Physician Compensation Increased In 2021
The gender pay gap in the medical industry differs from other industries. Compared to their female counterparts, male physicians generate more revenues.
The latest Doximity Report states that the overall compensation of physicians increased in 2021.
Doximity is a renowned organization known for publishing data reports for medical professionals.
The latest report published by Doximity explains how physicians have seen growth in their yearly pay scale. Their revenue increased by 3.8% in the year 2021 with an ongoing pandemic.
We all know about the impact of coronavirus in different industries. Some industries have seen the downfall while others have achieved new levels of growth.
The medical industry is on top as they were the most active sector during the pandemic period.
How Doximity Generated the Latest Report?
Doximity has worked hard to generate the latest report for medical professionals. They have collected data from over 160,000 surveys.
Starting from the year 2017 to the current year, the organization collected surveys and data of the industry and its professionals.
They have tracked the income reports of physicians for the last five years and generated this latest report, which describes the growth of the physicians in the current year by 3.8%.
If we talk about the present year, over 40,000 surveys were sent to the organization for generating fresh reports. If we go by the reports of the previous years, the growth of the physicians is keeping on growing year by year.
The annual compensation of physicians increased by 3.8% as noted above in this current year. During the previous year, it by 1.5%.
The report says that in the year 2020, there was a shortage of laborers and fewer resources which is why the growth of this year compared to the previous year is increased.
During the present year, physicians have enough resources to practice and provide their services.
Moreover, the rates were also flat and this year’s inflation also played a crucial role in increasing the growth of the compensation for physicians.
What is surprising here is the industry has not achieved the inflation rate measured by the Consumer Price Index.
The Consumer Price Index stated the inflation rate of physicians in this present year 6.2.
However, Doximity reports suggest that they have achieved a growth of 3.8% only which is lower than what was expected or measured by the Consumer Price Index.
The Purpose of Doximity Report
The report aims to provide the required information about the entire medical or healthcare industry to all the professionals working in the industry. It includes every individual physician and stakeholder.
The organization collects data or conduct surveys from within the industry to generate this report every year.
The stakeholder gains information from this report to understand the employment trends and the need for employment in this industry.
The same reports help them generate new resources or treatments to expand the industry and its overall revenue.
Besides this, they also aim to provide critical information to doctors and healthcare professionals who are doing internships or are willing to become a part of the industry.
The reports help them decide whether this career is good for their bright future or not. It helps them make a final decision on choosing the right career path.
If they don’t see any growth in the annual report, they will simply switch to a new field.
Doximity Report: Key Points
- The highest annual compensation within the industry: Three Specialties
- Neurosurgery with $773,201
- Thoracic Surgery with $684,663
- Orthopedic Surgery with 633,620
See Also: Surgeon Salary
- The lowest annual compensation within the industry: Three Specialties
- Pediatric Infectious Disease with $210,844
- Pediatric Rheumatology with $216,969
- Pediatric Endocrinology with $220,358
- The largest annual compensation Increase: Three Specialties
- Preventative Medicine with 12.6%
- Hematology with 12.2%
- Nuclear Medicine with 10.4%
- The Metro Areas with Highest Annual Compensation for Physicians
- Charlotte, North Carolina, at $462,760
- Louis, Missouri, at $452,219
- Buffalo, New York, at $426,440
- The Metro Areas with the Lowest Annual Compensation for Physicians
- Baltimore, Maryland, at $330,917
- Providence, Rhode Island, at 346,092
- San Antonio, Texas, at $355,439
- The Metro Areas with the Highest Compensation Growth Rates
- Charlotte, North Carolina, at 12.9%
- Virginia Beach, Virginia, at 12.1%
- Louis, Missouri, at 10.5%
- The gender pay for male physicians in the year 2021 was $122,000 which is higher than the female counterparts. The pay gap for physicians i.e. the gender pay gap was 28% in the present year.
- The Metro Areas with the Highest Compensation for Female Physicians
- Minneapolis, Minnesota, at $347,426
- Sacramento, California, at $341,107
- Tampa, Florida, at $339,505
- The Metro Areas with the Lowest Compensation for Female Physicians
- Baltimore, Maryland, at $262,109
- Louisville, Kentucky, at $276,509
- Memphis, Tennessee, at $246,531
- The nurse practitioner gender pay gap was 9.6%. The male practitioners in this particular field were earning $12,292 more than their female counterparts.
- The physician assistant gender pay gap in the year 2021 was 11.0%. Male physician assistants were earning on average $14,646 which is better than their female counterparts.
- The Three Specialties with the Largest Increase in Average Annual Compensation
- Preventative medicine with 12.6%
- Hematology with 12.2%
- Nuclear medicine with 10.4%
- The Top Three Annual Average Compensation Practice Settings
- Single-specialty group with $442,024
- The multi-specialty group with $424,312
- Solo practice with $415,678