It’s about more than just your bottom line – there are mental and physical costs of physician burnout.
Neglecting feelings of burnout can affect your quality of life and your work, too. According to Medscape’s 2021 survey, more than two-thirds of physicians reported their lives had been negatively affected by burnout. And an American Journal of Medicine article describes the impact on the workforce – and by extension, patients – as ‘substantial,’ resulting in:
- medical errors
- lower quality of care
- higher care costs
- worse overall patient outcomes
Burnout also negatively affects many physicians’ financial status. Those who kept going through last year’s uncertainty still had to deal with other issues. 72% of physicians faced pandemic-induced income reductions. 43% of them faced staff shortages. And according to The Physicians Foundation’s 2021 survey, 8% of physicians closed their practices due to COVID, while 4% planned to do so in the coming months. That’s nearly 16,000 practices.
I know physicians like you strive to do better for your patients, sometimes at the expense of self-care. It’s an honorable urge to do better despite staggering patient loads – but it’s the same one that leads to burnout. Take time to reach out for help if you need it and consider working with an experienced advisor to proactively address financial issues.
No one can avoid stress and uncertainty altogether, but you can take action to prepare your practice to weather any financial storm. Need tools to manage your money more efficiently and mitigate the costs of physician burnout? Stay tuned to our next blog or visit wmdoctors.com to explore our specialized financial services for physician entrepreneurs.