Alabama is one of the best states to practice medicine, according to a new study to which current and aspiring doctors around the country will likely be paying close attention.
Medscape, a medical specialist site, studied some of the financial aspects of physicians, including compensation, cost of living, tax burden, and malpractice environment, and found that Alabama ranked high in each area and third overall.
The average salary for Alabama physicians is $296,000, which is 4.6% above the national average. That money can go a long way in the state since the cost of living here is 10% less than the national average and our overall tax burden is only 8.7%. Alabama also has a favorable malpractice environment – only $4.15 per capita each year, which happens to be the fourth-lowest rate in the country.
The Yellowhammer State would have ranked even higher if it were not for its slow economic growth and above-average unemployment rate (6.2% vs. 4.9% nationally).
Medscape also highlighted the cities of Birmingham and Hoover as the best part of the state to practice medicine. It recognized the University of Alabama at Birmingham Medical Center as one of the premier healthcare facilities in the country, and noted that Hoover is one of the most in-demand suburbs in the state with good schools and ample shopping. One of the few cons of living in Hoover, according to the study, is that housing costs in the city are more than double the state average.
North Carolina topped the list as the best state to practice medicine, followed by Texas. North Carolina’s six research hospitals and over 100 community hospitals give physicians a wide range of options for employment. Texas earned notice for its business-friendly environment and its appeal to younger physicians. Idaho, Ohio, Colorado, Iowa, California, Michigan, and Indiana round out the top ten best states for medical professionals.
On the other end of the spectrum, New Mexico is the worst state to practice medicine. Medscape points to its above-average unemployment, high malpractice payouts, low compensation, and its large Medicaid deficit as reasons why physicians should avoid that state. West Virginia, Washington, D.C., Mississippi, and Rhode Island were also included on the worst states/cities list.
