Report: Physician Starting Salaries Surging After COVID-19
DALLAS, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Starting salaries for physicians have rebounded from the COVID-19 pandemic, underscoring continued robust demand for doctors and a limited supply, according to an annual report from AMN Healthcare’s Physician Solutions division (formerly known as Merritt Hawkins).
The 2023 Review of Physician and Advanced Practitioner Recruiting Incentives indicates that average starting salaries are up 19% year-over-year for psychiatrists, up 16% for dermatologists, up 12.5% for anesthesiologists and up 12% for orthopedic surgeons, with various other types of physicians also seeing starting salary increases.
Orthopedic surgeons are offered the highest average starting salary at $633,000, according to the report, followed by urologists at $540,000, interventional cardiologists at $517,000 and gastroenterologists at $506,000. Pediatricians are offered the lowest average starting salary of physicians tracked in the report at $233,000.
“Rising physician starting salaries are a clear sign that demand for physicians is surging,” said Leah Grant, President of AMN Healthcare Physician Solutions. “Virtually every hospital in the United States, and many other entities, are seeking physicians.”
New Competitors Vying for Physicians
According to Grant, a growing number of organizations are seeking to recruit physicians from a limited supply of candidates. These organizations include retail clinics, urgent care centers, telehealth platforms, insurance companies and private equity firms, all of which are vying with hospitals and medical groups for doctors.
“Healthcare is evolving as new market entrants seek to change how and where care is delivered,” said Grant. “More types of organizations are recruiting physicians, causing salaries to trend up. “
Need for Medical Specialists Rising
The report indicates that demand for medical specialists such as gastroenterologists, orthopedic surgeons, oncologists, pulmonologists, neurologists, and psychiatrists is rising, while demand for primary care physicians such as family physicians and internists has cooled over the last several years. The majority of AMN Healthcare’s search engagements over the prior 12 months (64%) were for medical specialists, while only 17% were for primary care physicians. The remaining 19% were for advanced practice professionals such as nurse practitioners (NPs), physician assistants (PAs), and certified registered nurse anesthetists (CRNAs).
Two factors account for this shift, Grant said. One is an aging population that needs more specialists to care for ailing internal organs, musculoskeletal conditions, and neurological problems. The other is the growing number of NPs and PAs providing primary care, which has softened demand for primary care physicians. For the third consecutive year, AMN Healthcare conducted more search engagements for NPs than for any other type of advanced practice professional or physician, according to Grant.
Demand for Ob/Gyns Strong, Supply Limited
AMN Healthcare received more requests to recruit obstetricians/gynecologists in the last year than any other type of physician, with the exception of family medicine physicians and radiologists, according to the report. Average starting salary offers to Ob/Gyns increased by 10.5% year-over-year, underscoring strong demand for the specialty.
AMN Healthcare’s 2023 Review of Physician and Advanced Practitioner Recruiting Incentives is based on a representative sample of the 2,676 search engagements the company conducted from April 1, 2022 to March 31, 2023, and includes data on starting salaries and other incentives offered by the company’s clients to physicians and advanced practice professionals nationwide. A copy of the report can be accessed at https://www.amnhealthcare.com/amn-insights/physician/surveys/2023-physician-and-ap-recruiting-incentives/
About AMN Healthcare
AMN Healthcare is the leader and innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing, executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language interpretation services, revenue cycle solutions, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry. For more information about AMN Healthcare, visit www.amnhealthcare.com.
Senior Principal, Thought Leadership
AMN Healthcare/Merritt Hawkins
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