Why Physicians Consider Financial Factors Before Career Change

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Financial and other factors should be considered before physicians change career direction.
Financial and other factors should be considered before physicians change career direction.

HealthDay News -- Financial and other factors should be considered before physicians change career direction, according to a report published in Medical Economics.

Driven by technology, practice consolidation, and regulatory changes, many physicians are considering changing careers. The article highlights factors that should be considered before making a change that physicians hope will deliver a more promising future.

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Many physicians are considering leaving practice, with 15% citing stress as the causative factor. However, only 52% reported that the change alleviated the stress. 

The authors suggest career expansion rather than abandoning medicine; examples include moving into administration and switching to a direct care model. Additional points to consider include the costs of a career change, which may be less than anticipated; monetizing aspects of expertise via delivery over the Internet; awareness that further qualification may be necessary; consideration of the tax implications of selling a practice; and not making decisions alone, but taking advantage of executive coaches and career institutes.

"It's a common fantasy for unhappy physicians to want to bail out when things get stressful," said Francine Gaillor, MD, MBA, executive director of the Physician Coaching Institute, according to the report. "I try to get them thinking about career expansion instead, not abandoning the white coat."

Reference

Medical Economics. New career directions: Financial factors and practice models to consider. 2015. Available at: http://medicaleconomics.modernmedicine.com/medical-economics/news/new-career-directions-financial-factors-and-practice-models-consider. Accessed November 5, 2015.

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