Geriatric Medicine in 2022

Dr. Calvin Hirsch

August 29, 2022

Geriatric medicine is growing in demand. However, the business model of the field is changing. These are some of the key changes affecting the practice of geriatric medicine. In addition, there will be more demand for geriatric physicians, and the pay for them will increase.

Changing business models for geriatrics

With the rapidly growing senior population and complex chronic diseases, there is a growing need for geriatric physicians. By 2025, the United States would require 33,200 full-time geriatricians. At the current rate of entry, this number could reach 26,980. Currently, more than half of all geriatric physicians work part-time. The District of Columbia has 47 geriatric doctors for every 100,000 people. In comparison, there are fewer than eight geriatricians for every 100,000 citizens in ten states.

The lack of geriatric physicians is a significant problem in our current health care system. However, there are solutions. One of these is to strengthen the interdisciplinary team of the geriatric physician. This will increase the availability of quality care while reducing health care costs. The interdisciplinary team will also improve patient safety and compliance with medications.

The growing population of elderly people will create an opportunity to serve them in the comfort of their own homes. Private companies are entering this sector to provide home care services to the elderly. For example, the Commonwealth Care Alliance, a non-profit organization in Boston, sends caregivers to 7,000 elderly people who need help several times a week with both medical needs and daily activities.

Governments are also playing an important role in improving the health of the elderly population. They offer reimbursement plans for the care of the elderly. As a result, the Asia-Pacific region is poised to be a leader in the geriatric care services market.

Increasing pay for geriatricians

While the field of geriatric medicine is experiencing a shortage of physicians, it is a rapidly growing specialty that will continue to demand more doctors. The need for geriatricians is expected to grow by more than five times by 2025. However, the number of graduate fellowship programs has not kept up with the increase in demand. In addition, the field of geriatric medicine still does not have the same prestige as other specialties.

Increasing pay for geriatric medicine is a good way to attract more young doctors into the field. Currently, it is one of the lowest paid specialties in medicine. In 2014, the median yearly salary of a private practice geriatrician was less than half that of a cardiologist. That means geriatricians would need to make more money in order to attract more doctors to the specialty.

The average salary for a physician specializing in geriatrics is between 165,100 USD and 182,800 USD per year. The salary range is based on experience and location. The higher your experience and educational background, the more likely you’ll earn a higher salary.

Boulder, Colorado, is the top-paying metro area for a geriatric physician. The next two cities are Cripple Creek and Greeley. These cities beat the national average by 17.5% and 16.9%, respectively.

Increasing demand for geriatricians

While the field is growing in popularity, geriatricians are largely under-represented in the medical workforce. There are fewer new medical school graduates in this specialty, and the pay is not as lucrative as in some other specialties. While a cardiologist can earn up to $1 million per year, a geriatrician makes between $240,000 and $300,000. Many students graduate with staggering debts and seek careers in more lucrative fields.

Regardless of their field, geriatricians play a critical role in the health care system. In addition to ensuring that elderly patients get the right treatment, these doctors often coordinate care with other medical specialists. They may also help diagnose other diseases and conditions. This is a growing problem that is getting worse, but there are ways to deal with it.

The increasing number of older adults will continue to increase the demand for geriatricians. Currently, there are fewer than 7,000 geriatricians in the United States, and the number of older adults is on the rise. According to the Institute of Medicine, the number of older adults is expected to double by 2030. This will require an additional 36,000 geriatricians in the United States.

According to the research, the demand for geriatricians is expected to grow at a 6.1% CAGR between 2017 and 2022. While geriatricians are one of the most popular specialties, their demand for medical services is growing faster than supply.