Is your organization expecting an incoming wave of physician retirements? A 2022 report from AAMC shows that nearly half of physicians were 55 or older in 2021. If this holds true for your organization, the next seven years will see two in five physicians reaching retirement age. Beyond age, rising physician burnout is also impacting the volume of retirements. In a 2023 Physician Retirement Study from Jackson Physician Search, one in four physicians said they expected burnout would be the primary force driving them to retire. Given the disproportionate number of physicians reaching retirement age and the prevalence of burnout leading even younger physicians to retire prematurely, it is imperative for your organization to start thinking about the impact of these departures.
If you want time to plan, it’s better to initiate retirement talks sooner rather than later and prepare for how to respond. In the aforementioned retirement research, we found that most physicians believe six months is enough notice to give an employer when retiring. In contrast, a majority of employers would prefer one to two years. Whether you decide to initiate the retirement conversation or wait for retiring physicians to come to you, there are several things you can offer to ease the transition for all parties involved. Keep reading to find out how you can support your physicians while easing the impact of retirements on your organization.
1. Open Communication
Establishing an environment that fosters open communication is beneficial for multiple reasons, but it becomes especially crucial if you want physicians to feel comfortable with transparent discussions about their retirement plans. Make two-way communication with management a priority and ensure supervisors regularly meet with physicians. This allows retirement conversations to start organically when physicians are just starting to think about retirement. Being involved in the process during this early stage allows the physician and the administrator to work together to create a plan that meets the physician’s needs and sets the organization up for success. Talking points should include:
Retirement Timeline – Identify a retirement date and determine if or when the physician will begin to scale back, notify patients, transfer knowledge, etc.
Transition Expectations – Discuss what is expected of both parties in the months and weeks leading up to retirement in terms of notifying patients, transferring responsibilities, buying out the partnership, etc.
Succession Planning – Considerations for replacing the retiring physician, including documenting responsibilities, knowledge transfer, and new hire training.
2. Flexible Work Arrangements
Contrary to what many administrators believe, most physicians would like a slow transition to full retirement. According to the Jackson Physician Search retirement research, just 12% of physicians intend to retire and stop working altogether. Nearly half (43%) of physicians hope to reduce their work hours in the years leading up to retirement, and a third of physicians plan to retire from their current job and work locum tenens or work part- or full-time with another organization.
So, perhaps more than anything else, retiring physicians need flexibility and creativity in terms of work arrangements. Most administrators are open to part-time hours, and nearly half are willing to reduce or eliminate call duties for retiring physicians. Other options include telecommuting, job sharing, or locum opportunities. These accommodations allow retiring physicians to scale back and reduce stress without stepping away completely.
Some administrators may resist this idea, citing concerns about supporting a new physician while the retiring physician is still on staff. However, it typically takes two new physicians to generate the productivity of a single retiring physician, so the practice can confidently move forward in bringing on someone new while the retiring physician is scaling back. Find ways to allow retiring physicians to keep contributing in some capacity for as long as they are willing.
3. Mentorship Opportunities
Another way retiring physicians can continue contributing is by mentoring younger physicians on staff. Beyond training potential successors, retiring physicians should be encouraged to work with the new generation of physicians to educate and share wisdom that only comes with decades of experience. This benefits the delivery of patient care within the practice in years to come and allows retiring physicians to make a broader impact and leave knowing they have shaped the future of healthcare.
4. Recognition
While there is much to do leading up to a physician’s retirement, leadership mustn’t overlook the need to formally acknowledge the retiring physician’s contributions and achievements. Host a retirement celebration that allows colleagues and management to express gratitude for the retiree’s dedication and hard work. This not only rewards the leaving physicians but also demonstrates to the physicians still on staff that leadership sees, values, and respects all that physicians do for the organization.
5. Logistical Assistance
Organizations can go above and beyond by offering retirement planning workshops for physicians approaching the later stages of their careers. These may cover financial considerations, healthcare options, and lifestyle adjustments. As retirement draws nearer, access to counseling services, support networks, and resources to address the emotional and psychological aspects of retirement may also be beneficial. Offering this support demonstrates a commitment to the well-being of retiring physicians and reinforces to other physicians that the organization values them as people.
How an organization supports physicians through the retirement process is a testament to how much it values its workforce. By offering open communication, schedule flexibility, mentorship opportunities, recognition, and support, administrators can create a positive retirement experience for physicians and ensure a smooth transition. This will not only reduce any negative impact on the practice, but it will also improve overall physician relations and contribute to a positive workplace culture.
Is your organization expecting a physician to retire in the coming months or years? The team at Jackson Physician Search has the expertise to guide you through the timeline and help you find a replacement who will fit, succeed, and stay. Reach out today to learn more.
About Helen Falkner
Helen Falkner is president of Jackson Physician Search, the nation’s largest privately held permanent physician recruitment firm and a member of the Jackson Healthcare® family of companies. With more than a decade of experience in retained physician search, she moved into senior leadership roles, bringing proven expertise in recruitment strategy, team development, and the evolving dynamics of today’s healthcare workforce.
The daughter of a physician and a native of West Des Moines, Iowa, Helen has long understood the profound impact that physicians have on the well-being of both patients and communities. That early perspective continues to shape her leadership approach and her commitment to helping healthcare organizations connect with mission-aligned clinicians who will fit, succeed, and stay.
Helen joined Jackson Physician Search in 2012, quickly distinguishing herself as an award-winning recruiter recognized for excellence and alignment with the company’s core values of Others First, Wisdom and Growth. She later became a partner in the business and regional vice president of the firm’s Western division. There, she led one of the largest recruiting teams and served as a strategic partner to healthcare organizations seeking not just to fill positions but build sustainable, high-performing clinical teams.
A recognized thought leader and frequent speaker at regional and national healthcare conferences, Helen addresses the changing expectations of today’s medical workforce, emerging trends in strategic candidate sourcing, and the critical connection between effective recruitment and long-term retention.
Helen has been named “recruiter of the year” twice, earned multiple “recruiter of the quarter awards, and received a 2023 “career achievement” distinction for her sustained contributions to the firm and its clients. She holds a bachelor’s degree in business and marketing from the University of Iowa. She and her family reside in Atlanta.
