COVID’s Effect on the Physician Job Market

Doctor putting on PPE

Almost a quarter of healthcare clinicians were professionally affected at some point in 2020 due to the pandemic, according to a survey. Of those respondents, approximately 75% were working again by late fall, through their former employer, a new employer or through locum tenens work. Physicians working in specialty fields found themselves suddenly without patients, especially in areas providing elective procedures or preventive medicine. The good news is now that much of the country is at least partially vaccinated, patients are feeling comfortable to reschedule missed appointments, but the bad news is many have experienced worsened health from missing necessary preventive appointments. 

A 2020 survey of patients found that since the start of the COVID-19 pandemic, almost half (44%) said they stopped going to preventive care visits in-person. However, right before vaccinations began, a quarter stated they stopped during the pandemic but are now returning to routine appointments. That number is increasing even more as the U.S. becomes more vaccinated. 

According to the federal bureau of labor statistics January 2021 report, healthcare added 39,000 jobs in December, and that number is expected to keep rising. Now that healthcare organizations are hiring again and patients are returning to delayed appointments or procedures, the job industry for physicians looks positive.

If you are looking at changing your employement as a physician and need assitance in your transition, check out Panacea Financial’s PRN Personal Loan!

Michael Jerkins, MD MEd is the President and Co-Founder of Panacea Financial and is also a practicing physician. He has lectured locally and nationally on physician personal finance, and has been published on student debt associated with medical education.

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