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.

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Due to the vulnerabilities our healthcare system has been subject to, the last few years left many doctors feeling burned out, with some leaving the profession altogether. We’re facing a shortage of medical talent (Doximity’s new compensation survey underscores this concern), so physician recruiters must have an accurate view of physician compensation. That’s why the newly released 5th Annual Compensation Report is one of Doximity’s most important releases yet.

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“Medical school teaches the science of medicine, but not the business of medicine," is a statement that Doximity CEO and founder Jeff Tangney has made repeatedly. A 2017 Merritt Hawkins study on final-year residents also found that only 10% of graduating residences say they feel very prepared for the business side of medicine. Physician recruiters know better than anyone that employment contracts are a daunting yet definitive part of the business of medicine.

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The way physicians are paid is an ongoing discussion in healthcare reform. But if you think changing physician compensation models is simply about how much money doctors are paid, think again. New compensation models are about changing how doctors practice and how they allocate their resources.

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Healthcare reform is changing the landscape of medicine and physician recruitment. Under the Affordable Care Act, a new Patient’s Bill of Rights “gives the American people the stability and flexibility they need to make informed choices about their health.” The Affordable Care Act is also changing the way physicians are paid—there’s now a major shift toward performance-based, or value-based, compensation.

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