Sustainable practice transition strategies could help alleviate burnout

Sustainable practice transition strategies could help alleviate burnout

AdobeStock_336202231 [Converted]

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. 

 

Sustainable solutions

 

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

Something went wrong. Please check your entries and try again.

Want to Learn More?

Retention plans counteract troubling trends

Retention plans counteract troubling trends A recent Becker’s Hospital Review article outlined 5 compensation trends in healthcare, including the fact that the annual turnover rate in emergency, ICU, and nursing departments has increased during the pandemic, rising from 18% to 30%.    Turnover is expensive, particularly when it comes to…

The Anonymous Physician on the Physicians’ Advantage Plan

The Anonymous Physician:  How they will use the Physicians’ Advantage Plan The Anonymous Physician column provides physicians with a platform to discuss the challenges and joys of practicing medicine. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously,…

Practice Transition Strategies: Planning ahead for inevitable change

Practice Transition Strategies: Planning ahead for inevitable change According to the 2021 Jackson Physician Search survey, 21% of physicians are considering early retirement. This trend is expected to exacerbate the physician shortage, which is an increasingly troubling issue for the industry. But what does it mean for individual organizations?  …

Rural Healthcare in America: Financial Viability

Rural Healthcare in America Courage in Healthcare · Rural Healthcare in America: Financial Viability Episode Three: Financial Viability   In this series on rural health in America, we’re diving into the issues that are threatening access to care in some of our most medically underserved communities.   Our third and…