Healthcare may be a fast-growing industry, but a potential physician shortage looms. Medical professionals today may feel the staffing shortage has already arrived, and retiring physicians will only add to the strain. As physicians reach retirement age and others choose to retire early, your healthcare organization must prepare to mitigate the effects felt by patients and your facility.

To achieve stable medical staffing going forward, the healthcare industry must adjust to account for changes accelerated by the COVID-19 pandemic. This includes increased patient demand, reliance on telehealth services, and heightened physician burnout.

Physician retirement by the numbers

The average retirement age in the United States is 65 years old, but a physician’s retirement age can vary based on job satisfaction, practicing specialty, financial security and more. According to a study by the Association of American Medical Colleges (AAMC), a shortage of 139,000 physicians is projected by 2033.

The study reports that two out of five active physicians will be 65 or older by 2030. This means nearly half of all physicians currently practicing medicine will reach the average national retirement age within the next six years.

Why physicians choose to retire

Burnout exacerbated by COVID-19 is often considered the culprit of physicians choosing to retire early. A 2022 study by Elsevier Health broke down key themes around burnout, compassion fatigue, and dissatisfaction felt by healthcare professionals.

The study reports:

• 85% of clinicians enjoy their jobs, but only 57% feel they have a good work-life balance.
• 83% believe medical training must drastically change to account for new technology.
• 68% believe a focus on cost over patient care is leading to growing inequities.

These survey results indicate that outside of a generation reaching retirement age, healthcare professionals are observing a shift in the medical field regarding patient care, technology and work-life satisfaction.

To prevent future labor shortages from contributing to burnout, administrators must view retirement as a personal choice and consider other factors besides a physician’s age.

Talk to physicians about their retirement

Retirement does not have to be a stressful or evasive topic, but each person will have a different comfort level discussing it with their employer. Physicians may also have a different idea of how much notice to give. Surveys show that physicians typically think six months is an adequate amount of notice to give, while a healthcare organization may want a year or more.

The National Library of Medicine reports that retiring physicians can leave patients feeling “vulnerable” and with a sense “of loss.” Talking about retirement helps start succession planning, giving physicians and administrators peace of mind about patients’ future medical care.

Discussing retirement also gives physicians the freedom to choose how to retire and possibly even delay full retirement by addressing burnout and job satisfaction. Health care systems can potentially extend their physician’s working years by offering part-time hours, limiting on-call tasks and allowing a flexible schedule.

By taking physicians’ needs into account, it is possible for healthcare organizations to delay retirement dates or set a retirement timeline that allows for adequate planning.

Recruit the next generation of physicians

As a generation of physicians prepares to cut back time or fully leave the workforce, recruiting and retaining future physicians should be a priority. Baby Boomer and Generation X physicians will be replaced by Millennials, born between 1981 and 1997, and Generation Z, born between 1997 and 2012. Providers in these generations hold different career values that must be considered when recruiting.

Mentorship and professional development

Medical practices that successfully recruit and retain younger generations provide a clear career path with advancement opportunities. The medical field typically attracts competitive individuals, so it’s important for younger physicians to have goals to aspire to. Healthcare organizations can support this drive by encouraging experienced physicians to mentor younger physicians, sponsoring leadership opportunities and providing structured training.

Work-life balance and benefits

With burnout on the rise across multiple generations in healthcare, flexibility and ample time off are important for physicians to decompress. For younger generations, a high salary may not be enough for a job offer to be appealing. Compared to 38% of Baby Boomers, 55% of Millennials and 56% of Gen Z would quit a job if it interfered with their happiness. Benefits like flexible work hours, vacation time, health insurance, retirement planning, and parental and bereavement leave can attract younger physicians to your organization.

Technology utilization

After growing up with access to the internet, smart phones and social media, younger generations have advanced technological knowledge. As medical technology develops and telehealth becomes more prominent, having technologically adaptable physicians will be important for your organization. Having a sleek website and streamlined application process can attract younger physicians, while digitalized employee processes fit their skill set.

Workplace culture and values

Encouraging inter-generational support among physicians at your organization not only helps the younger generation feel supported. It also makes the transition of patient care between retiring physicians and younger physicians more seamless and prevents gaps in coverage. Recognizing physicians as individuals with personalized goals and interests can also go a long way.

Breakout exercise

Help encourage team bonding and mutual understanding with your providers. Ask your physicians: “What are three positive traits you have observed and appreciated in other generations you work with?”

Replacing your retiring physicians

TinkBird Healthcare Staffing has a national network of skilled medical providers. We help healthcare facilities discover top talent to replace your retiring physicians. For a superior medical staffing experience, contact TinkBird today to hire your next great physician.