Physician Pay, and Job Openings, Are Up

Cortney Ikpe

The need for physicians is on the rise across the country, even in major metropolitan areas such as Boston and San Francisco. A recent nationwide study by Doximity analyzed thousands of job advertisements and surveyed physicians about their compensation.

What they found helps answer one of the most common questions physicians have when job searching: “where are the jobs in major metropolitan areas?” The study cites an uptick in job postings in cities such as Boston (72% increase), Chicago (36% increase), and Denver (12% increase).

While this should be encouraging news to physicians searching major metros, keep in mind that only 20% of all physician openings are posted online. So, while online job postings may increase year-to-year, the large majority of jobs are found through other means such as direct contact with the programs and organizations you are interested in.

In fact, though major metro areas are the toughest to penetrate, it is typically possible to find a job in or near one with the right resources. This can be especially crucial for physicians who have a significant other or family in a specific area and need to find a way to practice nearby.

The study also lists metros where physicians saw a large increase in pay. These include San Francisco at a 16% increase, Indianapolis at 14%, New York at 8%, and Seattle at 7%. Specialties that are seeing a surge in demand include Geriatrics (164%), Urology (49%) and Oncology (45%), Hematology (39%) and OB-GYN (31%).

Economic Impact

It is no surprise that overall career prospects are looking better and better for physicians considering a recent report from the American Medical Association. The report found that an individual physician’s net revenue for a hospital averages $1.5 million per year. Some specialties and more productive physicians can push this number up to $2 million.

The report also estimates that physicians support 12.6 million jobs across the U.S., or 17.1 jobs each. Nationwide, physicians were estimated to create $2.3 trillion in direct and indirect economic output.

Physicians create this economic mainstay by admitting patients, ordering prescriptions and tests, and hiring staff, among several other things. In addition, most of physicians’ work activities are taxable, and local communities also enjoy these benefits.

Don’t Be Fooled

Because you are such an asset, recruiters and hiring organizations will ratchet up the pressure to get you to take a job. This is through direct pressure, such as calling you and making you feel like the jobs they have are the only opportunities available and you would be foolish to pass them up. Or they can also use more indirect methods, such as selling a job through a job board with flowery, nonspecific terms.

For example, if you have scrolled through any physician job board, you have probably seen something to the effect of “looking for *insert specialty* physician to join an established group in the beautiful rolling hills of the Midwest, minimal call, GREAT pay & benefits.”

If you see a job post like this, you are most likely wasting your time pursuing it any further. Third-party recruiters are notorious for these types of postings. Oftentimes the actual job is nowhere near where you were focusing your search and the pay has been purposely obscured because it is not actually that great.

A Trusted Partner

Both reports are very good signs for physicians. The best thing you can do with this knowledge is leverage it in your job search and feel confident about your job prospects. Especially if this is your first time job searching and you are aiming for one of the metros listed.

If you feel overwhelmed by the variety of options, or, want to take a closer look at certain areas of the U.S., Resolve can help. We offer the full spectrum of career services, including: CV and cover letter prep, contacting individual hiring managers, and contract negotiation.

We help physicians in every specialty and in every state, and have the know-how to get you into those more popular metro locations. Check out our reviews from past satisfied clients here or click below to speak with one of our representatives about how we can get you your dream job.