As a record number of physicians near retirement age, our white paper Preparing for the Wave of Physician Retirements Survey Results reveals disconnects that reinforce the need to plan.
1: Retirement Conversation: Who Initiates and How Much Notice is Enough?
Good News: Both administrators and physicians believe it is the physician’s responsibility to bring up his or her retirement plans.
Disconnect: Physicians find notice of 6 months is enough. Administrators prefer 1-3 years.
Takeaway: Initiate retirement conversations by the time physicians are age 55. Establish regular check-ins to ensure adequate time to plan for physicians’ retirements.
2: Driving Forces: What are the Factors Leading Physicians to Want to Retire?
Administrators and physicians have very different ideas about the primary catalyst for retirement.
Half of the administrators believe it’s age, but this was not among the top three reasons physicians reported.
24% of physicians say burnout is the main reason for initiating retirement.
23% of physicians stated lifestyle was the most important factor behind their decision to retire.
22% of physicians listed achieving financial stability as a driving factor in leaving medicine.
Takeaway: During retirement conversations, determine the motivations of physicians considering retirement and identify adjustments that could promote retention.
3: Physician Retirement Plans: Full Stop or Fizzle Out?
Administrators are more likely to believe that when retiring physicians leave, they leave medicine for good.
12% of physicians indicated they plan to go straight from working full-time to retirement.
58% of physicians would delay full retirement if offered part-time status.
52% of physicians would delay full retirement if offered flexible schedules.
Takeaway: Since only one in ten physicians plan to leave medicine completely, there is a great opportunity to keep physicians working longer by addressing their schedule preferences.
Download our White Paper: Preparing for the Wave of Physician Retirements Survey Results. If you need help preparing for a physician’s retirement at your healthcare organization, reach out to Jackson Physician Search today.