Tips for new physicians when choosing a specialty
Important Tips for New Physicians Choosing a Specialty
According to a recent report from the Association of American Medical Colleges (AAMC), the supply of new physicians specializing in a specific field is growing rapidly. However, the good news is: so is the demand. In fact, research predicts that between now and 2034, we’ll see a shortage of specialists somewhere between 4,000 and 13,000.
So, what does that mean for you as a new physician? And what should you consider when determining if you should specialize in a particular area? Here are some key things to think about when choosing a specialty.
Which specialties are in demand
According to the AAMC report, the supply of surgeons will not change considerably over the next 15 years. In fact, there may be even fewer surgeons than originally predicted as more surgeons leave the field than go into it. And yet, the demand for surgeons continues to grow. It’s projected that by the year 2034, we’ll need over 30,000 more surgeons than we’ll have.
Other projected specialty shortages by 2034 include the following:
- Nonprimary care specialties (such as abdominal care, oncology, head and neck specialists, pediatrics and transplantation specialists)
- Medical specialties (such as neurology, dermatology and internal medicine)
- Other specialties (such as pathology, radiology or psychiatry)
There’s a growing demand for senior care
If you focus on caring for seniors, you can likely choose from numerous location and facility options in the future. According to the U.S. Census Bureau, by 2030, our nation’s baby boomers will all be older than 65, creating a population where one in five residents will be retirement age. And as our population ages, their risk for chronic disease increases. According to the Centers for Disease Control and Prevention (CDC), 80% of adults over 65 have at least one chronic condition.
An aging population means we’ll continue to need doctors specializing in senior care. According to an AAMC study, seniors currently account for 34% of the demand for physicians. But by 2034, they will account for 42% of that demand. From overall patient care to diagnostic and surgical subspecialties, it’s expected that the need for senior care will continue to grow.
And it’s not just patients who are getting older. Existing surgeons, physicians and other medical professionals are also aging. As they retire or leave the profession, the need for new specialists will also increase.
Highest-paying specialties
While we’d never recommend you choose a specialty based only on the money you could earn, we do understand that income is a consideration. Those student loans are real! So instead, we’ll point out the reality: all specialties pay fairly well compared to an average American’s income, and yes, some pay better than others.
If you’re struggling to decide between a few areas of passion, we understand that salary may be the deciding factor. According to Doximity’s fifth annual Physician Compensation Report, the top five highest-paid specialties are all surgeons, and the top ten all make over $500,000 per year. Here’s what the top ten specialists can expect to earn:
1. Neurosurgery – $773,201
2. Thoracic surgery – $684,663
3. Orthopedic surgery – $633,620
4. Plastic surgery – $556,698
5. Vascular surgery – $552,313
6. Oral and maxillofacial – $545,471
7. Radiation oncology – $544,313
8. Cardiology – $537,777
9. Urology – $514,922
10. Gastroenterology – $500,400
But even if none of these high-paying specialties “speak” to you, that’s okay. Choosing your specialty based on money alone (and not passion) may result in earlier burnout, especially given many patients’ increased expectations on doctor availability via text message or telehealth. So, if your passion is more in line with some of Doximity’s lowest-ranking specialties, consider your happiness and quality of life before ruling them out. Besides, even the lowest-paid specialties still make over $200,000 per year. The ten lowest-earning specialties include:
- Pediatric infectious disease – $210,844
- Pediatric rheumatology – $216,969
- Pediatric endocrinology – $220,385
- Pediatric hematology and oncology – $238,783
- Pediatric nephrology – $247,861
- Pediatrics – $251,657
- Medical genetics – $254,128
- Pediatric pulmonology – $263,106
- Medicine/pediatrics – $264,254
- Preventive medicine – $264,539
Regardless of what you choose, you will be in demand
Remember that you’re entering medicine during a time when many physicians are or have recently retired. Others are cutting back their hours due to the intense stress they experienced during the global pandemic. In fact, according to The Physicians Foundation’s 2021 Survey of America’s Physicians, 23% of physicians indicated that they’d like to retire during the next year and 61% reported regularly experiencing feelings of burnout.
But either way, the need for physicians will continue to grow. A 2021 report from AAMC predicts that by 2034, we’ll see an overall shortfall of physicians – we’ll likely need over 100,000 more physicians than will exist. So whatever field you choose as a specialty, or even if you decide to stick with general medicine, your knowledge and skills will be in demand for years to come.
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