In recent years, more physicians have become less interested in the stress and burdens of owning and managing a private practice, electing instead for the stability and freedom to focus on patient care offered by employment. The year 2019 was the first year that recorded more physicians as employees rather than practice owners.
As the priority on work/life balance increases, this trend is expected to increase. Health systems have an opportunity to capitalize on this growing interest, but with a long-running nationwide physician shortage exacerbated by the pandemic, they will have to compete fiercely to attract and retain quality physicians. They may also have to play “tug of war” with the large private equity funding that continues to pour into healthcare, much of it into specialty practices.