For physician recruiters, it's essential to understand physician compensation and to have a plan to meet the evolving demands. Doximity’s 2024 Physician Compensation Report provides key insights about compensation trends, plus data on critical challenges facing the physician workforce, including the physician shortage. Here are 9 insights from the report that will help physician recruiters market your job opportunities more effectively and ensure you’re extending competitive offers to recruit and hire physicians.
After several years of modest or declining growth, the average pay for doctors increased nearly 6% in 2023, rebounding from a decline of 2.4% in 2022. While this physician compensation growth appears strong, significant economic factors, such as Medicare physician payment cuts in the wake of 40-year high inflation rates, are likely to continue impacting physicians’ real income. According to the American Medical Association, Medicare physician payment has dropped 26% since 2001 when adjusted for inflation.
