A national physician shortage is a growing issue for hospital executives and consistently ranks as one of their top concerns, along with financial challenges and governmental mandates.
According to the Association of American Medical Colleges, the United States could see a shortage of nearly 122,000 physicians by 2032, impacting patient care nationwide. Meanwhile, the senior citizen population is expected to grow 48% by that time.
Follow this link to access additional data about trends that are projected to drastically impact health care throughout the country.
OUR COLLEGE’S PHYSICIANS WORKFORCE
In fiscal year 2017, the University of Florida College of Medicine – Jacksonville had 394 faculty physicians, who represented $279 million in net revenue. Clinical service made up 77.5% of the revenue, followed by hospital activity at 14.3%, research at 5.2%, and state and education funding at 2.5%.
During fiscal year 2018, the college lost 7.8 percent of its faculty physicians. Termination was the main reason, accounting for 56% of those departures. Meanwhile, 31% of them joined a Jacksonville-area competitor and 13% joined other health centers outside the region. Reasons given for leaving include compensation, opportunities for career advancement, lifestyle, lack of resources and staffing concerns.
Departure of faculty from academic health centers is costly. Retention is as important as recruiting. Data shows, on average, it costs $250,000 to recruit a faculty physician. That amount accounts for search expenses, sign-on bonuses, income guarantees and relocation costs.
On the other hand, a physician who leaves represents more than $1.4 million in annual lost revenue.