Physicians are often leaving after two years on the job because of issues with ownership
Research from the Medical Group Management Association and Jackson Physician Search illustrates the challenges in the recruitment and retention of early-career physicians. The study reveals that physicians who completed their residency or fellowship in the past six years are spending an average of less than two years in their first jobs before moving on, a stark contrast to practicing physicians of all ages who typically spend an average of six years in their initial roles.
The study, "Early-Career Physician Recruiting Playbook," stems from insights collected through the 2023 Early-Career Physician Recruitment and Retention Survey conducted in August and September 2023. The survey involved physicians and administrators nationwide and aimed to understand the factors influencing residents and fellows in their job choices and how to develop better recruitment and retention strategies.
Key findings from the research include:
Physician Priorities and Motivators:
Recruitment and Retention Disconnect:
Tony Stajduhar, president of Jackson Physician Search, pointed out the financial ramifications for practices. "Considering the time required for new physicians to reach full productivity is between one and two years, medical groups face potential financial losses when physicians leave at or before the two-year mark," he said in a statement.
Halee Fischer-Wright, MD, president and CEO of MGMA, added, "To solve the ongoing staffing crisis, leaders must understand early-career physicians' present and evolving needs and meet them where they are in their career journey or risk losing them to a competitor."
The full report is available here.