FOR YOUR PRACTICE
2023 … Is This the Year to Retire ?
BY TEREASA HOMES , CMPE AMS DIRECTOR OF PRACTICE AND HEALTH POLICY
It ’ s a brand new year . Time for us all to make resolutions , plan vacations , and set personal goals for a successful 2023 . While these may be the typical topics of discussion between friends and family , in the health care industry , there is a completely different conversation . Physicians must consider many issues in a new year including increasing or decreasing patient load , additional staffing , updated or new software , incorporating social media , and increasing community engagement .
But what about those silent questions that begin to arise in a physician ’ s mind – is it time for me to retire ? Research has shown that physicians struggle with deciding to retire because of the enjoyment of the practice of medicine , but eventually the time comes when the decision must be made . While AMS cannot suggest the next path to take , below are three ideas to consider as you contemplate the next chapter in your professional career .
GRADUAL TRANSITION TO RETIREMENT
Many physicians want to continue to practice medicine but will cut back the number of hours and days they practice . By setting a time frame to work part-time within your practice , it allows for patient awareness and understanding of the upcoming transition , giving them time to research and select a new physician when you become fully retired and no longer practicing .
Another option is to arrange or lease exam room space from an established practice within your specialty for a set number of hours . Consideration for the patient panel may include by referral only , scheduled coverage for out-of-office physicians , and walk-ins .
Some physicians choose to establish a cash-only clinic with determined hours . This option would dissolve contracts with insurance carriers and state funded programs , and you would need to make patients aware of the change in financial responsibility .
One of the newest trends in medicine is concierge medicine , which allows primary care physicians to maintain a small patient panel with extended services and availability . Patients are charged a yearly membership fee and responsible for billing their own claims .
VOLUNTEERING IN RETIREMENT
Many physicians want to step back from the daily schedule of seeing patients and running a clinic but are not ready to completely give up the joy of serving others . If a physician wants to volunteer with charitable organizations , the medical license must still be active and in good standing .
This would apply in settings such as free clinics , where physicians go to underserved areas and populations . Many of these non-profit organizations providing medical outreach are faith or community medical events such as health fairs , vaccine clinics , or medical mission trips to foreign countries .
Many physicians came out of retirement when the COVID-19 pandemic began and were able to assist in many emergency situations . In August 2021 , Gov . Hutchinson issued an executive order that eased some of the licensing restrictions for retired physicians to help during the public health emergency . Since that time , the official public health emergency has expired in Arkansas , but it may be a consideration to take in keeping your medical license current even if you aren ’ t going to continue daily practicing at a clinic or hospital .
82 THE JOURNAL OF THE ARKANSAS MEDICAL SOCIETY