Amid labor shortages, consolidation and increased demand for healthcare services, physician employment is a complex environment.
Here are five numbers shaping the physician workforce right now:
2.3 million: The number of patients receiving care under value-based models, according to a 2023 report from insurance provider Humana. Value-based care is growing in popularity as more physicians attempt to shift away from fee-for-service models, which still reign supreme.
2.8%: The proposed conversion factor reduction in CMS' 2025 Medicare Physician Fee Schedule.
77%: The share of physicians employed by hospitals, health systems or corporate entities, according to an Avalere study sponsored by Physicians Advocacy Institute
86,000: The projected physician shortage by 2036. The Association of American Medical Colleges reported 40%of active physicians in the U.S. will be over 65 in the next 10 years. by.
Five –– Number of physician unions that have formed 2024. Unionization and labor movements in the medical field can be tracked using Cornell University's Labor Action Tracker.