This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Physician Turnover Rates Mirror Economic Conditions And Housing Market

ST LOUIS, April 18, 2011 /PRNewswire/ -- As the economy perks up, it appears that rates of physician turnover rise with it.  For the first time since 2008, physician turnover has increased, reminding medical groups of the delicate balance between physician supply and demand. According to the 6th annual Physician Retention Survey from Cejka Search and the American Medical Group Association (AMGA), in 2010 total turnover was 6.1 percent compared to 5.9 percent in 2009, and appears to track with reports of modest improvement in the U.S. economy.

The change also is consistent with anecdotal reports and findings in the 2008 survey that the worsening economy and plummeting home sales cause physicians to delay retirement and relocation – key drivers of recruitment and activity.

Growth in the Gross Domestic Product (GDP) and the leveling out of previous, steep declines in home sales may partially explain the uptick in turnover in 2010. Looking ahead, the majority of respondents in the 2010 survey said they believe that physician retirement will increase (27 percent) or continue at the current rate (65 percent).  These indicators could alert medical groups to prepare for greater turnover in 2011 as improvements in the marketplace make it more conducive for physicians to retire or relocate.

"Although shortages still persist in today's physician workforce, we have seen exponential growth in the size of medical groups, many of which are taking the lead in developing new care models that will increase patient access and keep physician satisfaction and retention high," said Dr. Donald W. Fisher, AMGA president and chief executive officer. "Medical groups are actively addressing the needs of physicians throughout their careers, providing mentoring and leadership opportunities, and flexible work options."

"Medical groups can prepare for increased turnover by identifying key demographics in which turnover rates are the highest, and find ways to address the cause of turnover at its source," said Lori Schutte, President, Cejka Search. "In the past five years, we have seen turnover rates consistently trending higher for young, full-time female physicians and pre-retirement male physicians. Offering flexible work options can be effective in retaining a strong physician workforce and investing in the retention of physicians at all stages of their careers will pay long-term dividends for medical groups."

The composition of the respondent group reflects changes in the health care industry as groups consolidate, more physicians choose employed opportunities and women pursue careers in medicine. The average size of the groups responding to the survey has nearly doubled in the last six years, from an average of 146 physicians to 284 physicians. Female physicians comprised 34 percent of physicians represented in the 2010 survey, compared with 28 percent in 2005.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs