Physicians Pay Increased In 2017
It was a good year for physicians last year since their compensation grew 5.1%. The increase was due to demand put on pressure labor markets says a new study from Doximity, which is a social network for physicians and advanced practice clinicians. The report analyzed 20 of the biggest metropolitan cities and 15 common medical specialties to get come to their conclusion. They also drew from more than 12,000 various physician job advertisements nationally, while compensation growth was taken from 40,000 self-reported compensation surveys.
As the demand for physicians rose all across the country, research found that putting pressure on medical labor markets actually underscored the chances of increasing shortages of doctors in the near future. Job advertisements for doctors grew in the last year in 10 large cities. However, even within these large metro areas, there were variations between doctors demand across markets. For example: San Francisco had a 42% increase, while Los Angeles only saw 1% growth.
San Francisco also had the biggest compensation growth for physicians with 16%, then it was Indianapolis with 14%, Los Angeles with 13%, Philadelphia with 11% and Milwaukee with 10%.
When broken down by specialty, doctors in geriatrics had the most job growth than any other specialty with 164% growth, which is above urology with 49%. Rounding out the top five included oncology with 45%, hematology with 39% and OB-GYM with 31%. When Doximity analyzed the increase in job advertisements for doctors, they found that Boston has the biggest increase in listings at 72%. Other top cities included San Francisco at 42%, Chicago with 36%, Washington DC with 23% and New York with 21%. It’s likely that the growth will continue this year as well.