Doximity the leading digital platform for U.S. medical professionals, has released its 2024 Physician Compensation Report. The report shows a 5.9% increase in average physician pay for 2023, following a 2.4% decline the previous year. Despite these gains, a significant gender wage gap remains, with male physicians earning nearly $102,000 more than their female counterparts, even when accounting for specialty, location, and experience.
The report also highlights concerns regarding physician career satisfaction, overwork, burnout, and the ongoing physician shortage. Notably, half of the surveyed physicians have considered leaving clinical practice, and 86% are worried about the U.S. healthcare system’s capacity to care for an aging population.
“The U.S. healthcare 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.”
Doximity, with over 80% of U.S. physicians as members, maintains one of the largest physician compensation datasets in the country. The 2024 report includes data from over 150,000 survey responses over five years, including more than 33,000 full-time U.S. physicians surveyed in 2023 alone.
Report Highlights
Physician Compensation and Gender Wage Gap
- In 2023, the gender pay gap for physicians narrowed to 23%, down from 26% in 2022 and 28% in 2021. However, women physicians still earned less than men in every specialty.
- Only 40% of physicians reported satisfaction with their current salary and compensation package.
- Instead of negotiating higher pay, 75% of surveyed physicians indicated a willingness to accept lower pay for greater autonomy or better work-life balance.
Overwork, Burnout, and Shortage
- 81% of physicians reported feeling overworked, with 59% considering employment changes, including early retirement (30%).
- To combat overwork and burnout, 75% of physicians suggested reducing administrative burdens, more so than increasing compensation or reducing patient caseloads.
- 88% of physicians noted that their practices have been affected by the physician shortage, with 74% describing the shortage as “moderate” or “severe.”
- Due to the shortage, 67% of physicians have experienced overwork or burnout, and 60% reported diminished job satisfaction. Additionally, 27% of physicians have faced anxiety or depression.
These findings underscore the ongoing challenges within the U.S. healthcare system and the need for systemic changes to support the medical profession.
