Physician Disability: Some Choose to Leave Profession
Physician disability insurance is intended to protect you in the event that you can no longer physically or mentally able to meet the demands of your practice. But according to a new study, some physicians are choosing to leave.
We’ve talked about the looming physician shortage in our previous blog post- this study only aggregates that. According to Modern Medicine, 34% of current physicians polled by a national healthcare staffing company said they will leave the profession within 10 years.
The survey polled more than 2,000 doctors to measure practice trends and attitudes. Family practitioners, general surgeons, emergency medicine physicians, and obstetricians/gynecologists were the occupations most likely to give up medicine.
More than half cited economic reasons and healthcare reform as the main reasons for leaving. Other factors included physician burnout, a career change, and retirement.
This predicted exodus only aggregates the physician shortage problem. With the Supreme Court’s Approval of the (ACA) Affordable Care Act, millions more Americans will enter into our health system.
Physicians will face increasingly difficult demands as our healthcare system enacts the ACA’s changes, and continues to evolve. More patients will require medical attention than ever before. As baby boomers continue to retire, a large aging population of patients with increasingly major healthcare problems will also tax our medical system. Physicians need to protect themselves and their livelihood as well with physician disability insurance.
Physician disability insurance can cover you where workers comp and federal disability payments can’t. In the case that a disability stops your paycheck, you want to make sure you and your family doesn’t face financial hardship. Take a look at our website today to explain the likelihood of disability, financial risks, and what disability income insurance covers.
Physician disability insurance covers the tracks that workers comp doesn’t cover. It is designed to replace a significant portion of income lost when illness or injury prevents the policyholder from earning a living. If you have a family to take care of, or medical school loans, being unable to work could be a significant financial hardship.