COVID-19 is Reducing Physician Compensation and Job Options

July 29, 2020 by Christen Aldrich

Filed under COVID-19 for Employers, COVID-19 for the Workforce

Last modified July 30, 2020

According to a new report from Merritt Hawkins, the coronavirus pandemic has significantly altered the job market for physicians, leading to the temporary reduction of both starting salaries and practice options for doctors.

“Over our 33-year history, most physicians had little difficulty finding a job opportunity, with multiple offers to choose from,” said Travis Singleton, executive vice president with Merritt Hawkins/AMN Healthcare. “Today, we are seeing a growing number who are unemployed with a limited number of roles available. This is unprecedented. COVID-19 essentially flipped the physician job market in a matter of 60 days.”

In addition to job options drastically changing for physicians, their salaries are changing as well. Physician starting salaries are likely to decrease temporarily as a result of COVID-19, though it is difficult to project by how much. The way physicians are compensated is also likely to change, with physician bonuses increasingly tied to their use of telehealth and with more physician reimbursements based on monthly payments rather than on average daily patient or work volumes.

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