Does this not scream out for physician strategic planning?

A third (34 percent) of physicians plan to leave medicine within the next 10 years, according to a report from staffing company Jackson Healthcare. The "2012 Medical Practice & Attitude Report," based on several surveys of U.S. physicians conducted throughout the year, illustrates how physicians are being squeezed on multiple fronts like never before.

According to a survey of more than 2,000 doctors conducted in the spring of 2012, 57 percent of oncologists and hematologists said they will retire by 2022, as well as 49 percent of general surgeons, 49 percent of ear, nose and throat specialists, 45 percent of cardiologists and 42 percent of urologists. Moreover, out of the more than half (56 percent) of respondents currently working in private practice, 6 percent said they planned to leave by year's end. Driven mostly by high overhead and reimbursement cuts, these doctors will seek respite by becoming hospital employees, seeking work as locum tenens or moving to nonclinical teaching or administrative positions.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.