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Doximity Releases New Study on Physician Compensation, Overwork, and Shortage
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Doximity's 2024 Physician Compensation Report reveals a 5.9% increase in average physician compensation in 2023, following a 2.4% decline the previous year. The report highlights a 23% gender wage gap, with male physicians earning nearly $102,000 more than female physicians. Additionally, 81% of physicians feel overworked, with 59% considering employment changes, including early retirement. The physician shortage continues to impact 88% of respondents, with 86% expressing concern over the healthcare system’s ability to care for an aging population.
Positive
Average physician compensation increased by 5.9% in 2023, rebounding from a 2.4% decline in 2022.
The gender pay gap for physicians decreased to 23% in 2023, down from 26% in 2022 and 28% in 2021.
Doximity's report draws from one of the largest physician compensation data sets in the U.S., enhancing its credibility.
75% of physicians are willing to accept lower pay for more autonomy or a better work-life balance, indicating high value placed on personal well-being.
Negative
Despite improvements, the gender wage gap remains significant, with male physicians earning nearly $102,000 more than female physicians.
81% of physicians report being overworked, which could lead to burnout and a potential exodus from the profession.
59% of physicians are considering employment changes, with 30% contemplating early retirement, signaling potential instability in workforce retention.
The physician shortage impacts 88% of respondents, with 67% experiencing overwork or burnout and 60% reporting diminished job satisfaction.
One in four physicians (27%) reported experiencing anxiety or depression, highlighting serious mental health concerns within the profession.
Insights
The 2024 Physician Compensation Report by Doximity offers a comprehensive view of the current state of physician compensation, workload and overall job satisfaction. The report shows a notable 5.9% increase in physician compensation in 2023, which can be seen as a positive trend after a decline in the previous year. However, the persistence of a 23% gender wage gap highlights significant ongoing disparities. For retail investors, this might indicate potential areas of future regulatory attention or corporate social responsibility efforts, which could impact the financial and social standing of companies in the medical field. The overwork and burnout statistics are particularly concerning, with 81% of physicians feeling overworked and 59% considering employment changes. High levels of burnout can lead to reduced productivity and increased turnover, which could affect healthcare delivery and company performance. Investors should watch for how healthcare organizations address these issues, as successful interventions could improve physician retention and job satisfaction, potentially leading to better financial outcomes for those companies. The concerns about the U.S. healthcare system’s ability to care for an aging population underline a critical long-term challenge. Companies that can offer innovative solutions to these systemic issues may be well-positioned for future growth.
From a financial perspective, the findings in the Doximity report have mixed implications. The 5.9% increase in average physician compensation might signal improved revenue streams for healthcare providers, as increased compensation could be tied to more billable hours or higher patient volumes. However, the 23% gender wage gap indicates a potential risk for legal and reputational challenges, as disparities in pay could lead to lawsuits and negative publicity. The significant levels of burnout and overwork among physicians present a dual-edged sword. On one hand, high levels of burnout can lead to increased turnover and operational inefficiencies, which could raise costs and reduce profitability for healthcare organizations. On the other hand, companies that recognize and effectively address these issues may see a competitive advantage through improved employee satisfaction and retention. Investors should keep an eye on how well healthcare companies manage physician satisfaction and address systemic issues like burnout, as it directly impacts both short-term operational efficiency and long-term sustainability. The data revealing that 86% of physicians are concerned about the healthcare system’s capacity to care for an aging population reflects broader market trends where demand for healthcare services is likely to increase. Companies that are able to scale effectively to meet this demand could offer lucrative investment opportunities.
Report shows 5.9% increase in average physician compensation, 23% gender wage gap, and 86% of physicians concerned about care for aging population
SAN FRANCISCO--(BUSINESS WIRE)--
Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today released its 2024 Physician Compensation Report. The report reveals that the average pay for doctors increased 5.9% in 2023 after a decline of 2.4% the previous year. The report also points to a 23% gender wage gap, with men physicians earning nearly $102,000 more than women physicians, even when controlling for specialty, location, and years of experience.
The report also includes new findings related to physician career satisfaction, including the impact of overwork, burnout, and the physician shortage. As these issues persist, half of all physicians surveyed reported they have thoughts about leaving clinical practice, and 86% are concerned about the U.S. health care system’s ability to care for an aging population.
“The U.S. health care system continues to face significant challenges that are taking a toll on even the most dedicated medical professionals,” said Nate Gross, MD, co-founder and chief strategy officer of Doximity. “Physicians are increasingly tasked with achieving more with less. The goal of this report is to empower physicians to advocate for themselves and make better-informed career decisions.”
With over 80% of U.S. physicians as members, Doximity maintains one of the largest physician compensation data sets in the U.S. The report includes compensation data from over 150,000 survey responses over the past five years, including responses from more than 33,000 full-time U.S. physicians in 2023 alone.
Report Highlights
Physician compensation and gender wage gap
In 2023, the gender pay gap for physicians decreased to 23%, down from 26% in 2022 and 28% in 2021. Still, women physicians earned less than men physicians in every medical specialty.
Only 40% of physicians surveyed reported they are satisfied with their current salary and compensation package.
Rather than negotiate a pay increase, 75% of physicians surveyed reported they are willing to accept, or have already accepted, lower pay for more autonomy or work-life balance.
Overwork, burnout and shortage
81% of physicians reported they are overworked, and 59% said they are considering an employment change, including early retirement (30%).
To alleviate overwork and burnout, 75% of physicians suggested reducing administrative burden, a response more prevalent than increasing compensation or reducing patient caseloads.
88% of physicians said that their clinical practice has been impacted by the physician shortage, with 74% describing the shortage as “moderate” or “severe.”
As a direct result of the physician shortage, the majority of physicians surveyed said they have experienced overwork or burnout (67% of physicians) and diminished job satisfaction (60%). One in four physicians reported they have experienced anxiety or depression (27%).
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 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, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
