Get what you pay for.

This report (and handy slides) from the National Bureau of Economic Research demonstrates that one of the largest single impacts on physician salary comes from changes in government reimbursement. And while physician salaries comprise roughly one-fifth of US healthcare spending, several competing occupations pay comparably and thus “provide a natural lower bound for physician earnings,” meaning lowering healthcare costs by diminishing physician reimbursement will likely diminish physician quality. | Gottleib, NBER 2020