Doximity Releases New Study on Physician Compensation, Overwork, and Shortage

Report shows 5.9% increase in average physician compensation, 23% gender wage gap, and 86% of physicians concerned about care for aging population

SAN FRANCISCO--(BUSINESS WIRE)-- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today released its 2024 Physician Compensation Report. The report reveals that the average pay for doctors increased 5.9% in 2023 after a decline of 2.4% the previous year. The report also points to a 23% gender wage gap, with men physicians earning nearly $102,000 more than women physicians, even when controlling for specialty, location, and years of experience.

The report also includes new findings related to physician career satisfaction, including the impact of overwork, burnout, and the physician shortage. As these issues persist, half of all physicians surveyed reported they have thoughts about leaving clinical practice, and 86% are concerned about the U.S. health care system’s ability to care for an aging population.

“The U.S. health care system continues to face significant challenges that are taking a toll on even the most dedicated medical professionals,” said Nate Gross, MD, co-founder and chief strategy officer of Doximity. “Physicians are increasingly tasked with achieving more with less. The goal of this report is to empower physicians to advocate for themselves and make better-informed career decisions.”

With over 80% of U.S. physicians as members, Doximity maintains one of the largest physician compensation data sets in the U.S. The report includes compensation data from over 150,000 survey responses over the past five years, including responses from more than 33,000 full-time U.S. physicians in 2023 alone.

Report Highlights

Physician compensation and gender wage gap

• In 2023, the gender pay gap for physicians decreased to 23%, down from 26% in 2022 and 28% in 2021. Still, women physicians earned less than men physicians in every medical specialty.
• Only 40% of physicians surveyed reported they are satisfied with their current salary and compensation package.
• Rather than negotiate a pay increase, 75% of physicians surveyed reported they are willing to accept, or have already accepted, lower pay for more autonomy or work-life balance.

Overwork, burnout and shortage

• 81% of physicians reported they are overworked, and 59% said they are considering an employment change, including early retirement (30%).
• To alleviate overwork and burnout, 75% of physicians suggested reducing administrative burden, a response more prevalent than increasing compensation or reducing patient caseloads.
• 88% of physicians said that their clinical practice has been impacted by the physician shortage, with 74% describing the shortage as “moderate” or “severe.”
• As a direct result of the physician shortage, the majority of physicians surveyed said they have experienced overwork or burnout (67% of physicians) and diminished job satisfaction (60%). One in four physicians reported they have experienced anxiety or depression (27%).

Read Doximity’s 2024 Physician Compensation Report.

About Doximity

Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523369859/en/

For media:

Amanda Cox

pr@doximity.com

For investors:

Perry Gold

ir@doximity.com

Source: Doximity