Is Your Physician Career on FIRE?

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Not in the literal sense, but many physicians today are working to ensure that their career is on FIRE.  FIRE as in Financial Independence, Retire Early!  The acronym stands for something that many of us want to achieve, but so few are able.  Physicians are in a high demand, high salary field and have that opportunity if their sights are set in that direction.  Let’s take a look at things to consider while getting your career on track for FIRE.

For starters, to learn more directly about other physicians who are working toward FIRE, consider joining almost 10,000 of your fellow MD’s and DO’s who have joined the Physicians on FIRE Facebook page here.

It’s Not All About What You Earn

Sure, salary is a large component of your ability to gain enough financial control for FIRE, but it is equally about how much you spend.  It’s never too late to make the necessary changes in your career or in your personal life to regain that control. If you’ve become complacent where you are at, you may be missing out on other opportunities that will improve your earnings power.  Still saddled with student loan debt? You are not alone.  More than 60% of medical students graduate with over $150,000 in debt. It’s time to find an employer who is willing to help out with that.  What about credit card debt?  Make a plan to consolidate it and get out from under it.  Purposeful spending doesn’t mean you have to give up your lifestyle.  It does mean, you have to decide on what is most important and what can be put aside until later.

But I Like What I Do  

The beauty of setting yourself up for early retirement and financial independence is that you are creating your own terms. If you truly want to create financial independence for yourself and family, then working toward that goal is merely “setting the table” for you to make a decision when the time is right. According to a 2016 survey, 47% of physicians indicated that they planned to retire earlier than expected.  There is a very good chance that when the time comes, and you are financially independent, you will begin thinking about other things that feed your sense of fulfillment. When you have reached FI, no one is going to force you out of practicing medicine, in fact with the continuing doctor shortage, just the opposite will occur, but you will be in the position to practice just how you like.

Practice How You Want

Being a practicing physician has been your focus for the majority of your life. Naturally, it can be disconcerting to think about what comes after you stop seeing patients.  Truthfully, that is more of a personal retirement question, than a FIRE scenario.  The end goal of FIRE is for you to be free to do what you are really passionate about. If you still want to practice medicine, you’ll be free to do it on your own terms. You might want to transition into teaching or research, and FIRE will allow you to do so without worrying about how that will affect your lifestyle.

Making a commitment to financial independence is within your control.  The idea is to reach that point of independence before you begin thinking about life after the practice.  Maybe your work and life experiences have created the itch to pen the next great American novel, or you can’t stop thinking about spending all of your time between the beach and the golf course.  Whatever it is, you have earned it.  By making financial decisions now, your FIRE can be stoked when the right time arrives.

If you want to explore physician career opportunities that can help you achieve financial and personal goals, contact a Jackson Physician Search recruitment professional today.

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Is your career as a physician becoming less satisfying?  Ranked as one of the most trusted professions, some doctors today are not feeling the love.  According to a 2018 Medscape survey, more than 50%…

2018 Physician Compensation Surveys

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Each year, a variety of physician salary surveys are published with varying degrees of detail and context. Charts and tables deliver a wealth of information, but you need to read between the lines…

Start Your Job Search

Click the Search Jobs button to browse our current openings.

Why 2016 Was A Good Year For Humanity: 38 Gains In Health and Well-being

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Becker’s Hospital Review“‘If it bleeds, it leads’ isn’t a phrase coined by some cut-throat tabloid editor. It’s a potent truth that lies at the heart of the modern day media machine. It’s time for some balance.”

This quote from Angus Hervey, PhD, political economist, science communicator and editor of Future Crunch, couldn’t be truer. News headlines and the general media are saturated with heartbreaking stories of death, disease, war and crime. When reflecting on the past year in news, it’s easy to think 2016 was a disaster. But this mindset overlooks the many beautiful and inspiring things that have happened in the past year…Read More>>

 

American Hospital Association CEO Rick Pollack: The Future of Healthcare

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In Your Job Search, Think “Location” Last: Really?

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Jackson Physician Search – Historically we have been taught to think that location is everything; how many times have you heard the expression, “Location, Location, Location”? But location should be one of the last factors to consider in your job search.

You read that right: location last. Why?

Because “location” is really a function of bringing together all the factors that are important to your practice goals and ideal lifestyle. When you are clear about these other needs, you open doors to discovering the ideal place that delivers them.

Resetting your Job Search Mindset

Would it surprise you to learn that over 50% of Residents and Fellows relocate within three years after their program completion? There is a direct correlation between a choice made solely on a specific location, and the subsequent need to relocate soon after.

A successful job search should prioritize these three “fit factors”:

  1. Lifestyle. This includes family needs, hobbies and the amenities of a community that allow you to do what you most enjoy on a regular basis when you’re not working.
  2. Practice Setting. Health system or small hospital? Single-specialty or multispecialty group? Academic medicine or strictly clinical practice? We place hundreds of physicians each year in every type of practice setting. But each has as a unique culture. Once you begin seeing patients, the inside of your office or hospital will look – and essentially function – the same way anywhere. The difference is in the fit of the workplace culture and community. Your goal is to be happy at work and at home with your family, doing the things you enjoy.
  3. Financial Agreements. Unless you relocate to an area notoriously low for reimbursements, all hospitals and medical groups know the going rate for all specialties. If the interview goes well and everyone wants to move forward with a contract, you will rarely find that financial negotiations will be an obstacle.

Think Twice About Your “Fit Factors”

Think twice before you take the easy route and default to a familiar “location.”

Start interviewing early, and open your mind to the quality of a practice and lifestyle that may be waiting for you in a location that you may never have heard of before.

A good place to start is by exploring opportunities online, and finding a recruiter you are comfortable working with. A good recruitment consultant has visited the practice sites you’re considering and knows the culture of the hiring organizations. They will streamline the process and serve as a trusted advisor.

Shattering Preconceived Notions

Once presented with the various opportunities that meet your lifestyle, practice type, culture and financial priorities, we often see candidate’s location preconceptions shatter––in a good way. If you expect only cornfields and haystacks in Iowa, you may miss the chance to practice in one of most beautiful lake resorts in the country. Similar “best kept secrets” can be found in the awe inspiring beauty of the Finger Lakes Region, the Adirondacks or Coeur d’Alene, Idaho.

When you consider the many factors that will ensure a good fit, you will find there are many places that can actually fill your needs.

Send us your questions – we’ll ask the experts and poll your peers for answers!

2019 Physician Job Search Outlook

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Let’s look at the 2019 Hiring Outlook for Physicians.  With 2019 right around the corner, is it the perfect time to start planning to change jobs, retire early, get out of private…

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As an in-demand physician, the chances are pretty good that you have plenty of opportunities to consider when and if you are in the market for a new practice opportunity.  

Start Your Job Search

Click the Search Jobs button to browse our current openings.

Is the Hippocratic Oath Still Relevant?

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Medscape Nearly all doctors recite the original Hippocratic Oath or an alternative version of it in medical school. Yet it remains controversial, prompting questions about whether it should be retired.

Defenders assert that it has as much relevance today as ever, because it remains a public declaration of the social contract between the profession of medicine, its individual members, and society as a whole. Critics wonder whether the oath is a “necessary protection or an elaborate hoax.” This is because the notion that a physician has independent power to behave morally and ethically in the treatment of patients is complex, given the role of the health insurance industry, hospital employers, and the pharmaceutical industry, not to mention the still-pervasive fee-for-service environment.

The oath, written 2400 years ago in and for a simpler time, appears silent on these issues. Thus, the question becomes: is the Hippocratic Oath still relevant? Read More>>

Dr. Charles Sorenson: Misperceptions on Healthcare

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Dr. Sorenson’s message was clear: we can choose to see the turbulent nature of the healthcare environment, as bleak or as an “unparalleled opportunity to make healthcare better for the people we serve and to make it better for the people who choose this noble profession.”

With that opportunity comes an even greater sense of urgency and commitment to helping physicians find the place where they can best serve.

Becker’s Hospital Review– Much of the discourse on the current state of U.S. healthcare centers on the rapid pace of change, an uncertain future and serious financial challenges for patients and providers alike. With the recent presidential election of Donald Trump and the likelihood that the ACA will be fundamentally changed or repealed, the future of U.S. healthcare is less certain than ever.

But despite the turbulent nature of the healthcare environment, clinicians and leaders must not throw up their hands in the face of these challenges, many of which have become defining characteristics of the industry. In fact, many people hold misperceptions about these commonly bemoaned issues, according to Charles Sorenson, MD, president emeritus of Salt Lake City-based Intermountain Healthcare. Read More>>