New doctors are receiving 100+ job offers

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• Job opportunities for medical residents have reached an all-time high, with 56% of physicians receiving 100 or more solicitation offers during their training.

• Costco takes a step into telehealth by partnering with Sesame to offer online medical appointments to members.

• What if you could invest in your favorite songs and earn royalties like a music industry insider?

• Physician burnout rates vary based on the number of years since residency, with mid-career physicians experiencing high rates.

• Figuring out whether to pay off student loans or invest can be a complex decision, but there are key factors to consider.

• As doctors, we all strive to be fully present with our patients, but the reality is often different.

ENTREPRENEUR SPOTLIGHT

Physician private practice ownership is decreasing, leading to more financial instability.

Andy Greider, the managing partner of Healthcare Evolution Group, is helping doctors navigate the challenges of declining reimbursements and financial instability in the medical industry. Through turnkey solutions, his company provides doctors with new income streams and alternative revenue sources to supplement traditional healthcare services. Greider emphasizes the need for out-of-the-box thinking in today's medical climate and shares his expertise in Medicare compliance, patient engagement, and revenue optimization.

LOUNGE TALK

A recent report highlights the increasing doctor shortage in the United States, fueled by physician burnout, which has led to a significant rise in job opportunities for medical residents. According to data from AMN Healthcare's Physician Solutions division, a staggering 56% of physicians completing their residency are bombarded with 100 or more job offers throughout their training. This marks the highest number of job solicitations recorded since the survey began in 1991. The analysis further reveals that 78% of residents surveyed received 51 or more job offers. In comparison, only 30% of physicians in 2021 received over 100 job opportunities, emphasizing the intensifying demand for new physicians. As the shortage persists, medical residents are being recruited extensively, echoing the pursuit of blue-chip athletes. The scarcity of doctors necessitates innovative solutions to address the growing healthcare needs of the population.

Costco has teamed up with Sesame, a telehealth marketplace backed by Google, to provide its members with access to physicians through online consultations. As part of the partnership, Costco members will receive discounted pricing on a wide range of outpatient medical care offered by Sesame. While other retailers like Walgreens and Walmart have been rolling out in-store clinics, Costco will rely on Sesame's marketplace to connect its members with healthcare providers across the country. The majority of appointments are expected to be conducted online, although in-person options are available. The partnership with Sesame allows Costco to bring cost competition, price transparency, and high-quality care to its members.

Startups are capitalizing on the thriving music industry by allowing fans to invest in their favorite songs and earn royalties. Jkbx, a new music royalties marketplace, has filed an application with the US Securities and Exchange Commission to offer "royalty shares" to regular people. With prices within reach of everyday investors, fans can purchase fractionalized portions of royalties associated with specific songs, such as Beyoncé's "Halo." Jkbx aims to gamify fandom and transform the music business, drawing inspiration from the surge of catalog deals and the value they bring to artists. However, investors will need to understand the intricacies of royalty streams and the specific slices they are buying.

Physician burnout, job satisfaction, and other professional challenges differ depending on career stage, with middle career being a particularly challenging time, according to an exclusive survey from the AMA. The survey received over 13,000 responses from physicians and nonphysician providers across 30 states. The results show that burnout rates vary based on the number of years since completing residency or fellowship training, with rates highest among those in the 6–10 year range. Job satisfaction was highest among physicians in their early career and those with over 20 years of experience. PeaceHealth Medical Group (PHMG) has taken steps to address burnout, including improving the onboarding process and offering a Practice Experience Program that provides tools for physicians to improve their practice. PHMG also focuses on developing clinical leaders. The AMA offers a Health System Recognition Program to guide organizations in reducing burnout and promoting well-being.

Deciding whether to pay off student loans or invest can be a personal and complex choice. Several factors come into play, including student loan interest rates, current interest rates and inflation, expected returns, tax brackets, available tax-sheltered accounts, attitude towards debt, and personal risk profile. Higher interest rates on loans may warrant prioritizing repayment, while low rates below inflation or safe investment rates may make paying back loans less urgent. Expected returns on investments and current tax brackets should be considered, along with the availability of tax-sheltered accounts. Individual attitudes towards debt and risk, along with the desire for financial security and potential investment losses, can also influence the decision. Overall, it's crucial to evaluate each factor and consider personal circumstances when deciding between paying off student loans or investing.

Doctors often find themselves torn between focusing on their patients and completing administrative tasks like patient notes. This dilemma leads to either distracted doctoring or increased cognitive burden. However, generative AI has the potential to solve this problem by automating administrative tasks and providing doctors with the ability to be fully present with their patients. It can generate complete clinical progress notes by summarizing conversations, help meet billing and regulatory requirements, and provide informative patient instructions. While generative AI won't solve all of healthcare's problems, it can make the practice of medicine feel more human and allow doctors to provide better care.

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