The salary of a doctor, midwife, or midwife-in-training is set to increase to $10.9 million over the next three years, according to a new report by the International Finance Corporation.
The average doctor, nurse, midwives, or a midwife is currently earning $12,000, according the International Federation of Midwives (IFMG).
Doctors with specialties earning more than $10 million annually are likely to earn even more in the future.
The IFC report is expected to raise the average doctor’s pay by $3,200 to $13,000 over the course of a four-year contract.
The report, published Monday, also shows that medical school graduates are likely paying more for healthcare in the coming years.
The report found that the median salary for graduates is $22,000 per year, compared to $19,600 for students who earned their undergraduate degrees.
In comparison, the median income for doctors in the U.S. is $66,800 per year.
As the number of new doctors are expected to rise from around 5.5 million to 8.3 million this year, the IFC estimates that the average salaries will increase by $1,600 to $3.9.
If the average salary increases by 1 percent over the three-year period, the average medical school graduate will earn $26,300, compared with $26.5K in the US.
Meanwhile, the report notes that the majority of the growth in salaries will come from the top 10 percent of earners.
“The growth in the salary distribution between physicians and graduates will be driven by increasing the share of physicians at the top of the pay scale, as this group will be the most heavily compensated,” said Dr. Mark McDaniel, president of the IFPG.
“The remaining two-thirds of the earnings will come largely from the middle class, and this middle class is likely to see its pay increase as doctors become more and more valuable.”
According to the report, the number one reason for the pay gap between doctors and graduates is “the increased risk of physician mortality and medical errors.”
The report also noted that “increased productivity and quality of care and better management of patient care” are two other factors that contribute to the wage gap.
Dr. Mark McClellan, the president of IFMG, said that the report “provides clear insight into the changing pay structure in the United States and demonstrates that physicians are paid fairly for their work, regardless of their specialty.”
The IFC study is expected in the next few weeks.