It absolutely would. Source: live in a country which "democratized" access to medical schools and flooded the market with doctors. Consequences? Let's just say that the term "secondary effects" doesn't quite cover it.

This thread is talking about ERs so let's focus on that. Pay for a 12 hour shift has fallen by over 50% and that's without accounting for inflation. As a result, only heavily indebted and inexperienced doctors are manning the ERs now. These are critical life saving jobs that ought to attract the most experienced doctors but they turned into reassigned-to-Antartica tier jobs that only new or failed doctors put up with. Now factor in the substandard education provided by the hundreds of newly created medical schools which don't even have a hospital for students to practice in. The result is of course stupid and incompetent doctors manning ERs. I remember one guy who sent home a patient with textbook myocardial infarction symptoms without even ordering a routine EKG, obviously leading to the patient's death. Imagine being that dude's lawyer.

Depressing the wages of healthcare workers has fatal consequences. There's no reason at all to spend the best decade of one's life busting ass in medical school and residency if one is not gonna get rich off of it. You want your doctor to be the smartest, most studious, most hard working, most debt-free person you'll ever meet. You don't want to put your life and well-being in the hands of a stupid indebted doctor who graduated from a diploma mill.