The physician job market has changed by a lot in the last few years. A remarkable 62% of doctors have switched careers since 2022. This massive change shows a profession going through major upheaval, even with doctors and surgeons earning an attractive median salary of $239,200 yearly or $115 per hour in 2024.

Today’s physician job market looks quite different. Competition is fierce and corporations dominate the landscape. Hospital-owned physician practices grew by 9% between 2019 and 2022, while corporate ownership jumped by 86%. The career outlook for doctors remains bright with a projected 4% job growth from 2023 to 2033, adding about 34,500 new positions. The biggest problem lies in supply and demand – nearly 3,000 family medicine positions compete for only 3,200 new residents each year.

This piece will get into why doctors switch careers so frequently now, which employment options have become more popular, and how satisfied doctors feel in different types of practices. We’ll also learn about what these changes mean for your medical career as healthcare keeps evolving rapidly.

Career changes among physicians: A growing trend

Medical professionals today are experiencing career mobility like never before. Recent data shows doctors are changing jobs at an unprecedented rate, challenging the long-held belief that medical careers offer permanent stability.

62% of physicians changed roles in 2 years

Medical employment patterns are undergoing a major transformation. A 2024 CHG Healthcare study reveals that 62% of physicians made some type of career change in the last two years. The numbers tell an interesting story – 39% switched job types or employers, 15% picked up side jobs or contract work. The study also found that 6% retired and 2% left patient care to pursue non-clinical work.

These numbers mark a substantial jump from previous years. The same organization’s 2022 survey showed 43% of physicians had switched job types or employers during that two-year window. This stands in stark comparison to the Association of American Medical Colleges’ estimated average annual physician turnover rate of just 6-7%.

Many physicians who stayed in their current roles seem uncertain about their future. The data shows 73% plan to keep their positions through year-end, but this number drops to 59% through 2023. Looking beyond that, only 46% see themselves staying put.

Most common changes: new employers, side gigs

Doctors who switch careers are taking various paths. The breakdown shows 39% chose different practice settings, while 31% took locum tenens assignments. About 25% remained in similar settings, and 10% switched to telehealth.

Side gigs have caught many doctors’ attention as they look for extra income or better work-life balance. The “Physician Side Gigs” Facebook group boasts over 38,500 physician members. These opportunities range from reviewing charts and serving as expert witnesses to joining biotechnology and healthcare startups.

Non-clinical work often pays well, contrary to what many might think. Many physicians choose these paths “to supplement their income or pay off their loans faster”. Entry-level positions in health insurance, utilization management, and pharmaceutical industries pay between $160,000 and $300,000 yearly.

Specialties most and least likely to change

Career changes vary greatly among medical specialties. Non-internal medicine specialists lead the pack in switching employers – this includes neurologists, radiologists, ENT specialists, urologists, and pathologists. Emergency medicine physicians, psychiatrists, and family medicine practitioners also change jobs more frequently than average.

Internal medicine, pediatrics, and internal medicine subspecialties show more stable employment patterns. Yet internal medicine physicians top the list of those planning to leave their current positions at 39.1%, followed by family medicine at 37.3%.

Location changes also differ by specialty. Surgical specialists move between states twice as often as family medicine doctors or psychiatrists, who tend to stay put.

This fluid movement in physician careers reflects healthcare’s changing landscape. Nearly 70% of doctors in every specialty change jobs within their first two years of practice. This trend shapes how individual practitioners and healthcare organizations approach the evolving job market.

Why doctors are switching jobs more often

Doctors have been looking at new career paths like never before since the pandemic. This change in the physician job market shows deeper problems in healthcare systems that make medical professionals search for better opportunities.

Desire for better work-life balance

Better work-life balance stands as the biggest reason doctors change jobs. A survey revealed that more than one-third (35%) of physicians named work-life balance as their main reason for switching careers. This holds true for doctors at all career stages, though specific reasons differ based on experience.

Studies show poor work-life balance leads to less job satisfaction and lower productivity. Many doctors now make tough career choices to protect their wellbeing. The old belief that doctors should put work before personal life is changing. Today’s physicians want time for family and personal interests.

The price of poor work-life balance is high. Doctors face depression, substance abuse, and suicide at rates two to six times the national averages. Family life takes a hit too. One study found that only 36% of surgeons had enough time for personal and family life with their work schedule.

Need for flexible schedules

Schedule flexibility plays a crucial role in doctors’ career choices. The seven-on/seven-off schedule remains popular, with 60.2% of adult hospitalist groups using it. Yet only 24.2% offer variable scheduling options. This lack of options fails to meet the medical workforce’s needs.

Doctors need different types of flexibility as their careers progress. Late-career physicians value scheduling flexibility more, with 21% listing it as a top priority. Dr. Jeremy Jaskunas puts it well: “Flexibility requires creativity, hard work and openness to change. Rigidity often reflects a lack of imagination, laziness and fear”.

Flexible scheduling comes in many forms. Options include part-time hours, compressed workweeks, job-sharing, and telehealth opportunities. Doctors who choose locum tenens work love the freedom to pick when and how often they work.

Burnout and workplace dissatisfaction

Physician burnout hit a record-high 62.8% in 2021. It dropped to 48.2% in 2023—the first time below 50% in four years. These numbers remain too high and push doctors to change careers.

One in five physicians left their jobs due to unbearable stress and burnout from the pandemic. Other reasons include:

• Poor leadership and inadequate employer support
• Work-life balance not being a priority
• Too many regulations and paperwork
• Not enough staff

This job dissatisfaction costs healthcare dearly. Burnout drains about $4.6 billion yearly from the U.S. healthcare system through turnover and reduced hours. Replacing a burned-out doctor costs $500,000 to $1 million or more, depending on their specialty.

The workplace environment shapes retention choices. Mid-career physicians often look for better workplace culture (16%) when switching jobs. Doctors who feel valued by their organizations report less burnout and stay in their roles longer.

These three factors—work-life balance, scheduling flexibility, and workplace satisfaction—keep reshaping how doctors choose their careers. Traditional employment patterns in medicine continue to evolve because of these changes.

The rise of side gigs and locum tenens work

Doctors today look for extra income sources beyond their regular practice as financial pressures and job dissatisfaction rise. Recent stats reveal that almost 40% of US doctors earn around $34,000 yearly from side jobs.

Locum tenens vs. moonlighting

People often mix up locum tenens and moonlighting, but they’re quite different. Moonlighting happens when doctors take on extra shifts at local hospitals – usually at night – while keeping their main job. Locum tenens (Latin for “one who holds the place”) means working temporary assignments with clear start and end dates.

Recent surveys show that 44% of doctors have medical-related side work. Medical consulting (19%) and part-time hospital work (18%) are the most popular choices. Residents should check their program rules first since ACGME sets strict work hour limits for most residency programs.

Telehealth and non-clinical roles

The pandemic made telehealth much more common, opening new doors for doctors who want flexible work. Doctors can now offer consultations from home and work around their schedule. On top of that, they can use their expertise in medical writing, chart reviews, expert witness work, and pharmaceutical consulting.

The Physician Side Gigs Facebook group started in 2016 and has grown to include over 38,500 doctors. This group helps doctors network and find new income streams. While most doctors say side jobs make up just 10% of their yearly income, starting positions in health insurance, utilization management, and pharma companies pay between $160,000 and $300,000.

Benefits and challenges of contract work

Contract work gives doctors more than just extra money. They can learn new skills, try entrepreneurial ventures, and build savings that might let them retire earlier. Working in different settings helps them expand their knowledge and stay current with industry changes.

But juggling side work with medical practice isn’t always easy. About 32% of doctors find it hard to manage their time, 8% say it gets in the way of their main job, and 4% run into paperwork and legal issues. Doctors must also watch out for conflicts of interest that could affect patient care or break professional rules.

These alternative ways of practicing medicine will become more important as the job market changes, helping shape career paths and meet healthcare workforce needs.

How job satisfaction varies by employment type

Job satisfaction among doctors shows striking variations based on how they’re hired. New surveys reveal interesting patterns that could substantially affect career choices in today’s changing physician job market.

Independent contractors report highest satisfaction

Independent contractors lead the pack in job satisfaction among physician employment models. A newer study found that locum tenens physicians feel most appreciated (41%) compared to their peers. Their satisfaction comes from having more control over their practice decisions and schedules. Research shows that physicians who “always or almost always controlled their work life were 11 times more likely to be satisfied with their careers” than those with limited control. These independent practitioners also value their direct patient accountability and freedom to promote patient care without corporate limitations.

Private practice and academic roles lag behind

Doctors hired by hospitals feel least appreciated (30%) among all practice types. The data shows that academic physicians tend to be more satisfied with their careers than their private practice counterparts. Better work-life balance and lower burnout rates make academic medicine more appealing. The choice of specialty plays a role in satisfaction levels. Doctors in “controllable lifestyle” specialties such as anesthesiology, dermatology, and pathology show higher satisfaction rates than many primary care physicians.

Gender and career stage influence satisfaction

Men and women physicians report similar overall job satisfaction levels (71% and 70% respectively). The numbers tell a different story when it comes to feeling valued – only 44% of women physicians feel appreciated by their organizations compared to 52% of men. Career stage is a vital factor in physician satisfaction. Mid-career doctors report the lowest satisfaction with their specialty choice and work-life balance. Late-career physicians express the highest overall career satisfaction. Young doctors face unique challenges and report more work-home conflicts and depersonalization.

Middle-career physicians are more likely to consider leaving medicine for reasons other than retirement (12.5% compared to 4.8% for early and 5.2% for late career).

What the future holds for physician careers

The physician job market shows promise and challenges as healthcare evolves faster than ever before. Today’s doctors face a job market that looks very different from what their predecessors knew.

Retention outlook through 2025 and beyond

A retirement wave looms over the physician workforce. 20% of clinical physicians are currently aged 65 or older. Another 22% fall between ages 55-64. This shift will substantially decrease the number of available physicians as many reach retirement age in the next decade. The U.S. faces a projected shortage of 187,130 physicians by 2037. This shortage will touch almost every specialty – 31 out of 35 specialties expect shortages. Rural areas will feel this pinch the most, with a 60% physician shortage compared to 10% in metropolitan areas.

Impact of physician job growth and demand

Physician employment growth stays strong despite retention challenges. The Bureau of Labor Statistics expects 4% growth from 2023-2033, with about 23,600 openings each year. This growth comes from an 8.4% population increase by 2036, including a 34.1% rise in people 65 and older. More complex medical conditions that need specialist care will rise as a result. Some areas like psychiatry should see strong growth because of the growing need for mental healthcare services. Doctors have great career options since recruitment remains very competitive with about 3,000 open family medicine positions nationwide.

Adapting to a changing healthcare landscape

Future success requires doctors to adapt in several ways:

• Technology integration will reshape healthcare as 81% of healthcare executives expect AI to have significant or moderate effects by 2025
• Flexible practice models matter more now as primary care expands beyond traditional jobs
• Work-life balance improvements like fewer clinic hours and telehealth options help keep physicians on board

Yes, it is becoming financially rewarding for physicians. Organizations respond to supply-demand gaps with yearly increases in compensation packages. Many offer six-figure recruitment packages and substantial signing bonuses to attract talent in this competitive field.

Conclusion

The Evolving Landscape of Physician Employment

Medical career paths look quite different today than they did just a few years ago. A remarkable 62% of doctors switched jobs within two years, marking a dramatic departure from traditional career trajectories. This shift mirrors broader healthcare changes where doctors’ priorities now focus on work-life balance, schedule flexibility, and job satisfaction rather than conventional practice models.

Research points to fundamental changes in doctors’ career perspectives. Many physicians now turn to alternative employment arrangements due to burnout, paperwork overload, and healthcare consolidation. New opportunities have emerged through locum tenens positions, telehealth platforms, and medical side ventures, offering greater independence to practitioners.

Tomorrow’s physician employment landscape promises more diversity and flexibility. Despite shortages across specialties, doctors maintain strong negotiating power for better terms. New physicians and those thinking about career changes should note that job satisfaction varies by practice model. Independent contractors typically report higher satisfaction than their hospital-hired colleagues.

Healthcare organizations must now reshape their employment approach. Retaining physicians becomes crucial as the workforce ages, requiring better work environments, competitive pay, and flexible schedules. Organizations that balance doctor autonomy with business needs will lead this competitive market.

Healthcare transformation continues to reshape physician careers. Success comes to doctors who grasp market dynamics and choose career paths that match their personal goals.

FAQs

Q1. What percentage of physicians have changed jobs recently? According to recent studies, approximately 62% of physicians made some type of career change in the past two years. This includes changing employers, taking on side jobs, or transitioning to different practice settings.

Q2. Why are doctors switching jobs more frequently? The main reasons for increased job changes among physicians include the desire for better work-life balance, the need for more flexible schedules, and burnout from workplace dissatisfaction. Many doctors are seeking opportunities that offer greater autonomy and improved quality of life.

Q3. What are some popular alternative career options for physicians? Many physicians are exploring side gigs, locum tenens work, and telehealth opportunities. These options often provide additional income, flexibility, and the chance to diversify their professional experiences. Some doctors are also transitioning to non-clinical roles in healthcare consulting, medical writing, or the pharmaceutical industry.

Q4. How does job satisfaction vary among different physician employment types? Independent contractors, particularly those in locum tenens positions, report the highest job satisfaction. Hospital-employed physicians tend to feel less appreciated, while those in academic settings generally show higher satisfaction than those in private practice. Factors like specialty choice, career stage, and gender also influence overall job satisfaction.

Q5. What does the future look like for physician careers? The physician job market is projected to grow by 4% from 2023 to 2033, creating new opportunities. However, the field faces challenges such as an aging workforce and projected shortages across most specialties. Future success in medicine will likely require adapting to technological advancements, embracing flexible practice models, and prioritizing work-life balance.

Disclaimer: The viewpoint expressed in this article is the opinion of the author and is not necessarily the viewpoint of the owners or employees at Healthcare Staffing Innovations, LLC.