Image credit: www.physicianonfire.com

This is Why We Need The SimpliMD Community

As I read with great interest this insightful survey from Physicianonfire, I couldn't help but notice that each of the primary reasons for change in your professional life aligns perfectly with the purpose of our SimpliMD physician community.

Once you start to understand how a professional micro-corporation helps safeguard your professional and personal autonomy, you'll realize why it's crucial to begin your micro-business as the foundational step for a successful professional change that will lead to your flourishing.

This is why I am incredibly passionate about disseminating this information to residents during their training. It empowers them to take control of their future and launch themselves on the most solid professional foundation imaginable.

I enthusiastically invite you to join my upcoming webinar, scheduled for one week from today. In this webinar, titled "Are You Ready To Control Your Future?", I will delve into the concept of holding onto control of your life. It's all about incorporating yourself and taking charge. I encourage you to join us to learn more about this empowering topic.

In the meantime, let me rehash the blog post from Physicianonfire and interject my SimpliMD insights along the way.

Top 5 Reasons Why Physicians are Leaving their Jobs in 2023: Based on a Survey of 1,639 Doctors

In an ever-evolving healthcare environment, many physicians face challenges that prompt them to reconsider their job roles. To uncover the truth, Physicianonfire surveyed a private group of verified physicians in August 2023.

This survey aimed to uncover why physicians felt compelled to leave or change a job in 2023. Based on a survey of 1,639 physicians’ responses, we’ve compiled the top 5 reasons physicians are leaving their job positions.

While some of these findings are well documented, we wanted to understand how to work with the system to articulate the change we need, specifically around physician concerns for improved management and corporate relations.

1. The Unrelenting Tide of Burnout

Based on our survey of 1,639 physicians, 59% of physicians quit their jobs due to feeling burned out.

Other independent research paints a similar picture, with about half of all American doctors acknowledging symptoms associated with burnout.

A revealing AMA survey highlighted that 56% of doctors under the age of 35 are unhappy with the current medical system. That said, it’s important to highlight that 83% of that group state they are committed to their jobs. Not only are physicians committed, but many are dedicated to seeking ways to improve medical care throughout the remaining years of their professions.

Still, burnout among physicians continues to rise among physicians of all ages. What is causing doctors to burn out?

The survey found that burnout can be attributed to 4 key reasons, including:

• Not feeling valued at work

• Cultural or management concerns

• Lack of support for their well-being

• Work-life balance does not match their needs

• Long working hours

Overwhelmed by Administrative Tasks

Physicians have expressed concern over the increasing administrative overhead since the rise of electronic health records (EHRs). Approximately one-third of doctors have indicated that they dedicate over 20 hours weekly to administrative duties. In other studies, physicians reported that they only spend 27% of their time with patients.

Though EHRs were designed to simplify data documentation and sharing, the reality has proven otherwise. For many doctors, paperwork stands as their primary grievance. A poll from Medical Economics showed that administrative overload, precisely paperwork, was the predominant reason for feelings of burnout among 31% of physicians.

These administrative tasks have resulted in physicians spending less time with their patients and more time completing administrative tasks.

An AMA found that physicians can spend up to two hours in the EHR for every hour they spend with a patient. Much of the frustration with physicians is that EHRs could be more user-friendly and are required to input excessive data, most of which is to support billing and not necessarily related to patient care.

Physician Support

Trust between physicians and administrators has frayed considerably. Doctors often can and do feel a complete lack of support from administrators who enforce rules without ever talking to the medical professionals on the front line.

Administrators rely on opinion surveys to determine how effective a physician is with a patient. As such, physicians don’t feel valued for their hard work and successful patients.

Excessive Working Hours

Most physicians can manage long working hours in the short term, but issues arise when excessive working hours become the norm in their working experience.

In a 2022 Medscape report, 34% of physicians attributed burnout to long working hours, and 39% reported that a more manageable work schedule would alleviate the feeling of burnout.

They also found that nearly half of physicians work more than 60 hours per week, significantly more than the standard 40 hours per week that most people work. Other studies indicate that 25% of physicians clock in between 61 and 80 hours weekly. This did not include any additional work that physicians performed online or at home for patient care.

There’s an emerging phenomenon called “Pajama time.” This refers to physicians’ additional hours at home catching up on paperwork. A staggering 50% of physicians, as per a Washington Post report, found themselves logging into their facility’s EHR outside of regular hours to complete patient documentation.  Such moments erode the very essence of work-life balance.

The aspiration for a harmonious work-life balance isn’t new, but its significance has escalated dramatically. From 2018 to 2022, the percentage of doctors who emphasized this balance as a prime factor when choosing a job increased from 63% to an astonishing 85%.

Statistics Highlighting the Disconnect

When delving into the core reasons behind dissatisfaction with administrative responses, especially during challenging times like the pandemic, physicians indicated:

• Poor leadership: 42%

• Inadequate employer support: 34%

• Insufficient staffing: 27%

It’s worth noting that the stresses between physicians and their administration aren’t standalone issues. These internal conflicts ripple effect, influencing patient care and the broader healthcare environment. As administrators and physicians juggle differing priorities, the bond between doctors and their patients is inadvertently affected.

SimpliMD Response

In the end, traditional employment equals control over you. While there may be some employment benefits, they are not worth the nearly 60% burnout rate.

You should consider Employment Lite through your professional micro-corporation as an apples-to-apples alternative to traditional employment. You can download my free e-book “Employment Lite is Best” and learn more about this great option for doctors here.

Or you can download my free e-book on “Why Every Employed Physician Should Form Their Own Micro-Corporation”

2. Physician Moral Injury

In a survey of 1,639 physicians, we found that 16% left their jobs due to moral injury and lack of autonomy.

The survey’s most common reasons for moral injury included.

• Widespread corporate violations

• Lack of autonomy

• Insurance companies dictating care patterns.

But what is moral injury?

Moral injury occurs when a physician must consider other factors when determining a patient’s treatment rather than just their well-being.

In today’s healthcare landscape, which is becoming increasingly profit-centric and business-driven, physicians often find themselves weighing numerous factors beyond their patients’ well-being when determining the most appropriate treatment.

Doctors increasingly feel that the corporate administration’s focus leans more toward financial gains than genuine patient care. Physicians are often pressured to be more efficient and see more patients daily, making it difficult to serve patients well. Medical facilities are also often understaffed, which exacerbates the issue.

Balancing ethical principles in the face of such deeply conflicting motivations can be emotionally and morally draining.

What is causing physicians moral injury?

Lack of Autonomy at Work

Autonomy means self-governance or independence—something many physicians do not experience today. Many doctors do not feel like the captains of their ship. The ship is owned by bureaucrats, insurance companies, and hospital administrators.

The Federation of State Medical Boards (FSMB) summarized it best:

“There is worry among some professionals, in medicine and other health care fields, that an expectation for rigid adherence to guidelines will replace what was formerly considered the more elegant, artistic and satisfying aspects of medical practice.”

Instead of being free to distribute their clinical hours based on patient needs, healthcare professionals consistently face pressure to boost their productivity.

Every medical test and treatment they request is scrutinized and only moves forward if administrators and insurance companies first approve.

In other words, physicians are not just thinking about patient care but also the bottom line.

SimpliMD Response

You need to be empowered to preserve your professional autonomy! Many of you have simply forgotten that you possess this power. I recommend you purchase my best-selling book “Doctor Incorporate: Stop The Insanity of Traditional Employment and Preserve Your Professional Autonomy” where I explain exactly how to do this. Don’t wait, get it now—it could change your life!

You can break free from the moral tension of working for someone else by beginning your self-employment journey through starting your own micro-corporation. The time is now for doing this!

3. The Cost of Living / Inflation Concerns

We found that approximately 9% of physicians quit their last job due to cost of living or inflation concerns.

This shouldn’t surprise anyone living in the United States, with inflation rising faster than in decades.

From 2015-2022, the annual inflation rate did not surpass 2.5%, but in 2022, the annual inflation rate reached 8%. While inflation has decreased in 2023, as of August 2023, the average inflation rate was still above 4%.

Another standard measure of cost of living and inflation is the Social Security cost-of-living adjustment (COLA). In 2023, the COLA was 8.7%, the highest adjustment in over 40 years.

People are moving and seeking a lower cost of living due to inflation, and it’s not just physicians.

A study of people moving in 2021 found that approximately 7% attributed it to cost of living concerns.

This is exacerbated by the significant disparity in the cost of living between different states.

Another reason physicians might be seeking a lower cost of living is that a higher cost of living does not always equate to higher physician salaries.

For example, a study conducted by Doximity on physician salaries found that the top 10 metro areas with the lowest compensation adjusted for cost of living were all located on the west or east coast. In contrast, those with the highest compensation adjusted for cost of living were located in the Midwest, Southwest, or Southeast.

In a separate study, they also found that the higher compensation cities tend to be mid-sized cities closer to rural areas.

Physicians are leveraging the location of where they work to find jobs that give them a higher purchasing power. This means that physicians can move to areas with a lower living cost while not experiencing a drop in compensation and even potentially higher compensation than before.

SimpliMD Response

Surveys consistently demonstrate that self-employed doctors earn more than traditionally employed doctors year after year. In my free e-book “4 Strategies For How Employed Doctors Can Retain More Of Their Income” I explain how this is possible via an employment lite structure.

The key idea here is to work smarter, not harder, in order to increase your household income. A micro-corporation can assist you in achieving this goal.

As I explain in another free-ebook for you to download "You Don’t Have To Choose Traditional Employment”. Never forget that you are a professional and, as such, have earned the power to explore job options beyond the confines of the traditional employment system.

4. Corporate Advancement / Benefits

5% of respondents stated that their primary reason for leaving their job was for corporate advancement or because they were looking to improve their benefits.

Like many other professions, physicians often leave their current jobs for better positions or help them advance their careers. The first thing that comes to most people’s mind is choosing a position that gives you more responsibility and, ideally, a higher salary.

However, there are other forms of corporate advancement that physicians might leave their jobs. Career advancement can include leaving a job for a more challenging or rewarding position.

Likewise, this can also be a position that offers more opportunities for growth or a more direct path to a promotion.

Like many professions, physicians also commonly leave their jobs in search of better benefits.

Benefits can include a wide variety of aspects, including:

• Paid Time Off

• Sick leave

• Retirement accounts/contribution matching

• Medical insurance

• Disability insurance

• Liability coverage

• Student Loan Repayment

• Catastrophic insurance coverage

• Prepaid legal services

• Wellness programs

• Relocation benefits

• Sabbatical

Physicians might choose a new position because it offers a more extensive benefits package, resulting in a higher compensation package. For example, physicians might quit their jobs for a position that provides more PTO and a student loan repayment program.

SimpliMD Response

OOne of the greatest features of being self-employed within your own micro-corporation is the ability to personalize and craft your benefit plan to meet the needs of you and your family. Having control and autonomy is a wonderful feeling that inevitably makes self-employed doctors happier. In the end, you are only paying for what you need.

The availability of larger retirement plan options is just one example of how micro-business owners can do so much more than traditionally employed doctors. They have the ability to contribute up to 4 times more in tax-advantaged retirement funding.

The easy place to start to become a SimpliMD member and start learning what our community members already know—self-employment through your micro-corporation is best! I explain it all in my free e-book “7 Business Hacks For The Modern Physician”

5. Family Concerns

Based on our survey, 5% of physicians left their jobs due to family concerns. For physicians, family concerns caused them to leave their current jobs for three reasons.

1. Not enough opportunities for spouses and children

2. Not enough time for spouse and children

3. Desire to be closer to family members

Family is an important aspect of most physicians’ lives. A survey conducted by Medscape found that 85% of male physicians and 72% of female physicians are married.

Most physicians are married or have children, so it is essential to ensure their work environment and area are well-suited for their families and their families’ lives.

 SimpliMD Response

Self-employed doctors who own a micro-corporation have a greater ability to structure their work around their family's needs. Additionally, they have the unique opportunity to hire and work with their spouse and children in their small business. Having control over your schedule and the ability to maximize your household cash flow through your family members can make most doctors happier and more satisfied with both their professional and personal lives. It will enable you to once again dream about a beautiful future alongside your family. My free guide “Dare To Dream” will help you walk through that process with your significant other.

Join Our Community Now

Lastly, many doctors just don’t know that they have options! If you know a physician who is undergoing a job change, please extend an invitation to join our community and discover the power of professional micro-corporations as the essential foundation for living their best life. You can send them an invitation using this link.

Tod