by high starting salaries across multiple specialties, including psychiatrists ($343,000), physicians ($317,000), anesthesiologists ($396,000) and surgeons ($464,000). The state also receives top marks for the punitiveness of its medical board.
Indiana benefits from a strong in-state retention rate for medical residents and some of the lowest malpractice insurance costs in the country. It also features well-ranked public hospital systems and a relatively low physician burnout rate.
Louisiana
Louisiana ranks third, supported by one of the highest numbers of physicians per capita nationwide. Salaries are also strong, with obstetricians and gynecologists earning about $353,000, surgeons $560,000 and pediatricians $364,000 on average.
The state has roughly 12.4 hospitals per 100,000 residents, among the highest in the country, and receives high marks for its medical board. Louisiana also ranks highly for projected physician supply, with the third-highest number expected by 2032.
The Source: The information in this story comes from a WalletHub analysis that evaluated all 50 states and Washington, D.C., using 19 weighted metrics across two categories: "Opportunity & Competition" and "Medical Environment." This story was reported from Los Angeles.