Physician Industry Outlook
There are 834,768 physicians in the U.S. with 397,130 in primary care and 437,637 specialists. An American physician spends an average of 14 years training for the job: four years of college, four years of medical school, and residencies and fellowships that last between three and eight years. Demand for physician services is driven by population growth and demographics. The profitability of individual practices depends on the reputation and expertise of the physician and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment. Small practices compete effectively by providing specialized skills and good customer service. Physicians generally have several direct competitors in the immediate geographic area.
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