Physician Industry PDF Fall 2024

ECON 215: Health Economics Physician Industry Marcelo Torres-Gonzalez Fall 2024 Department of Economics University of Illinois at Chicago Descriptive Statistics Structure of the physician services Number of physicians in US Large nominal increases in physicians...

ECON 215: Health Economics Physician Industry Marcelo Torres-Gonzalez Fall 2024 Department of Economics University of Illinois at Chicago Descriptive Statistics Structure of the physician services Number of physicians in US Large nominal increases in physicians 1975 353,742 2022 (January) 1,061,141 Increase outpaced population increase 1970 1 physician for every 747 people 2022 1 physician for every 313 people  Steady growth in Physicians during past several decades First year medical school enrollment increased from 2002-2017 29% for MD granting institutions 163% for DO-granting schools From 2002 to 2019, the Liaison Committee on Medical Education (LCME), which accredits MD-granting schools, has reported an increase in the number of fully, provisionally or preliminarily accredited medical schools in the United States from 125 to 153 (22% increase) from 2002 to 2019, the American Osteopathic Association’s Commission on Osteopathic College Accreditation (COCA), which accredits DO-granting schools, reported an increase in the number of accredited DO-granting schools from 20 to 38 (90% increase) Characteristics of Physicians, 2018 Degree MD 90.6% DO 9.1% Unknown 0.3% Location of Medical School US and Canada 76% IMG 22.6% Unknown 1.4% Demographic trends Gender Between 2010 and 2018 Licensed Female Physicians increased by 37% Licensed male Physicians increased by 8% Females 35% of licensed physicians in 2018 (males 65%) Females only 30% of licensed physicians in 2010 (males 70%) Females only 7.6% of licensed physicians in 1970 (males 92.4%) Age Physicians are getting older on average AVG age of physician in US 1971 44.8 years old 2010 50.7 years old 2018 51.5 years old Number of practicing physicians aged 70+ 2010 76,000 2018 106,000