Announcement

Collapse
No announcement yet.

Discuss Latest WCI Blog Post: Will Physician Burnout Lead Doctors to Join The Great Resignation Movement?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Discuss Latest WCI Blog Post: Will Physician Burnout Lead Doctors to Join The Great Resignation Movement?

    According to a recent survey, 61% of docs said they have experienced burnout. Here's one physician's story and how she changed her career because of it.

    The post Will Physician Burnout Lead Doctors to Join The Great Resignation Movement? appeared first on The White Coat Investor - Investing & Personal Finance for Doctors.



    Click here to view the article!
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    The difference between doctors and nurses is that it is even harder to find another career to replace that income, and it is also less likely that the spouse can replace that income. The non clinical careers commonly cited as off-ramps are underwhelming to me. Big pharma, utilization review, and the expert witness type of work the subject is doing seem worse than the devil I know. The numbers of docs “thinking of” leaving the profession aren’t going to go down anytime soon but a mass exodus won’t ensue unless a mass wave of docs can afford it.

    Comment


    • #3
      I’m guessing there will be more who were on the fence about retirement actually doing it in todays climate. It seems to be a good time as stock market is flush, many work environments are not only risky but hostile. If I were in the 5 year range I would definitely consider tapping out early.

      Comment


      • #4
        I do wonder if there's a difference in the generations of medicine. The older generation seemed to work until they were 70-80. Medicine is/was a part of them. I don't know what their finances were but after decades of practice, I can't imagine they were all working because they needed to.

        It's a small sample, but physician groups on facebook and reddit are full of people burning out before long and looking for side gigs to get out of medicine. I'm sure there were feelings of doing so historically but with less social media, harder to find these feelings.

        Combine that with the pandemic and fighting the public/anti-vaxxers is exhausting. Never mind the continuing EMR headaches, CMS guidelines, press ganey scores.

        Save a lot, keep expenses low, build net worth (but also spend reasonably to make your quality of life better). It gives people options if/when it gets to their breaking point.

        Comment


        • #5
          Originally posted by StateOfMyHead View Post
          I’m guessing there will be more who were on the fence about retirement actually doing it in todays climate. It seems to be a good time as stock market is flush, many work environments are not only risky but hostile. If I were in the 5 year range I would definitely consider tapping out early.
          Bingo.

          Comment


          • #6
            Love this guy

            https://www.tiktok.com/@drglaucomfle...urce=copy&_r=1

            i don’t know how to get rid of the link below lol
            Search the world's information, including webpages, images, videos and more. Google has many special features to help you find exactly what you're looking for.

            Comment


            • #7
              I think being smart and saving early can allow one to scale back earlier. A wise physician financial mentor told me that burnout in physicians was often tied to feeling trapped financially. My plan is work 10-15 years then scale back to 50% (aka week a month).

              Comment


              • #8
                I think it accelerated things for me. At the beginning of my career, I thought I would practice forever. Now just 10 years in, I've become increasingly disenchanted by feelings that patients treat us as vending machines, rather than consultants who have become experts in what we do. The selective approach to "knowledge" and "research" during the pandemic has only amplified this.

                Comment


                • #9
                  No. We’re too beholden to the paycheck and also don’t have the flexibility.

                  It’s not like people are resigning to retire. They’re finding better jobs at better pay and taking pride in being able to finally give the middle finger to their current employer

                  a PA in our group is doing that. And she has 100% freedom. No non-compete, can pick any specialty she wants, doesn’t have to worry about burning bridges at the sole job jn the community because there are a 100 options for her without moving.

                  unless I want to take my kids out of school and move than I have zero leverage. Even then you can only bounce around a couple times before you get labeled.

                  Comment


                  • #10
                    I have noticed a lot of newly trained docs taking more lifestyle friendly positions, for lower pay. Probably because they have seen/heard about burning out from others.
                    Last edited by xraygoggles; 12-05-2021, 02:21 PM.

                    Comment


                    • #11
                      Originally posted by Sundance View Post
                      No. We’re too beholden to the paycheck and also don’t have the flexibility.

                      It’s not like people are resigning to retire. They’re finding better jobs at better pay and taking pride in being able to finally give the middle finger to their current employer

                      a PA in our group is doing that. And she has 100% freedom. No non-compete, can pick any specialty she wants, doesn’t have to worry about burning bridges at the sole job jn the community because there are a 100 options for her without moving.

                      unless I want to take my kids out of school and move than I have zero leverage. Even then you can only bounce around a couple times before you get labeled.
                      why is there no non-compete?

                      also if you look at physician assistant subreddits it doesnt seem like theres that many jobs around at all. grass is always greener...

                      Comment


                      • #12
                        Yeah all my np friends have a ************************ of a time finding jobs. All the degree mills are pumping them out (mainly nps) so it’s actually really competitive.

                        Comment


                        • #13
                          Perhaps the FIRE movement has contributed to disgruntled and burned-out employees?? The grass is not always greener.

                          Comment


                          • #14
                            I’d say physician burn out is real, and likely exacerbated by the pandemic. But wanting to retire/leave medicine and being able to do so are very different things. Many docs are probably shackled by golden handcuffs. Replacing a physician salary is very hard. A truly lucrative side gig is not easy to find and a highly remunerative career change will have lots of opportunity cost and no guarantee of success. I’m glad I stuck with my medical career and had the good fortune of discovering the Boglehead principles early on.

                            Comment


                            • #15
                              I think the younger generation and those close to retirement are more willing to say screw this its not worth the money...
                              i'm technically a millennial (25-40) and I grew up watching my parents be bad with money and time.
                              Millennials grew up listening to boomers and older say don't worry about money, spend time with family and whats important.
                              I trust those with more experience, thus I listen. Ive found my happy medium of 4 days/week not seeing crazy number of patients per day. If things change ill easily walk and take non medical job.


                              Comment

                              Working...
                              X