Physician pay has lagged far behind inflation while costs to run a practice keep rising, creating a silent crisis in access to care. Medicare and private insurer cuts, growing physician burnout, and an aging population are driving a worsening doctor shortage that will mean longer waits, rushed visits, and fewer choices for patients unless payment, training, and burnout are addressed now.​

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Key Takeaways

1. Medicare has increased physician pay only about 11% from 2001–2021 while practice costs rose ~39% and overall inflation ~51%.​

2. Hospitals and skilled nursing facilities have seen 60%+ Medicare payment increases over the same period, widening the gap for doctors.​

3. To stay open, many practices see more patients in less time, cut staff, consolidate, or stop taking Medicare/low-paying plans.​

4. The U.S. may face a shortage of up to 86,000 physicians by 2036, especially in primary care, psychiatry, and neurology.​

5. Policy changes aligning physician payments with inflation, expanding training slots, easing debt, and reducing administrative burden are critical to protect access and quality.