Help residents make informed career choices
Help residents make informed career choices
By Richard Kneidel and Clayton Weed
Senior Vice Presidents
Weatherby Health Care
Norwalk, CT
As with any major change, the transition for new doctors from their residency program to a practice setting is not easy, especially when there is little time dedicated in the grueling residency program schedule to allow for this type of education in the curriculum.
However, as managed care continues to evolve and assume a more prominent role in the future of the health care industry, it is imperative that all physicians are aware of how managed care will affect their future medical practice.
Managed care has forever changed the landscape of the health care industry in this country, and as a result of its new prominence, it has created an assortment of career opportunities for physicians.
Prior to the advent of managed care, physicians were primarily locally based entrepreneurs, graduating from residency and typically beginning a solo, fee-for-service practice.
Now, as staffing models continue to evolve and emerge, they are faced with a new wealth of opportunities including: member of a single-specialty group practice, member of a multi-specialty group practice, member of a hospital-owned practice or a member of a hospital staff. Each involves very different compensation packages, as well as practice responsibilities.
To assist residents in the transition from the academic forum into the business world of medicine created by managed care, residency program directors must look seriously at providing residents with the materials necessary to make informed career choices. Educational programs on staffing models and career opportunities need to be incorporated as a part of the curriculum.
Currently, the Residency Review Committee of the Accreditation Council for Graduate Medical Education requires 60 hours of practice management training over the course of a three-year family practice residency program. This may be a forum to incorporate information on staffing models and career opportunities to better prepare physicians for life after residency.
In the event that this type of formal education cannot be provided, a seminar or workshop should be established, requiring a small time investment for the residents but offering ample background on the varying practice opportunities available for a specific specialty in today’s managed care settings. In addition to the overview of practice setting scenarios, it also is important to offer residents an explicit breakdown on the typical compensation packages associated with each.
Opportunities for these seminars also are available through experienced and professional physician recruitment firms, who would be more than willing to share their industry knowledge with large groups of medical students and residents. These individuals have a firm grasp on marketplace hiring trends, practice opportunity availabilities, compensation packages, as well as the negative and positive aspects of practice settings.
Physician recruiters can provide an invaluable time-saving and cost-effective means of implementing the proper education program to prepare residents for the real world. If you currently work with one of these firms, you may want to determine if it would be an appropriate fit to conduct this type of seminar.
As a result of the current system, each July, thousands of eager physicians finish their residency training and embark on their respective futures in the health care industry. With little information on the varying practice opportunities available and the ramifications of each, many residents choose the first opportunity that is financially or professionally attractive.
Unfortunately, approximately 40% of these physicians will only remain in this opportunity for two years or less. The high turnover rate can be attributed to a host of factors, including dissatisfaction with some aspect of the practice opportunity financial, call schedule, location, capitation rates, etc. However, the root of this dissatisfaction may be traced to the fact that many of these physicians were not fully aware of the implications of the practice opportunity they chose.
It is vital to the success of each resident to understand the full range of practice opportunities available in today’s managed care environment, to avoid making costly mistakes in career planning. Hiring organizations also see a tremendous value in this type of proactive education for residents as physician retention increases.
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