Atlanta, GA August 02, 2011
Physicians forced to delay retirement because their nest eggs have soured, are pursuing a variety of options to supplement their income, according to a new survey by staffing firm, Jackson & Coker.
Twenty-five percent of respondents find locum tenens, or part-time, assignments most appealing. Some physicians plan to continue their current pace in their current role for longer (21 percent). Others seek a new position in same field (16 percent). While others are considering leaving medicine and trying something new (14 percent).
Twenty-two percent of physicians surveyed reported no changes to their retirement plans.
"This is a tough time to be a physician," said Sandy Garrett, president of Jackson & Coker, a firm specializing in physician jobs. "Not only are they facing the coming effects of healthcare reform, which is placing considerable challenges on their ability to effectively practice medicine and maintain a viable medical practice. The economy has severely impacted their ability to save and retire."
Of those postponing retirement, nearly 70 percent cited the primary reason to be the depletion of their personal savings and/or the inability to build their personal savings as quickly as anticipated.
Loss of property value, depletion of both retirement and children's college funds, and loss of confidence in Social Security and Medicare were common reasons offered by physicians to explain why they've significantly changed their plans to retire.
Garrett said that part-time work is an attractive option for many physicians seeking supplemental income while semi-retired. "In addition to providing an ongoing income source, part-time assignments allow physicians to bring their experience and skills to hospitals and communities where physician access can be a challenge."
One physician respondent wrote, "The current economic outlook has postponed my retirement horizon. I will work longer than anticipated, hopefully part-time."
Another wrote, "The recession has had a dramatic impact on my practice. I practice Radiology and, while study volume has only decreased slightly, reimbursements have diminished and the business of radiology has allowed employers to extract additional work out of some physicians, while letting others go. Salaries have decreased up to 50 percent."
In addition to physician compensation and job research, Jackson & Coker publishes a physician ROI calculator for hospitals.
Jackson & Coker conducted a web-based survey of 522 physicians. The survey has an error range of +/- 3 percent, at the 95 percent confidence level.
About Jackson & Coker
For over three decades, Jackson & Coker has ensured that patients' needs are met by uniting physicians with the medical facilities that hire them. The firm specializes in opportunities for physicians at any stage of their professional career. Drawing upon over 30 years of relationships with physicians in virtually all medical specialties, Jackson & Coker's dedicated, experienced recruiters truly understand both the locum tenens and permanent hiring needs. In a unique combination, Jackson & Coker, with its concierge-level customer service, blends seamlessly with the MDSearch.com physician job board to provide the broadest recruitment range possible. Jackson & Coker takes pride in being the only Jackson physician recruitment company to have earned the Joint Commission's "Gold Seal" certification. For more information visit Jackson&Coker.com.