Recession woes have negatively impacted the majority of Americans; and for folks in physician services, it’s no different.
Having to place retirement plans on the back burner, an overwhelming number of hospital physicians are expressing their understandable frustrations.
“Fierce Healthcare” reported that the majority of retirement-ready patient care providers must continue practicing in order to make up for losses incurred during the recession. Physicians are “mad as hell” about having to work longer than they had planned.
“The recession has had a dramatic impact on my practice,” said a physician in a recent press release. “I practice radiology; while study volume has only decreased slightly, reimbursements have diminished and the business of radiology has allowed employers to extract additional work out of some physicians, while letting others go. Salaries have decreased up to 50 percent.”
Fierce Healthcare included data from an online survey conducted by Jackson and Coker, a healthcare-focused staffing firm. Data concluded that “of more than 500 physicians who participated, more than half confirmed that the recession has forced them to alter retirement plans. About 70 percent agreed that if they want to make up money, they will have to practice longer than they had originally anticipated.”
“I will never be able to retire,” said another physician who contributed to the survey.
Just short of 25 percent of physician participants claimed the recession has not affected retirement plans.