2023 Final Year Resident Survey
You are not alone--residents all across the country are speaking out and identifying their lack of business education as a huge deficit in their training.
Young doctors have a HUGE knowledge gap when it comes to the business of medicine, and this is fundamentally why our SimpliMD community is desperately needed to fill the micro-business competency void that currently exists.
This critical need was exposed further in AMN Healthcare’s (formerly Merritt-Hawkins) 2023 Survey of Final-Year Medical Residents that reflects the perspectives and plans of physicians who are about to complete their final year of training. You can find the complete survey here © AMN Healthcare 2023.
Key findings of this year’s survey include:
• Medical residents are inundated with job opportunities. The majority of medical residents surveyed (56%) received 100 or more job solicitations during their training, the highest number since the survey was first conducted in 1991.
• 78% of residents received 51 or more job solicitations during their training, also the highest number since the survey was first conducted (tied with 2011).
• The job market for residents has rebounded strongly from the COVID-19 pandemic. During the pandemic in 2021, only 30% of residents indicated they received 100 or more job solicitations, compared to 56% this year.
• Despite the robust job market, 30% of residents indicated they would not choose medicine if they had their careers to do over, the highest number since the survey was first conducted.
• More female residents (36%) said they would not choose medicine again than did male residents (27%).
• Burnout may be the reason some residents would change career paths if they could. 81% of residents said they sometimes, often, or always experienced feelings of burnout during their training, up from 58% in 2021.
• Female residents are more likely to experience burnout than are male residents. 94% of female residents said they sometimes, often, or always experienced feelings of burnout during their training, compared to 73% of male residents.
• Female residents expect to earn less in their first practice than male residents. 58% of female residents expect to earn $251,000 or more in their first year of training, compared to 82% of male residents.
• Lifestyle and personal time are of highest importance to residents considering job opportunities. 82% of residents said “lifestyle” is very important to them as they consider a first practice, followed by “adequate personal time” (80%), “good financial package” (78%) and geographic location (76%).
• Only 4% of residents would prefer to practice in a community of 25,000 or less, underscoring the challenges rural communities face when recruiting new physicians.
• Residents prefer “hospital employment” as a practice setting. 68% said “hospital employment” was their first or second preference in a practice setting, while only 6% selected “solo practice.” (this is precisely why my book on the insanity of traditional employment is needed)
• Close to one half of residents (48%) said they are unprepared for the business side of medicine.
• The majority of residents (61%) said they received no formal instruction during their training on the business side of medicine.
SimpliMD: Bridging the Gap for Residents Unprepared for the Business Side of Medicine
These latter two points about business education deficits underscore the importance and value of our SimpliMD community. There is a huge business void for young doctors that needs to be filled. While residency programs excel in imparting clinical knowledge, they often fall short in equipping young physicians with the essential skills needed to navigate the complex world of healthcare business. This knowledge gap can be a significant challenge, but there's a solution that's making a real difference – SimpliMD.
Understanding the Challenge
Medical school and residency programs focus on nurturing the clinical expertise of future physicians. However, they often leave a significant void in preparing doctors for the business aspects of their profession. This gap can lead to feelings of inadequacy, stress, and missed opportunities for budding medical professionals. Recognizing this need for practical business knowledge among physicians, our SimpliMD community has emerged as a game-changer.
SimpliMD: A Beacon of Support
SimpliMD is not just another online platform; it's a thriving community dedicated to helping you bridge the gap between their medical education and the realities of the healthcare business world. Here's why SimpliMD stands out:
Specialized Content: As the President of SimpliMD, I have worked hard to create an easily accessible platform that offers a wealth of content, including books, blogs, courses, and business coaching, all tailored to the your specific micro-business needs. It's a treasure trove of information designed to empower you with the knowledge you need for the marketplace.
Community Support: SimpliMD brings together a community of like-minded professionals who understand the unique challenges that you face in your career. Members can share experiences, insights, and solutions, creating a collaborative and supportive environment.
Expert Guidance: My personal experience and expertise, as a physician who has formed micro-corporations for professional work, is invaluable. The business coaching provided by me is based on real-world experience, ensuring that you receive practical advice.
Goal-Oriented: My ambitious goal of reaching 10,000 members in the SimpliMD community reflects the demand for the services and the micro-business resources offered. With a growing number of physicians seeking to enhance their business acumen, SimpliMD is growing to meet your unique micro-business needs
SimpliMD: A Beacon of Support for Unprepared Residents
For the 48% of residents who feel unprepared for the business side of medicine, and the 61% who had no business education during their training, SimpliMD is a ray of hope. It offers them the tools and support they need to thrive in an increasingly complex healthcare landscape. By fostering knowledge sharing, providing expert guidance, and building a supportive community, SimpliMD empowers all physicians to excel not just in their clinical roles but also as successful professionals in the business of medicine.
In a field where knowledge can make all the difference, SimpliMD is undoubtedly the best solution for residents and young doctors seeking to overcome the challenges of the business side of medicine. With my vision and commitment, SimpliMD is poised to become an indispensable resource for thousands of physicians on their journey to success.
What Can You Do?
First, take a step forward to grow your own micro-business education by becoming a SimpliMD member. And for the next 48 hours I am going to make that easier than ever by giving you a 50% off membership coupon by going here and using coupon code MEMBERSHIP50 at check out.
Second, I have made the $2500 SimpliMD membership value available to residents for only $10. If you know a resident, I encourage you to let them know about SimpliMD and how it can help fill their business education void. In fact, let me encourage you to pay it forward and pay for your resident friend’s SimpliMD resident membership here.
Thirdly, you know I have the audacious goal of connecting 10,000 doctors this year to our SimpliMD mailing list. PLEASE invite any physician you know—especially younger doctors, to join our mailing list by forwarding them this link about 6 reasons to join a virtual community for physicians.
Lastly, in the spirit of the upcoming holidays, gift a copy of my best-selling book “Doctor Incorporated: Stop The Insanity of Traditional Employment and Preserve Your Professional Autonomy” to a doctor friend.