medical careers

1 In 4 Doctors Would Change Careers If They Could Start Over

Forbes article by Bruce Japsen

Even as doctors enter a medical field with more paying patients under the Affordable Care Act and unprecedented numbers of job opportunities, 25 percent of “newly trained physicians” would still choose another field if they could, according to a new analysis.

More than 60 percent of doctors-in-training who were in the final year of their medical residency last year received at least 50 job solicitations during their training, according to a survey by physician staffing firm MerrittHawkins. Another 46 percent received at least 100 job solicitations.

“There are simply not enough physicians coming out of training to fill all the available openings,” MerrittHawkins president Mark Smith said.

This comes amid a physician shortage, changing payment structures and new regulations and paying customers under the health law that are creating more opportunities yet anxiety among doctors as they enter this new order.

“The paramount thing on new doctors’ minds is: will I have a life,” said Phil Miller, vice president at MerrittHawkins, a division of AMN Healthcare (AHS). “They are running into a maelstrom and there are all sorts of changes taking place.”

Merritt executives say it shouldn’t be surprising that 25 percent would select another field of study if they had to start over with their education given the turbulent environment they face.

The 2015 survey of residents in their final year of medical residency, which tallied more than 1,200 responses last year from a sampling of 24,000, indicates young doctors are ready to enter a world of “9 to 5” employment rather than launching their own private practice. More than 90 percent said they preferred employment with a salary rather than an “independent practice income guarantee.”

The more predictable hours young doctors want comes after four years of medical school and three to five years of residency, often with long hours and an exhaustive schedule.

Here are some other survey highlights from residents in their final year:

  • 78 percent expect to make at least $176,000 in their first year of practice
  • 39 percent are unprepared to handle the business side of medicine
  • 2 percent preferred a solo setting as their first practice
  • 93 percent preferred to practice in communities of 50,000 or more people

Source:  forbes.com/

Posted by:  Steven Maimes, The Wealthy Doctor

Permalink:  http://wealthy-doctor.com/doctors-change-careers/

1 In 4 Doctors Would Change Careers If They Could Start Over - overview

Summary: Even as doctors enter a medical field with more paying patients under the Affordable Care Act and unprecedented numbers of job opportunities, 25 percent of “newly trained physicians” would still choose another field if they could, according to a new analysis.

Share this article:
Roland McMillan
Roland McMillan

Roland McMillan started his career as an intern at a well-known Wall Street money manager firm in the mid '70s. He has since worked as a money manager and a financial writer at a number of print/web publications. He has held Series 7, 24 and 63 securities licenses in the past.