Unpacking the doctor shortage: its causes, the toll on physicians, and the growing impact on patient care.
If you think it already takes forever to get an appointment with your doctor, brace yourself—it’s probably going to get even worse. Why? Let’s break it down step by step because this is a growing crisis that impacts everyone, from patients to physicians.
The Doctor Shortage is Real—and Growing
We’re already facing a doctor shortage in the U.S., and it’s not projected to improve anytime soon. Over the next decade, the gap between the number of doctors available and the number of patients who need care is expected to widen dramatically. This means more people vying for fewer appointments and longer wait times across the board.
But the shortage doesn’t just affect patients; it’s wreaking havoc on the physicians who are still practicing.
Burnout, Overwork, and a Decline in Job Satisfaction
The 2024 Doximity Physician Compensation Report reveals that 81% of physicians report being overworked. This isn’t surprising when you consider that we’re asking fewer doctors to shoulder an ever-increasing workload. The stress is not sustainable—and it’s pushing doctors to their breaking points.
Faced with the unbearable pressure of overwork, many physicians would actually accept a pay cut if it meant reducing their hours and reclaiming some semblance of work-life balance. This trend is a clear indicator of just how dire the situation has become. For a profession historically associated with high pay and prestige, this shift speaks volumes about the unsustainable pressures within the practice of modern medicine.
The same report also notes that 59% of physicians are considering a change in employment. These changes aren’t limited to job-hopping within medicine; many are exploring non-clinical roles or leaving the field entirely. For those who stick around, the burnout manifests in other ways—like diminished workplace culture and job satisfaction.
Here’s the harsh reality: overworked physicians cutting hours or leaving medical practice altogether makes life miserable for not only the doctors still in the trenches, but also the patients in need of healthcare.
What This Means for Patients
The physician shortage, compounded by burnout and the exodus of overworked doctors, is a recipe for disaster for patients. Fewer doctors mean fewer appointment slots, and as demand continues to outpace supply, wait times are going to get longer. Need a specialist? You might be waiting months instead of weeks. Even routine primary care could become harder to access.
A Personal Perspective: Why I Transitioned to Locum Tenens and Real Estate Investing
This crisis isn’t just theoretical for me—it’s personal. I’ve seen firsthand how the demands of modern medicine can take a toll on even the most dedicated doctors. That’s why I made the decision to transition to locum tenens medicine, where I have more control over my schedule and workload. Locum tenens allows me to practice medicine on my own terms while spending more time working towards financial independence.
In a way, I’m a case study of the statistics in action. I loved medicine, but I recognized early on that, if I didn’t make a change, burnout loomed on the horizon. That’s when I turned to real estate investing. It’s given me the financial freedom to shape my career and my life in a way that works for me and my family.
For Physicians Thinking About Making a Change
If you’re a physician feeling the weight of burnout or considering a career pivot, my advice is this: make the transition from a position of financial strength. Start investing now so you can make the best decisions in the future for your own happiness and satisfaction.
Financial freedom opens doors and gives you the flexibility to make choices that align with your values and prioritize your well-being.
Check out these other articles that discuss how to do this!
- How to Save, Invest, and Become Rich
- The 2 Ways to Reach Financial Independence [Finance 101]
- Why I’m investing in real estate over stocks – Part 1
- Tax benefits | Why I’m investing in real estate over stocks – Part 2
Good luck on your journey and remember: Financial freedom isn’t a dream, it’s a decision. Let’s get there together!
Daniel Shin, MD
The Darwinian Doctor
Want to learn more about how real estate can transform your financial future? Visit Cereus Real Estate to see how we’re helping physicians achieve passive income and financial independence.
Experience the financial benefits of real estate without dealing with the headache!
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