Market-Driven Healthcare- What You Need to Know Before Searching For a Position

Market-Driven Healthcare- What You Need to Know Before Searching For a Position

Breaking Down The Medical Industry

As you inch towards your debut as a physician, it’s wise to assess the ever-changing landscape of the medical field before you establish your place within it. There’s a multitude of factors to consider when evaluating the medical market and how it impacts you personally. Now more than ever, national trends can directly affect the challenges you face in your career so understanding them will better equip you to navigate them when the time comes. The industry has changed dramatically since the emergence of COVID-19 and will continue to evolve in the coming years as we move towards a resolution. Maintaining knowledge of and continually researching the medical market will substantially impact your understanding of how to successfully work within it.

Deciding Your Practice Type

Choosing what type of medicine to practice is a big decision that is guided by both the state of the industry and personal preference. The 2 most important components of practice type are medical specialties and practice setting. Once you’ve decided on these factors, you can proceed on a more concentrated path towards your dream job.

Factors to Consider:

Earning Potential

Patient Contact

Work/ Life Balance

Scientific Interests

Medical Specialties

Practice Settings

Single Specialty Groups (SSG)

Multi-specialty Groups (MSG)

Private Practice

Independent Contractor

Finding an employer

The establishment that employs you is another huge factor in the fulfillment of your practice so knowing what to look for in an institution before accepting a job is crucial. According to Kathryn C. Peisert, managing editor of The Governance Issue (TGI) and Chapter 5 Author of Career and Life Planning Guidebook For Medical Residents, you should be looking for employers who are patient-centric, team-focused, and business acumen. Finding these qualities in an organization will indicate that the work environment is positive, efficient, and functional. If you receive offers from multiple organizations, take the time to thoroughly consider the work environment and institutional integrity.

Trends in the Medical Industry

Grasping the most prominent trends in the medical industry is so beneficial because it not only helps you decide what type of medicine to practice but conditions you to face challenges that doctors often see. Acquiring knowledge of the business side of medicine strengthens your assets and sets you up for success.

Healthcare Reform Impacts

Reformations of American Healthcare have further complicated the issues being faced in the medical field. As more people are insured under the Affordable Care Act, the amount of patients increases disproportionately in relation to the available resources and number of medical workers. This can be detrimental to the quality of healthcare provided to patients and the success of doctors on a national scale.

We are seeing a rise in bankruptcies closures of medical institutions, indicating how severe financial pressures organizations are being faced with. As a result, Physicians are experiencing Burnout, patients are paying higher rates, and medical institutions are decreasing in quality. You, as a practicing physician, will likely feel the consequences of this but must not let it drag down your passion and drive. Shift your focus to building and nurturing relationships with patients, or become a leader who promotes communication and cohesion within your team.

Physician Shortage

Additionally, market trends currently indicate a general shortage of physicians which has only been worsened by the pandemic. Hospitals are flooded with COVID-19 patients and have been dominated by an unprecedented level of intensity and pressure. This year doctors have been overworked beyond reason which has lead to an increase in burnout, higher rates of depression among medical workers, and a decreased quality of healthcare for patients. Not to mention how many young people have lost the desire to practice medicine since the public has highlighted how laborious and intense it is to work in the medical field. This raises the question of whether or not we will have enough medical professionals to replace our current ones after they retire. The pattern of physician shortage is cyclical and should be considered as you work towards your career as a doctor because the pressure and stress of the job are not on track to dissolve anytime soon.