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.
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