SOLUTION SUMMARY: Physicians and residents surveyed identified several safeguards for private equity involvement and consolidation in healthcare, including:
Preserving physician autonomy (90%)
Maintaining patient standards (87%)
Increasing transparency and disclosure (86%)
Assessing long-term impact (84%).
Reduction of administrative burdens (83%)
Change or removal of medical licensure questions that stigmatize accessing behavioral health care (65%)
The Physicians Foundation issued data today showing that the state of wellbeing remains critically low for physicians, with healthcare consolidation exacerbating the issue. Its latest survey, 2024 Survey of America’s Current and Future Physicians, unveils the urgent need to improve physician wellbeing and center physicians’ perspectives in today’s rapidly evolving healthcare landscape. Today, in recognition of National Physician Suicide Awareness Day (NPSA Day), The Physicians Foundation and The Dr. Lorna Breen Heroes’ Foundation call for systemic change through Vital Signs: The Campaign to Prevent Physician Suicide to improve the wellbeing of current and future physicians.
Key Findings from the Report:
Six in 10 physicians and residents, and seven in 10 medical students reported often experiencing burnout
More than half of physicians know of a physician who has ever considered, attempted or died by suicide
Medical students (49%) are significantly more likely than residents (33%) and physicians (18%) to have sought medical attention for a mental health problem
Seven in 10 physicians and medical students, and at least six in 10 residents agree that consolidation is having a negative impact on patient access to high-quality, cost-efficient care
According to physicians, negative impacts of mergers/acquisitions include job satisfaction (50%), quality of patient care (36%), independent medical judgment (35%) and patient healthcare costs (30%)
Safeguards for consolidation identified by physicians, residents and medical students include preserving physician autonomy (90%), maintaining patient standards (87%), increasing transparency and disclosure (86%) and assessing long-term impact (84%)
“Across the nation, the overall wellbeing of physicians has a profound impact on their professional lives and the quality of care they can provide to their patients,” said Gary Price, MD, president of The Physicians Foundation. “Even before the pandemic, physician wellbeing was in jeopardy; now, the rapid pace of healthcare consolidation is further deteriorating the practice environment. As changes to the healthcare landscape increasingly restrict physicians’ autonomy to care for their patients, it is imperative that we implement solutions now. On this National Physician Suicide Awareness Day, we urge everyone to join us in our mission to support physicians and ensure our healthcare system’s strength and sustainability for the future.”
The State of Current and Future Physician Wellbeing
Since the pandemic, the state of physician wellbeing remains low—and the wellbeing of residents and medical students is even lower. Burnout is leading to challenges and tragic outcomes affecting mental health with many still afraid of seeking help. In fact, tragically, four in 10 physicians, more than four in 10 (44%) residents and half (50%) of medical students were either afraid or knew another colleague fearful of seeking mental health care given questions asked in medical licensure/credentialling/insurance applications.
However, there is hope for the future of the healthcare profession, through a generational shift, which is continuing to occur. While residents and medical students are more likely to personally know a peer impacted by suicide, they are also more likely to have had a conversation about seeking mental health support. Additionally, 60% of students agree that wellbeing is a topic of conversation in their classes.
The Role of Healthcare Consolidation
There is agreement amongst current and future physicians that systems and workplaces prioritizing physician wellbeing and perspectives are necessary to sustain quality healthcare for the future. However, most physicians, residents and medical students agree that a hospital or practice’s top priority is financial gain.
Healthcare consolidation is dramatically changing the healthcare practice environment, negatively affecting physicians, patients, and the future of healthcare. In fact, at least three in ten physicians who experienced a merger or acquisition reported negative impacts on job satisfaction, quality of patient care, independent medical judgment, and patient healthcare costs. Further, the majority of physicians (68%), medical students (70%) and residents (61%) agree that consolidation is having a negative impact on patient access to high-quality, cost-efficient care.
Solutions to Protect Physician Wellbeing and the Future of Physician Practice
Physicians and residents have identified several safeguards for private equity involvement and consolidation in healthcare. These include preserving physician autonomy (90%), maintaining patient standards (87%), increasing transparency and disclosure (86%), and assessing long-term impact (84%).
Additionally, 79% of physicians and 87% of residents found the reduction of administrative burdens to be helpful. Furthermore, 71% of residents and 59% of students found change or removal of medical licensure questions that stigmatize accessing behavioral health care to be helpful.
“Our nation’s physicians are facing a mental health crisis,” said Corey Feist, JD, MBA, co-founder and CEO of the Dr. Lorna Breen Heroes’ Foundation. “As we navigate the complexities of an evolving healthcare landscape, it is imperative that we prioritize the wellbeing and mental health of our physicians, residents and medical students. Together, we can accelerate solutions – from reducing administrative burdens to breaking down barriers to accessing mental health care – that support and empower physicians to achieve their optimal state of wellbeing and provide the best care for their patients.”
Read the full survey results and methodology here. Learn more and access the resources and solutions mentioned at NPSADay.org.
This information is intended for educational purposes only. If you or someone you know may be in a crisis, call or text 988 or chat 988lifeline.org.
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