- The median cost of a medical education in the United States is around $268,000. This includes undergraduate studies, medical school, and residency, which typically spans around 10 years.
- Physicians often have to defer their earnings for nearly 10 years while undergoing training, missing out on earning potential, compound interest, and savings during this time.
- Average physician compensation declined by nearly 2.4% in 2022 according to a recent report. Most specialties experienced stagnant pay, with only a few receiving adjustments for cost-of-living and inflation.
- Various factors contribute to physician attrition, including increased emphasis on metrics, lack of leadership support, and evolving compensation models. These factors lead to significant costs for healthcare institutions, with estimates suggesting up to $1 million per departure to replace a physician.
Physician Compensation Continues To Decline, Despite A Dire Shortage (Forbes)
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