Merritt Hawkins Report

Nurse Practitioners Top List of Most Recruited Providers - Seite 2

With more than 10,000 Baby Boomers turning 65 every day, a growing number of older patients require the services of specialists to treat aging organ systems, bones and brains. Specialists, on average, are older than primary care doctors and many are on the verge of retirement, according to Florence, limiting supply. In addition, while NPs and PAs can perform many of the duties of primary care physicians, they cannot perform many of the complex procedures done by specialists. It is for these reasons that the Association of American Medical Colleges (AAMC), in its June 2021 report The Complexities of Physician Supply and Demand, projected a shortage of up to 48,000 primary care physicians by 2034, but an even greater shortage of more than 77,000 specialist physicians.

COVID-19 Suppressed Demand for Physicians

Merritt Hawkins’ report indicates that COVID-19 had a severely inhibiting effect on demand for physicians. The number of search engagements Merritt Hawkins conducted declined by 25% year-over-year, as many hospitals, medical groups, and other healthcare facilities shut down services and lost revenue. Nevertheless, the number of NP search engagements the firm conducted increased year-over-year, signaling strong demand for these providers.

The decrease in demand for doctors is likely to be temporary, Merritt Hawkins’ report indicates. The various underlying dynamics driving physician supply and demand remain in place, including a growing and aging population, a limited supply of newly trained physicians, and an aging physician workforce. COVID-19 will not permanently change these market conditions, and demand for physicians already is rebounding, according to Florence.

Starting Salaries Decrease

As a result of reduced demand, starting salaries tracked in the report decreased for many types of providers. Both NPs and PAs were an exception, however. The average starting salary for NPs as tracked in the report was $140,000, a 12% year-over-year increase, while the average starting salary for PAs was $128,000, a 14% increase. The highest average starting salary for physicians as tracked in the report was $611,000 for interventional cardiologists, while the lowest was $236,000 for pediatricians.