Dive Brief:
- WebMD has released its sixth annual Medscape Physician Compensation Report, which tracks the impacts of compensation on physician career satisfaction and considerations.
- This year's report highlights that despite widely reported burnout over increasing changes and challenges in the medical field, the majority of physicians (98%) continue to feel rewarded by treating patients. However, an increasing number of respondents would not go into medicine again if they had to go back and do it over.
- The report is based on responses from 19,000 physicians in 26 specialties. Compensation for most specialties went up since last year by 4 to 12%, except for the specialties of allergy/immunology and pulmonology, which saw compensation go down.
Dive Insight:
One of the most noted takeaways from the survey data was physicians on the lower end of the compensation spectrum were the most likely to say they would make the same career choice again, including 73% of family physicians and 71% of internists. Meanwhile, some of the highest paid specialists were the least likely to take the same path, including 47% of plastic surgeons and 49% of radiologists and orthopedists.
Another key finding suggests compensation isn't everything is that more physicians are choosing employment over private practice despite the typically lower compensation. It finds more women than men making this choice (72% vs. 59%), as well as more young physicians making this choice. The report notes that according to the American Medical Association, practice ownership dropped from 61% in 2007 to 53% in 2012.
Among the bright spots for physicians: 34% said patient relationships and 32% said being good at their job were rewardings aspects of the job. Others cited the rewards of research, educating students and residents, flexible schedules, and relationships with colleagues.
"Despite the pressures, doctors remain passionate about patient care," said Dr. Michael Smith, medical director and chief medical editor at WebMD.