Residency medicine is a specialization in the study of medicine. A resident physician or a house officer is one who specializes in the residency medicine. The physician holds a medical degree in MD, DO or MBChB and practices medicine under the supervision of a licensed physician in a hospital or clinic. To graduate as a resident physician, one has to complete four years of study in medicine as general physician and then undergo two years of internship to become a resident physician. The residency training is followed by a fellowship where the physician is trained in a particular sub specialty after which one can practice as a qualified resident physician in hospitals or clinics.
The different sub specialties in residency medicine are internal medicine, pediatrics, general surgery, orthopedics, gynecology and cardiology. The physicians doing MD are given stipend during every year. The stipend varies form one year to the other. In the first year, the physicians are paid an average of about $46,000, about $49,000 in the second year, $51,000 in the third year, $53,000 in the fourth year, $55,000 and $57,000 in the fifth and sixth year. The stipend amount varies from one organization to the other. The annual resident physician salary ranges between $45,000 and $55,000. Apart from salary and stipend, there are other benefits that residency physicians enjoy. Some of them are leave and vacation, residence retreat and family allowance.
The physician is entitled to enjoy different types of holidays like vacation, sick leave and maternity leave. The physician can take about four weeks of leave for vacation and twelve days for sick leave and about two weeks as maternity leave. The leave duration varies form one hospital to the other. Another most important factor that decides the salary of the physician is the organization. Public organization and hospitals will pay more than the government non profit organizations. Most of the resident physicians prefer to work in private organizations to get the highest amount of salary.