2023 Doximity Physician Compensation Report
U.S. healthcare workers face a number of pressures in their jobs today, including economic strains, a growing physician shortage, and high rates of work-related burnout. These challenges drive many medical professionals to reassess their careers, explore opportunities for greater autonomy and work-life balance, and in certain cases, even consider new career pursuits outside of medicine altogether.
Doximity’s report shows that the average pay for doctors did not increase in 2022. In fact, their study suggests a slight decline of 2.4%, compared to an increase of 3.8% in 2021. It is clear physician salaries did not keep pace with the high rate of inflation in 2022. As a result, many doctors experienced a decline in real income, as inflation ran rampant.
Impact of Economic Factors on Career Plans
The Gender Wage Gap
According to the newly released Doximity 2023 Physician Compensation Report, “the Physician Gender Pay Gap at 26% remains substantial, with women physicians earning nearly $110,000 less than men physicians, on average, even when salaries were controlled for specialty, location, and years of experience.
In 2020, an analysis of our physician compensation data from 2014-2019 estimated that over the course of a career, men physicians make over $2 million more than women physicians.” Combined with this new data, these results emphasize the continued importance of increasing gender pay transparency and equity in health care.