20 Highest Paying Countries for Doctors
In this article, we will look at the 20 highest-paying countries for doctors. We have also discussed the global healthcare market and key players. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Doctors.
The Global Healthcare Market and Key Players
The global healthcare services market reached nearly $8 trillion in 2023, growing at a 6.3% CAGR from 2022. The market is projected to reach close to $10 trillion by 2027, with a 5.3% CAGR.
HCA Healthcare Inc (NYSE:HCA), one of the key players in US healthcare, has responded proactively to the growing physician shortage in the United States. They welcomed 2,006 new residents and fellows to their Graduate Medical Education (GME) program in 2023. This initiative is crucial as estimates project a huge national shortage, potentially ranging from 37,800 to 124,000 physicians by 2034. HCA Healthcare Inc (NYSE:HCA)’s investment in medical education is an important step towards mitigating this crisis. It is worth highlighting that HCA Healthcare owns some of the best for-profit hospitals in the US.
In addition to addressing the physician shortage, HCA Healthcare Inc (NYSE:HCA) has engaged in strategic deals and collaborations in the healthcare market. Notably, despite regulatory hurdles, they sold three Louisiana hospitals for $150 million and explored mergers with organizations like Catholic Medical Center in New Hampshire and the acquisition of Wise Health System in Texas.
According to Glassdoor, the estimated salary for a Physician at HCA Healthcare Inc (NYSE:HCA) is $214,652 per year.
On the other hand, another key player, Community Health Systems Inc (NYSE:CYH), has committed itself to its workforce through initiatives like the Pathways Program, which paid $6.5 million in student loan payments for over 2,500 employees and covered $1.1 million in healthcare license fees. The company's investments in 2022, totaling $475 million, improved healthcare accessibility.
Owing to the rise of telemedicine, Community Health Systems Inc (NYSE:CYH) has improved patient outcomes by implementing a remote patient monitoring (RPM) program to manage chronic diseases. It is worth mentioning that the results have been impressive, with over 60 clinics, 120 participating providers, and more than 3,000 actively enrolled patients. Patient engagement has increased, with over 80% of patients using Cadence devices frequently. Furthermore, the program has led to a 14% reduction in the total cost of care, with the potential for huge growth in RPM usage.
Community Health Systems Inc (NYSE:CYH) is also one of the 10 Best Value Penny Stocks To Buy.
Why Are Doctors Paid So Much in the United States?
In 2018, a study identified a huge disparity in physician salaries between the United States and other OECD countries. Generalist physicians in the US earned an average of $218,713, compared to an OECD average of $133,723, while specialists in the US earned an average of $316,000, significantly higher than the OECD average of $182,657. This wage gap is, in part, attributed to the higher earning potential of educated professionals in the US, such as those in business, law, and education. To attract highly educated workers, healthcare jobs must offer competitive salaries. Moreover, both the US and Canada impose lengthy educational requirements for entry into the medical profession, contributing to higher costs and reduced doctor supply compared to other OECD countries.
The cost of medical education in North America also involves eight years of education before receiving a medical degree, followed by a residency period. The additional years and associated expenses have raised the barrier to entry into the medical field. Medical schools' non-profit status has limited their growth and efficiency, resulting in limited spots for aspiring doctors.
Burn Out Rates Amongst Doctors
However, despite the high wages, one of the most common trends related to doctors in the US is the issue of physician burnout in the United States. The burnout has reached alarming levels, with a large increase from 38% to 63% of physicians experiencing at least one burnout symptom between 2020 and 2022. This increase is not solely attributable to the pandemic, which undoubtedly exacerbated the problem.
The root cause, however, seems to be the growing invisibility of physicians within the healthcare system due to factors like corporate consolidation. Large, corporate-owned healthcare entities have transformed doctors from practice owners into employees, diminishing their sense of agency and importance.
A doctor reading the results of a Phase 2 clinical trial of treatments for cancer, infectious diseases and autoimmune and inflammatory diseases. Editorial photo for a financial news article. 8k. --ar 16:9
Methodology
To list the highest-paying countries for doctors, we identified the countries with the highest demand or shortages for doctors and then made a list of 28 countries with the average salaries for physicians. Of those 28, the 20 with the highest average salaries were selected and have been ranked. We acquired the data for average physicians’ salaries for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of the highest-paying countries for doctors.
20. Sweden
Average Salary: $122,110
While Sweden is one of the highest paying countries for doctors, its healthcare budget for 2024 falls short of addressing the sector's needs, with €550 million ($583 million) added to address €2 billion ($2.12 billion) deficits across regions.
19. Italy
Average Salary: $142,067
Italy is facing severe healthcare staffing shortages and has thus signed a three-year deal to bring nearly 500 doctors from Cuba to the southern region of Calabria. Italy has historically had a low percentage of foreign-trained doctors than other developed countries.
18. Japan
Average Salary: $145,982
According to a survey, with responses from 19,879 doctors at 5,424 hospitals, about 20% of doctors in Japan work over 960 hours of overtime per year, which exceeds the 80-hour-per-month threshold for being at risk of death from overwork. It is worth mentioning that Japan is one of the most egalitarian countries in the world.
17. France
Average Salary: $147,747
In 2020, France faced a shortage of doctors, having only 33 doctors for every 10,000 people due to the limited number of medical school slots available. France is one of the countries with the highest salaries for doctors.
16. Singapore
Average Salary: $148,617
To become a doctor in Singapore, one must earn an MBBS degree. After that, the individual can choose between a specialist or non-specialist track. Following this, they will undergo house and medical officer training, enter a residency program, and may consider pursuing advanced specialty training in their chosen field.
15. Germany
Average Salary: $160,513
While Germany is one of the highest paying countries for doctors, thousands of physicians in Germany staged a nationwide strike in May 2023, demanding a 2.5% pay increase and retroactive compensation for high inflation. The strike was organized by Marburger Bund, representing nearly 60,000 doctors at municipal hospitals.
14. United Kingdom
Average Salary: $160,575
The UK maintains high medical standards with rigorous regulation by the General Medical Council. Two famous British doctors are Dr. Jane Elizabeth Dacre, a renowned rheumatologist and medical scholar known for her contributions to musculoskeletal diseases, and Dr. Ara Darzi, an academic surgeon and pioneer in minimally invasive surgery.
13. Netherlands
Average Salary: 163,727
The Netherlands has seen a 50% increase in general practitioners (GPs) over the past 10 years, with approximately 15,000 GPs in 2023. However, despite this growth, many Dutch GP surgeries have stopped accepting new patients due to high demand. The Netherlands is also one of the highest-paying countries for psychologists.
12. Norway
Average Salary: $169,708
Norway's healthcare is funded by taxes and offers universal coverage. General practitioners and specialists have different practice structures, with GPs primarily serving patients on a list. To practice in Norway, you must pass language and medical proficiency tests, followed by a course on Norwegian health services. Norway is one of the highest paying countries for nurses.
11. Belgium
Average Salary: $171,895
A survey by SPF Public Health reveals over 50% of GPs in Belgium are aged 55 or older, and 8% plan to retire soon, with Brussels having the highest rate of retiring GPs at 11%. Belgium faces a shortage of GPs and attempts to address the issue with measures like the New Deal for GPs. It is one of the best countries for doctors.
10. Ireland
Average Salary: $175,088
Nearly 20% of GP training places in Northern Ireland still need to be fulfilled as the new academic year approaches. The Department of Health funded 121 places, but only 99 junior doctors were accepted. The British Medical Association expressed concern about the future of general practice. The doctor shortage could worsen as older GPs retire. It is one of the highest-paying countries for doctors in 2023.
9. Canada
Average Salary: $182,619
Canada faces a severe shortage of doctors, with several million citizens needing a family physician or regular health clinic access. A study projected a shortage of 30,000 family doctors by the decade's end. To address this, Canada needs a surplus of doctors by increasing medical school graduates and residency positions and welcoming foreign-trained physicians.
8. New Zealand
Average Salary: $186,569
New Zealand needs more doctors due to underinvestment in healthcare infrastructure and medical professionals. The country heavily relies on foreign-trained doctors, with 42% of the workforce being international medical graduates (IMGs).
7. United Arab Emirates
Average Salary: $190,730
To apply for a doctor's job in the UAE, you must meet specific qualifications based on a tiered system that depends on your training and origin. Top-tier applicants hold qualifications like CCT, CCST, or American/Canadian Board Registration, making them eligible for immediate licensing. While GMC specialist registration and some UK Fellowships are counted in tier 1, priority is typically given to those with qualifications listed at the top tier.
6. Denmark
Average Salary: $193,627
Denmark has an exceptional healthcare model where GPs receive huge financial rewards and enjoy the utmost respect. The success of Denmark's healthcare system is attributed to the financial remuneration of GPs, single patient identifier numbers for comprehensive patient management, and structured funding contracts with the government. It is one of the highest-paying countries for doctors in Europe.
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Disclosure: None. 20 Highest Paying Countries for Doctors is originally published on Insider Monkey.
