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February 4, 2022


CHARTED: THE DOCTORS PAID THE MOST (AND THE LEAST)


Daily Briefing
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ON THIS PAGE

 * Our take: Why the work (and not the money) is driving physician behavior.

Doximity released its fifth annual U.S. Physician Employment Report, which shows
the highest paid specialties and metropolitan areas for physicians in 2021.

Feb. 22: The physician landscape, redefined


METHODOLOGY

The 2021 U.S. Physician Compensation Report is based on responses from over
40,000 surveys completed by full-time U.S. physicians who practice at least 40
hours a week. All responses were mapped across metropolitan statistical areas
(MSA), and the top 50 MSAs were ranked by the total number of respondents.


Radio Advisory episode: Redefining the physician landscape

Doximity controlled for several factors in their report, including differences
in geography and specialty, as well how long each provider has practiced
medicine and their self-reported average hours of work per week.


HIGHEST- AND LOWEST-PAYING SPECIALTIES

Doximity found that compensation for physicians in the United States increased
by an average of 3.8% in 2021—higher than the 1.5% increase in 2020.

"It's possible this year's increase reflects a catch-up from last year's
relatively flat rate, a tight labor market, or a reflection of rising inflation
rates in 2021," the researchers wrote. According to the Consumer Price Index,
the 2021 inflation rate was 6.2%.

In breaking down compensation by specialty, Doximity found that physicians
specializing in neurosurgery had the highest compensation, while physicians
specializing in pediatric infectious diseases had the lowest.




HIGHEST- AND LOWEST-PAYING METROPOLITAN AREAS

Doximity also ranked metropolitan areas where physicians received the highest
compensation in 2021 and found that physicians in Charlotte, North Carolina,
received the highest average annual compensation at $462,760. In comparison, the
metropolitan area with the lowest average annual compensation for physicians was
Baltimore, Maryland, at $330,917.




GENDER WAGE GAP

In 2021, Doximity found that the gender wage gap among physicians was 28.2%,
with female physicians making an average of $122,000 less than their male
counterparts in a year.


Just 15% of health system CEOs are women. Here are 4 ways to change that.

In a study of physician compensation data from 2014-2019, Doximity estimated
that male physicians make more than $2 million more than female physicians over
the course of a 40-year career.


COVID-19'S IMPACT ON PHYSICIANS' CAREER PLANS

In a separate survey of medical professionals' attitudes about their employment,
Doximity found that over 73% of physicians said they were overworked. In
addition, 49.5% said they were considering an employment change, such as
retirement, leaving the profession, or finding a new employer, due to
Covid-related overwork.

Notably, female physicians appeared to be disproportionately affected by
Covid-19 burnout, with 25% of them saying they awere considering early
retirement. In comparison, only 20% of male physicians said they were
considering early retirement.

"Medical professionals' responsibilities, hours and stresses grew dramatically
during the pandemic and, as a result, we’ve seen an increase in burnout,
especially among female physicians. For that reason, this is the first year our
study has surveyed physicians regarding their retirement plans," said Peter
Alperin, VP of product at Doximity.

"By tracking this new data, as well as the compensation information we’ve
reported on for years, we hope to provide the medical community with a framework
to help it understand employee’s sentiments, hiring needs and dynamics," Alperin
added. (Doximity release, 12/16/21; Doximity 2021 Physician Compensation Report,
December 2021; Cheney, HealthLeaders Media, 12/27/21)

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ADVISORY BOARD'S TAKE

WHY THE WORK (AND NOT THE MONEY) IS DRIVING PHYSICIAN BEHAVIOR.

By Daniel Kuzmanovich

Despite lost income at the beginning of the pandemic and changes in physician
reimbursement, physician compensation continues to grow (even if it did not keep
pace with inflation). One thing that’s notable as I review the report from
Doximity:  the markets with the highest physician compensation all have
multiple, competing health systems competing for physician labor and driving up
physician compensation (and fair market value) in those areas.


Why we're more worried than ever about a physician exodus

The report’s findings on physician retirement also caught my eye. There’s a
clear spike of physician retirements in mid-2020 as some physicians exited the
workforce.  But rather than return to pre-pandemic levels, physician retirement
rates settled at a new baseline higher than the previous norm. 

What happens now? That’s what has me worried. When compared with the report’s
findings about the vast number of physicians considering a career change or
early retirement, I’m quite concerned. My overall takeaway from the report and
what we see across the industry is this: It is the work—not the money—that is
driving physician behavior right now. We've written in depth about how
physicians are burned out—more than ever before—and the omicron surge has
darkened any light they saw at the end of the tunnel.


Recovery: It's time for the physician workforce to heal

Health care organizations can mitigate the possibility of a physician exodus,
but leaders need to be overinvesting in comprehensive recovery for their doctors
now. Review the five actions health care executives can take now to address the
burnout crisis. And for a deeper dive into guiding your entire workforce
recovery, review our take on how leaders can support their teams to recover from
experiences during the pandemic.




THE PHYSICIAN LANDSCAPE, REDEFINED

TUESDAY, FEBRUARY 22 | 1 P.M. ET

Join Advisory Board's Daniel Kuzmanovich as we survey the physician landscape in
the wake of the Covid-19 pandemic and the preceding years of consolidation,
innovation, and disruption. During the session, we will:

 * Distinguish myth from reality when it comes to the conventional wisdom about
   the physician landscape
 * Understand how shifts in technology, care team design, and workforce
   engagement are impacting physician supply
 * Identify emerging models for physician partnership, and the strengths and
   weaknesses of different models

Register now

More from today's Daily Briefing

 1. Current ArticleCharted: The doctors paid the most (and the least)

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    removed from Spotify
 6. Weekend reads: The 'shocking' spike in America's blood pressure

Back to Daily Briefing



TOPICS

 * Physician Engagement and Burnout

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