15 Best Medical Specialties for Lifestyle
In this article, we will take a look at the 15 best medical specialties for lifestyle. If you want to skip our discussion on the medical industry, you can go directly to the 5 Best Medical Specialties for Lifestyle.
The definition of a desirable lifestyle varies widely among individuals. However, certain common factors contribute to making a medical specialty appealing for many, including flexibility in scheduling, expected earnings and benefits, growth prospects, work-life balance, and alignment with a person’s personality. It is important to assess these criteria and choose a medical specialty based on how different specialties perform against these factors. For example, if you enjoy patient interaction and effective communication, a specialty like radiology, where interactions with patients are infrequent, may not be suitable. Or, if you prefer comprehensive patient care, emergency medicine might not align with your preferences as emergency doctors often don't follow up on patients. Similarly, for those who enjoy high-focus, hands-on procedures or working with robotic assistance, a surgical specialty might be an ideal career path. The specialties with the most employment opportunities are family medicine, psychiatry, internal medicine, and emergency medicine.
The increased use of technology in the medical industry is expected to improve diagnostic efficiency and lower the work burden for medical professionals. In 2020, the size of the global healthcare information technology (IT) market reached $250.58 billion. The industry is predicted to be valued at $880.69 billion by 2030, expanding at a compound annual growth rate (CAGR) of 13.3% from 2021 to 2030. MedTech innovations from companies like Teladoc Health Inc (NYSE:TDOC), GE HealthCare (NASDAQ:GEHC), Baxter (NYSE:BAX), and others are playing an important role in the expansion of the industry and are enhancing the quality of life for doctors.
Here’s what Sound Shore Management said about GE HealthCare Technologies Inc. (NASDAQ:GEHC) in its Q3 2023 investor letter:
“That said, current macro factors of higher inflation, rising rates, and a slowing economy are affecting stock prices in the short-term. Against this backdrop, many consumer stocks and financing-based business models declined in the third quarter. For example, GE HealthCare Technologies Inc. (NASDAQ:GEHC) was our largest detractor for the period. A recent spinout from GE, the company is the world’s largest medical imaging supplier with steady growth and higher margins. We purchased the stock in the first quarter of 2023 when it was trading at 14 times normalized earnings, a significant discount to peers. Our research concluded that GEHC’s profit margins were temporarily depressed due to the spinoff and one-time Research & Development charges, and that management’s plan for improvement was credible. The stock got off to a strong start early in the year, but returned the bulk of its gains as higher borrowing rates for their customers created demand uncertainty. As well, 15% of GE Healthcare’s business is from China, where demand has slowed along with the economy. We view these headwinds as temporary, and added to our position during the stock’s recent pullback.”
Despite the advancements in the healthcare industry, the work-life balance for the US workforce is far from ideal. A report from the Organization for Economic Co-operation and Development (OECD) shows that workers in the United States, on average, put in more hours. The annual total of work hours in the US is 1,811, surpassing the global average of 1,752 and significantly exceeding the figures for the UK (1,532 hours), France (1,511 hours), Canada (1,686 hours), and Japan (1,607 hours). Given the importance of work-life balance, it doesn’t come as a surprise that 72% of US workers consider it a top factor in job selection. Moreover, workplaces that offer more flexible work schedules experience better employee retention (89%) and increased cost savings. For individuals exploring future career options, particularly in the medical field, selecting the best specialties in medicine for work-life balance becomes important to avoid burnout. Some medical specialties naturally offer more flexibility and autonomy compared to others. Many of these are also listed as the best medical specialties for female doctors. Many medical specialties that are emerging as high-growth contenders for the best medical specialties of the future are specialties that are experiencing the greatest innovations from medical technology and AI. Ophthalmology, urology, and dermatology are traditionally more balanced and less stressful compared to other fields like surgery, and they are also poised to become more tech-savvy as innovations in medical technology continue to emerge. You can also check out the 15 Least Competitive Medical Specialties in America here.
A healthcare professional wearing a health communications device discussing patient data with a colleague.
Our Methodology
We have used the consensus methodology to shortlist the 15 best medical specialties for lifestyle. We referred to a number of reputable sources, such as Medvocation, Dr. Bill, The Medical Futurist Institute, and Reddit threads. Each specialty was assigned a score based on their rank and frequency of appearance across these lists. We have also mentioned the 75th percentile pay per hour for each specialty. The specialties are ranked in ascending order of their total scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Medical Specialties for Lifestyle
15. Nephrology
Score: 6
75th Percentile Pay: $162.5/hour
Nephrologists specialize in conditions impacting the kidney. Diseases related to kidneys are increasing globally, with chronic kidney disease (CKD) ranking as the 9th most common cause of death in the United States. Nephrologists are responsible for the diagnosis, treatment, and management of kidney-related issues as well as associated conditions like high blood pressure, fluid retention, dialysis, transplants, and follow-ups.
14. Cardiology
Score: 6
75th Percentile Pay: $172.5/hour
Cardiologists are heart specialists and treat conditions like heart attacks, heart failure, valve diseases, high blood pressure, and irregular heart rhythms. With cardiovascular disease (CVD) being amongst the leading causes of death in the US, this is a specialty with bright long-term career prospects.
13. General/Clinical Pathology
Score: 8
75th Percentile Pay: $65.36/hour
Clinical pathology involves the study of body tissues, fluids like nasal fluid, blood, and saliva, and discharges like urine and stool. General pathology broadly involves the study of the changes in the body’s cellular structure, and clinical pathology covers studying laboratory reports of body fluids and tissue to assess the nature of disease. This is a laboratory-intensive function with fewer patient interactions compared to many other specialties.
12. Neurology
Score: 9
75th Percentile Pay: $192.31/hour
Neurology is the study of the human nervous system, with the brain and spinal cord being the two major areas of specialization. There are many sub-functions within neurology, and it is commonly considered one of the most well-paid and competitive specialties in medicine. Many common diseases require treatment from neurologists, like epilepsy, migraine, multiple sclerosis, strokes, brain and spinal tumors, and Parkinson's.
11. Internal Medicine
Score: 10
75th Percentile Pay: $51.92/hour
Internal medicine specialists are also known as internists or general internists, and they treat diseases that affect the internal organs, blood, and even the joints. They also treat chronic conditions like arthritis, bronchitis, diabetes, obesity, and anemia. Many times, internal medicine specialists are called in to treat patients with multiple conditions that affect different bodily systems.
10. Emergency Medicine
Score: 12
75th Percentile Pay: $43/hour
Emergency medicine is a high-stress specialty that requires a lot of focus. Emergency medicine specialists’ work involves stabilizing and treating patients who may be suffering from life-threatening illnesses and injuries from accidents. Emergency medicine ranks at the tenth position on our list of the best medical specialties for lifestyle.
19. Obstetrics and Gynecology
Score: 15
75th Percentile Pay: $129.81/hour
Specializing in the female reproductive system, obstetricians are trained in handling pregnancy and its related health issues, while gynecologists handle general reproductive health and related conditions. Other common conditions apart from pregnancy being treated by obstetricians and gynecologists include fertility treatments, caesarian births and their treatments, cervical and breast cancer treatments, urinary tract infections, and sexually transmitted diseases.
8. Otolaryngology
Score: 17
75th Percentile Pay: $168.27/hour
Also known as ENT specialists, otolaryngologists specialize in diseases and medical conditions affecting the ears, nose, throat, head, and neck. People with issues like sinusitis, tonsilitis, and other respiratory or balance issues usually end up needing to see an otolaryngologist. Otolaryngology ranks at the eighth position on our list of the best medical specialties for lifestyle.
7. Ophthalmology
Score: 21
75th Percentile Pay: $138/hour
Ophthalmologists are doctors who specialize in the diagnosis and treatment of vision and eye-related problems. Many people are commonly confused between an ophthalmologist and an optometrist. Optometrists are not doctors; however, they are trained to prescribe eyeglasses and contacts and can treat some common eye problems. Ophthalmologists are trained doctors who can perform eye surgery and treat eye conditions, as well as prescribe eyeglasses and contacts to their patients. This is a rewarding career with low stress and a well-paying job profile.
6. Radiology
Score: 23
75th Percentile Pay: $192.31/hour
Radiologists specialize in the diagnosis and treatment of injuries and diseases through the use of medical imaging techniques. The common medical images needed for diagnosis are X-rays, CT scans, ultrasound scans, MRI reports, and PET scans. Radiologists could be needed for the diagnosis of common issues such as a torn ligament or broken bone to more complex areas like screening for pregnancy, assessing fetal health, and detecting cancer and other serious diseases. Radiologists are rarely involved in one-to-one patient interactions and are more involved in laboratory work related to their scans and reports.
Technology-related innovations from companies like Teladoc Health Inc (NYSE:TDOC), GE HealthCare (NASDAQ:GEHC), and Baxter (NYSE:BAX) are playing an important role in the expansion of the healthcare industry and improving the lives of many specialists.
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Disclosure: None. 15 Best Medical Specialties for Lifestyle is published on Insider Monkey.
