Doctors Disability Insurance: Doctors Leaving Private Practice
Amidst the confusion of healthcare reforms, there has been a decided change in the makeup of the physician workforce. There has been an exodus of physicians leaving private practice for the security of a steady paycheck. This post is brought to you by Doctors Disability blog.
For some doctors, it has become preferable to sell a practice and become a hospital employee. According to a survey released by a recruiting firm, hospital employment was the most popular practice setting.
Over the past decade, the number of independent U.S. physicians dropped dramatically from 57% to 39% in 2012. Many physicians are leaving their own practices and opting for employment instead. Eighty-seven percent cited business expenses. Others cited concerns over the prevalence of managed care, EHR requirements, and maintaining and managing staff.
Physicians who choose employment over independent practice cite several benefits for doing so. They spend less administrative time managing insurance, patient loads are cut by 50 percent, and they can potentially lower malpractice costs as more time is spent with fewer patients. Many older doctors are leaving independent practice as a way to ease into retirement- they can work less hours without the responsibility and cost of managing their own practice.
Related: A Physicians Guide on How to Retire
Physicians who remain independent have to find ways to lower their cost structure or improve revenue. Some are opting to change their business models within their practice. According to the Accenture Physicians Alignment Survey, one in three independent physicians will aim for higher yields by adopting subscription-based care models.
Whether you are looking for a stable paycheck or looking to retire, invest in income protection. Speak to a professional doctors disability specialist about your options by visiting us at www.doctordisability.com/contact-us or by calling 866-899-7318