Sustainable practice transition strategies could help alleviate burnout
A recent study suggests that family practice physicians are especially at risk of experiencing physician burnout. Burnout is not only a mental health issue, it’s an economic one as well. Turnover and reduced clinical hours resulting from burnout costs an estimated $4.6 million a year in the U.S.
Practice transitions contribute to burnout
Many physicians cite practice ownership transitions as a contributing factor to their overall burnout. Without the proper tools and planning, transitions can be stressful and economically challenging for all parties involved.
When a provider leaves a practice, it’s often up to the remaining physicians to buy them out of their ownership share. Given that we’re currently experiencing an historic physician shortage, this often puts a substantial financial burden on these providers. It also places pressure on the organization’s cash flow, which for most, is already under significant strain.
MaxWorth helps create financially sustainable transition strategies for medical practices. This helps to ease financial strain during times of transition, and it allows providers to retire with peace of mind.
Sustainable transition strategies are also important for the continuity of care across the country. Keeping family practices independent and financially stable helps ensure that our communities will continue to have the access to care they depend on.
SIGN UP FOR OUR NEWSLETTER
If you would like to receive industry updates and articles like the one you see here, complete the form below
Want to Learn More?
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to…
Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…