Let's talk about the changing landscape of healthcare and a critical issue: what happens as our experienced physicians reach that traditional "retirement" age? It's not as simple as doctors hanging up their stethoscopes anymore, and healthcare organizations need to be strategic.

The Graying of the Physician Workforce: A Challenge and an Opportunity

We all know the physician workforce is aging. And while that presents challenges, it also represents a huge opportunity to leverage the experience of these seasoned professionals. The old model of a physician working full-tilt until a hard stop at retirement is becoming less common.

• Physicians aged 55-65+ make up 42% of the clinical workforce. A significant number of physicians are reaching retirement age within the next 10 years—if they haven’t already—and this trend is only going to continue.
• The Association of American Medical Colleges (AAMC) projects a shortage of 86,000 physicians, highlighting the importance of retaining experienced doctors.

This isn't just about numbers. It's about recognizing that these physicians possess invaluable clinical expertise, institutional knowledge, and mentorship capabilities that are critical to the healthcare ecosystem.

Why Are Physicians Leaving? It's Not Always What You Think

It's easy to assume doctors are just "retiring," but the reality is more complex. While some may be driven by frustrations with the changing healthcare landscape (we've all heard about that), many are seeking a different work-life balance.

As one of our consulting physicians, Dr. Fred Tobis, put it, "Physicians today, especially baby boomers, are much more aware of life outside of medicine. They want to pursue other interests and have more flexibility."

Here's the rub:

• Loss of autonomy: The shift away from solo practice means many physicians have less control over their schedules and patient loads. As physicians age, the demands of a traditional practice model can become a significant deterrent to continuing to practice. They might not want to retire completely but are forced to because they can't adjust their work.
• Burnout: Let's be real, medicine is demanding at any age. But years of practice can compound the effects of burnout, making a change seem more appealing.

The Other Side of the Coin: When Staying Is the Challenge

Interestingly, some physicians aren't ready to retire for a variety of reasons. Some may have seen their retirement savings impacted by economic downturns. Others may find their identity and purpose deeply intertwined with their medical practice.

However, this can create a different challenge for healthcare organizations. We must address the very real concerns about maintaining patient safety and ensuring physician competency as clinicians age.

Here's what we're talking about:

• Age-related changes: It's a fact of life that certain physiological changes can occur with aging. This may include changes in visual-spatial acuity, short-term memory, and problem-solving.
• Competency concerns: While many older physicians maintain excellent clinical skills, it's crucial to have systems in place to identify and address any potential issues.

The goal isn't to push older physicians out but to ensure they can continue to contribute safely and effectively.

A New Approach: Supporting Career Longevity

So, what's the solution? It's about creating a system that supports career longevity, allowing physicians to contribute at different stages of their careers.

Here's what healthcare organizations should consider:

• Flexible career pathways: Offer options for physicians who want to reduce their clinical hours or shift their focus to other areas, such as teaching, mentoring, consulting, or administrative roles.
• Proactive self-assessment and periodic testing: Implement standardized assessments of physical, behavioral, and mental health, as well as cognitive function, to ensure ongoing competence. These assessments should be implemented proactively, not just in response to a patient safety issue.
• Retirement planning and emotional support: Provide resources and counseling to help physicians plan for their transition, both financially and emotionally. Peer coaching can also be invaluable in this process.
• Administrative support and training: Plan for executive and leadership coaching along with change management training to ensure internal teams and late career physicians are aligned on what’s possible.

By embracing a proactive and flexible approach, healthcare organizations can retain valuable expertise, ensure patient safety, and create a more supportive and sustainable environment for physicians at all stages of their careers.

Let's move beyond the traditional "retirement" model and embrace a future where physicians can continue to contribute their skills and experience for as long as they are able and willing.