Doximity Releases New Study on Physician Compensation, Overwork, and Shortage
May 23 2024 - 8:01AM
Business Wire
Report shows 5.9% increase in average physician
compensation, 23% gender wage gap, and 86% of physicians concerned
about care for aging population
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%).
Read Doximity’s 2024 Physician Compensation Report.
About Doximity
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523369859/en/
For media: Amanda Cox pr@doximity.com
For investors: Perry Gold ir@doximity.com
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