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Doximity Releases New Study on Physician Compensation and Impact of Overwork and Economic Pressures
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Doximity, Inc. (NYSE: DOCS) released its 2023 Physician Compensation Report, revealing a 2.4% decline in average pay for U.S. physicians in 2022. Over 190,000 doctors provided self-reported compensation data. The report also highlights a significant 26% gender pay gap, with men earning nearly $110,000 more than women. A looming 2% Medicare payment cut adds to the economic challenges faced by physicians. Despite stagnant pay, there is high demand for primary care specialties. Doximity aims to increase transparency regarding compensation and pressures within the medical profession.
Positive
High demand for physicians, particularly in primary care specialties.
Doximity's report provides valuable data to help physicians make informed career decisions.
Negative
Average physician compensation declined by 2.4% in 2022.
A 26% gender pay gap persists in physician salaries.
U.S. physicians face an impending 2% cut in Medicare payments.
Report shows 2.4% decline in average physician compensation and 26% gender pay gap
SAN FRANCISCO--(BUSINESS WIRE)--
Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today released its annual Physician Compensation Report, revealing a slight decline of 2.4% in average pay for doctors in 2022. The report includes self-reported compensation data from over 190,000 U.S. doctors over six years and over 31,000 full-time physicians in the last year alone.
The decline in physician compensation comes at a time when U.S. health care workers are facing significant challenges, including economic strains, a growing physician shortage issue, and high rates of work-related burnout. This year, physicians will also experience a 2% Medicare payment cut after two decades of flat payments.
The report also highlights the substantial gender pay gap among physicians, with men earning nearly $110,000 more than their women counterparts in 2022. This represents a 26% gender pay gap, even when salaries were controlled for specialty, location, and years of experience. This disparity may be contributing to an even higher burnout rate among women physicians, with nearly 92% of women physicians surveyed reporting overwork, compared to 83% of men.
This year, Doximity’s tech-enabled healthcare staffing firm, Curative Talent, enriched the Compensation Report with physician staffing trends, including an analysis of tens of thousands of job opportunities across the Doximity network. In 2022, primary care specialties, such as family and emergency medicine, psychiatry, and obstetrics and gynecology, were some of the most highly recruited specialties on Doximity, as frontline physicians continue to be in high demand.
“While the average compensation for U.S. physicians stalled in 2022, the demand for physicians across the U.S. remains high,” said Pete Alperin, MD, Vice President of Product at Doximity and an associate professor of Internal Medicine at Dell Medical School in Austin. “Our report underscores the considerable pressures physicians face today, as they navigate a growing physician shortage, a tough economic environment, and a looming gender pay gap. We hope this report increases transparency and empowers physicians to make more informed career decisions.”
With over 80% of U.S. physicians as members, Doximity is the leading digital platform for U.S. medical professionals and maintains one of the largest physician compensation data sets in the U.S.
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The Company’s network members include over 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, and conduct virtual patient visits. Doximity’s mission is to help doctors be more productive so they can provide better care for their patients. For more information, visit www.doximity.com.
