Escaping Physician Burnout: Transitioning from Healthcare Systems to Private Practice
Physician burnout is an issue that affects medical professionals on a global scale. The US Department of Health and Human Services states that medical workers are at an increased risk for mental health challenges as they continue to “leave the health workforce early”. In fact, the problem is of such magnitude that Surgeon General, Doctor Murthy, released an advisory on Health Worker Burnout, noting that there is far more demand in physicians than there is in supply. We’ll be in need of an average of 96,500 physicians–mainly in primary care and less urban areas. While this is an issue for many reasons, one of the main causes of burnout can be attributed to a growing frustration with the bureaucracy of large health systems. A survey conducted by Tebra concluded that 53% of hospital system employees in the office feel burned out. Burnout is only growing, but there are solutions: one being, entering the private practice space through medical coworking.
Beating Burnout
A potential solution to burnout is transitioning to private practice. According to the JABFM, private practice physicians reported a burnout rate of only 13.5%. This low burnout rate is due to a long list of advantages that private practice offers including benefits such as autonomy and personalized care for patients. However, transitioning to private medical practice is very costly and can be challenging. There are costs for office leases, hiring workers, marketing, furnishing, and more. So how do you reap the benefits while minimizing the costs? There is in fact a way to pay for a medical office lease without breaking the bank.
A Solution from the Future: Medical Coworking
Medical coworking is a new and growing field; MedCoShare is on the forefront of this innovative space, as the largest healthcare coworking company in New Jersey and Pennsylvania. (We’ve also just opened a new space in Houston, Texas!)
What is Medical Coworking?
Medical coworking companies like MedCoshare offer a shared space where independent healthcare workers can grow their own practice at an affordable cost–all with full access to support services from digital marketing and search engine optimization to hiring medical assistants and scheduling staff. To learn more about the wide range of benefits of medical coworking, read our blog post here.
How Medical Coworking Helps Private Physicians Save
Opening a private practice is incredibly expensive and having to upfront the costs doesn’t make it any easier. You need to pay rent for your office space, equipment, administrative support, furniture, and much more. According to Mentalyc, essentials like administrative support can cost at least $30,000 annually. However, in medical coworking, a practitioner will rent a space in a medical coworking facility, fully-furnished, equipped with everything the practitioner needs, and has a built-in referral network. This allows medical workers to focus on patient care without worrying about the typical expenses and operations of a business. According to Coworker, switching to coworking spaces can cut costs by 25%. It’s a shared medical office space for rent without the trouble that leases bring, and administration is handled for you. MedCoShare offers medical office spaces for rent that uplift independent healthcare providers to practice their way. More autonomy, better patient experience, and no more burnout. Furthermore, you don’t even have to worry about marketing your practice–as we offer digital marketing services too. To learn more about what we can do to help your practice thrive, check out our marketing work through MCS Services.
The Future of Healthcare Workspaces
Medical coworking has clear advantages for practitioners looking to go solo, and it most certainly can help alleviate a sense of burnout. It offers an easy, affordable process to creating a private practice. It removes the hassle of signing leases, administrative work, and maintaining office spaces. If you are in the Houston area looking to start your own private practice, MedCoShare has opened a new location just 20 minutes from the Texas Medical Center in Pearland, Texas. We have offices for rent in Houston where you can experience the future that is medical coworking. You can learn more at https://medcoshare.com/texas/.
Sources:
- https://www.hhs.gov/surgeongeneral/priorities/health-worker-burnout/index.html
- https://www.tebra.com/theintake/medical-deep-dives/tips-and-trends/private-equity-firms-and-their-impact-on-private-practices-a-deep-dive
- https://www.jabfm.org/content/31/4/529.abstract
- https://www.ama-assn.org/practice-management/private-practices/what-private-practice-and-it-right-you
- https://www.optixapp.com/blog/medical-coworking/
- https://www.mentalyc.com/blog/how-much-does-it-cost-to-start-a-counseling-private-practice
- https://www.coworker.com/mag/how-much-can-your-business-save-by-switching-to-coworking
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« The Importance of Patient Experience in Today’s Healthcare Market Exploring Direct Care Models for Private Practice Physicians »Date: May 29, 2024
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