The “2024 Physician Compensation Report,” highlights a critical issue: the U.S. is facing a significant physician shortage. According to the Association of American Medical Colleges (AAMC), there is a projected physician shortage of up to 86,000 physicians by 2036. Previous AAMC predictions had originally forecasted a physician shortage of up to 124,000 physicians by 2034. While there have been slight improvements, it is still a big problem for patient access.  

Earlier this year, Doximity surveyed over 1,100 physicians to evaluate the impact of the shortage. Of those surveyed, 88 percent said their clinical practice has been affected, with 74 percent describing the impact as “moderate” or “severe.” Overwork and burnout were reported by 67 percent, and many physicians are experiencing reduced job satisfaction. Not included in this survey are physicians experiencing burnout or leaving medicine due to lack of appropriate Medicare reimbursement.  

Patients are feeling the impact of the shortage nationwide. Physicians reported longer wait times (87 percent), reduced access to care (75 percent), and worse health outcomes (42 percent) due to the shortage. This issue is exacerbated by the growing and aging U.S. population, which will demand more healthcare services over time.  

There are a myriad of reasons behind the physician shortage. One key reason which was not examined in this survey, is Medicare reimbursement. From 2001 to 2021, Medicare physician reimbursement rates declined by 20 percent and since 2001, Medicare physician reimbursement rates have not been adjusted for inflation. Lack of appropriate reimbursement makes it increasingly difficult for physicians to meet their financial bottom-line, which contributes to physicians needing to see more patients daily. The impact is a trickle-down effect that starts with a lack of appropriate reimbursement and ultimately results in consequences for access to care and the quality of care patients receive.