Best and worst states for physicians to practice, according to the 2017 WalletHub Study
Al Saint Jacques, MDLinx
Source: Website, click here
In honor of National Doctor’s Day, WalletHub, the personal-finance website, released its report on 2017’s Best & Worst States for Doctors. Analysts at WalletHub compared the 50 states and the District of Columbia regarding 14 key metrics to identify the best states for physicians in all specialties. The data collected ranged from average annual physician wages to hospitals per capita to quality of the public hospital system.
To identify the best states for physicians to practice in, WalletHub’s analysts compared the 50 states and the District of Columbia using two key dimensions, including “Opportunity and Competition” and “Medical Environment.”
The analysts evaluated these dimensions using 14 relevant metrics, which are listed in the study with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for practicing physicians.
They also calculated the overall score for each state and the District of Columbia based on the weighted average across all metrics and used the resulting scores to construct the final ranking.
Best vs Worst: Here are a few of the notable survey results:
- Nebraska has the highest average annual wage for surgeons (adjusted for cost of living) of $307,590, which is 2.5 times higher than in the District of Columbia, which has the lowest average annual wage at $121,139.
- Idaho has the lowest number of physicians per 1,000 residents, 0.72, which is 10 times lower than in the District of Columbia, registering the highest at 7.23.
- Florida has the highest projected share of the population aged 65 and older by 2030, 27.1%, which is 2.1 times higher than in Utah, registering the lowest at 13.2%.
- South Carolina has the lowest number of serious disciplinary actions taken by the state medical board per 1,000 physicians, 1.33, which is 5.1 times lower than in Wyoming, registering the highest at 6.79.
- North Dakota has the lowest amount of malpractice award payouts per capita, $1.03, which is 35.1 times lower than in New York, registering the highest at $36.15.
- Wisconsin has the lowest annual malpractice liability insurance rate, $6,699, which is 6.1 times lower than in New York, registering the highest at $40,826.
To view the full report and your state or the District’s rank, please visit the WalletHub by clicking here.