New physician retirement research reveals physician and administrator discrepancies on retirement plan drivers and timelines.
The new report, Preparing for the Wave of Physician Retirements, reflects data from hundreds of physicians and administrators across the country who participated in the Physician Retirement Survey by Jackson Physician Search.
With two of five physicians reaching the traditional retirement age of 65 within the next 10 years, the question is not if but when the healthcare industry will feel the full force of the wave of upcoming physician retirements. In an effort to investigate the current plans of both physicians and healthcare administrators, Jackson Physician Search launched a Physician Retirement Survey in November/December 2022. We wanted to find out not only when physicians plan to retire, but also why they will retire and how they hope to make the transition. We asked administrators similar questions with respect to the physicians in their organizations. The results show a disconnect between what physicians are planning and what administrators expect.
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Key Findings:
- Administrators are not fully aligned with physicians on the ideal amount of retirement notice. Physicians indicate six months is enough time; administrators prefer 1-3 years to allow sufficient time to recruit.
- Only 12% of physicians intend to set a retirement date and fully retire, yet administrators believe that while physicians will slow down in their final years, they will then opt to leave medicine for good.
- Nearly 60% of Gen X physicians say they plan to retire by age 60, and data shows they’re making a move in that direction with 12% of those aged 51-60 already working part-time.
- When asked which options would cause physicians to consider delaying full retirement, 58% said part-time status, 52% said flexible schedules, and 42% said reducing or eliminating on-call requirements.