*This post was written by Ben Phipps for MGIS, you can find the original article here.
In the ever-evolving landscape of healthcare, doctor retention and recruitment remain critical challenges for organizations. While recent data from the American Medical Association (AMA) shows encouraging signs of improvement in physician burnout rates, the issue continues to be a significant concern. This, coupled with an ongoing doctor shortage, underscores the importance of identifying effective tools for attracting and retaining top medical talent. Our recent survey reveals that one such tool, often overlooked, is comprehensive disability insurance.
The AMA’s 2023 national physician comparison report indicates that physician burnout has fallen below 50% for the first time since 2020, with 48.2% of physicians reporting at least one symptom of burnout. This marks a positive trend from the record-high 62.8% observed in 2021. However, the extent of the problem remains a stark reality that demands ongoing attention, especially as the healthcare industry faces projections of a shortage of up to 124,000 physicians by 2034, as reported by the Association of American Medical Colleges.
The MGIS Survey
In this context of gradual improvement but persistent challenges, our survey of 100 practicing doctors across the United States offers valuable insights. This study, spanning various practice settings and career stages, illuminates how disability insurance influences job selection and financial confidence among medical professionals.
Here at MGIS, we began this survey process with a strong conviction that disability insurance is a key consideration in doctors’ career decisions. While the connection isn’t always obvious, when prompted, doctors acknowledge the importance of quality income protection as part of a robust benefits package. This study validates our hypothesis that disability insurance can and should be used as a critical recruitment and retention tool.
Our findings suggest that well-structured disability insurance programs can serve as a valuable asset for healthcare employers looking to differentiate themselves in a competitive job market. From new graduates burdened with student debt to experienced specialists at the peak of their careers, doctors across the spectrum are paying close attention to the disability coverage offered by potential employers.
As we delve into the detailed results of our survey, we’ll explore how doctors’ perspectives on disability insurance evolve throughout their careers, the key aspects of coverage that matter most to them, and the potential for employers to leverage these insights. By doing so, healthcare organizations can create more attractive and secure work environments for medical professionals, potentially contributing to further reductions in burnout and improvements in job satisfaction.
The Importance of Disability Insurance in Job Selection
Our survey findings reveal that disability insurance plays a crucial role in doctors’ job selection process, with particularly strong significance among mid-career, high-earning doctors. This section delves into how disability insurance compares to other benefits for this key demographic and its importance across the general doctor population.
Ranking Among Benefits for Doctors Aged 45-54 Earning Over $150,000
For doctors between the ages of 45 and 54 earning more than $150,000 annually, disability insurance ranks as the second most important benefit when considering a job offer. This places it just behind health insurance and ahead of other significant benefits such as:
- Life insurance
- Sign-on bonus
- Continuing medical education (CME) allowance
- Retirement plans
- Malpractice insurance
- Paid time off
- Student loan repayment assistance
This high ranking underscores the value this demographic places on income protection and financial security in their career decisions.
More Findings for Doctors Aged 45-54 Earning Over $150,000
Our survey revealed other particularly interesting results for this key demographic:
1. 76% reported being somewhat or very familiar with their current disability insurance coverage.
2. A significant 69% know a colleague who had to use their disability insurance, highlighting the real-world relevance of this benefit.
3. 61% expressed interest in learning more about disability insurance options, with an additional 38% indicating they might be interested.
4. 30% are at least somewhat likely to consider changing jobs in the next 2 years, emphasizing the potential impact of disability insurance on retention for this group.
These findings suggest that mid-career, high-earning doctors place a premium on comprehensive disability coverage and are actively engaged with this benefit.
General Population Statistics on Job Selection and Disability Insurance
Across our entire survey population, disability insurance emerged as a significant factor in job selection and career decisions:
1. 84% of all respondents reported being at least somewhat familiar with their disability insurance coverage, indicating a high level of awareness across the profession.
2. 42% specifically inquired about disability insurance when considering their current job, demonstrating its importance in the job selection process.
3. 21% have turned down a job offer due to inadequate disability insurance coverage, underscoring its potential as a deal-breaker in employment negotiations.
4. 34% are at least somewhat likely to consider changing jobs in the next 2 years, highlighting the ongoing importance of competitive benefits packages for retention.
5. When considering a new job offer, 23% said disability insurance would be extremely influential, and an additional 27% said it would be influential, totaling 50% who view it as a significant factor.
6. 36% expressed neutral to very unconfident feelings about their ability to maintain their current lifestyle if unable to practice medicine for an extended period, emphasizing the perceived need for robust disability coverage.
These statistics paint a clear picture: disability insurance is not just a peripheral benefit but a central consideration for doctors across career stages when making employment decisions. Its particular importance to mid-career, high-earning doctors suggests that healthcare employers who offer comprehensive, well-structured disability insurance packages are likely to have a significant advantage in attracting and retaining top medical talent, especially among experienced doctors in their peak earning years.
Insights from Open-Ended Responses
To gain a deeper understanding of doctors’ attitudes towards disability insurance, we asked several open-ended questions. The responses provide valuable context to our quantitative findings and offer insights into how doctors’ perspectives on disability insurance evolve throughout their careers.
Evolving Perspectives on Disability Insurance
Many respondents indicated that their view of disability insurance has changed over time:
1. Increased importance with age: A common theme was that disability insurance becomes more important as doctors progress in their careers. One respondent noted, “As I get older I appreciate the need for disability insurance more.”
2. Personal experiences shape perspectives: Several doctors mentioned that witnessing colleagues use their disability insurance or experiencing health issues themselves led to a greater appreciation of the benefit. For instance, one doctor shared, “It’s importance has increased slightly over the past 4 years after having a chronic muscular injury.”
3. Varying importance at different career stages: Interestingly, some mid-career doctors with accumulated wealth reported feeling less need for disability insurance, while others emphasized its growing importance as their financial responsibilities increased.
4. Evolving awareness: Many respondents admitted that disability insurance wasn’t initially on their radar but became more important as they learned about it. As one doctor put it, “At first it wasn’t on my radar. Now I would be asking questions regarding coverage.”
Key Aspects of Disability Insurance
When asked about the most important aspects of disability insurance, doctors highlighted several key factors:
1. Coverage amount: Consistently mentioned as a top priority, aligning with our quantitative findings.
2. Definition of disability: Many emphasized the importance of how disability is defined, especially for their specific occupation.
3. Elimination period: The time before benefits kick in was a significant concern for many respondents.
4. Duration of coverage: Long-term coverage and the potential for coverage past age 65 were mentioned by several doctors.
5. Cost and premiums: While not the top concern, many doctors factored this into their overall assessment of disability insurance.
6. Occupation-specific considerations: Some specialists mentioned the need for coverage tailored to their specific practice, such as “single specialty insurance so I would not have to work in another medical field.”
Role in Career Planning and Job Selection
The open-ended responses reinforced our quantitative data on the importance of disability insurance in career decisions:
1. Growing consideration in job selection: Many doctors indicated that disability insurance has become a more significant factor in their job considerations over time.
2. Desire for standardization: Some respondents suggested that disability insurance should be “as standard as health coverage, and straightforward without loopholes.”
3. Education gap: Several doctors mentioned a lack of education about disability insurance in medical school, suggesting an opportunity for earlier career guidance.
4. Personal policies vs. employer-provided coverage: Some doctors emphasized the importance of personal disability policies, with one noting, “I got my own private long-term disability policy on completion of residency.”
These qualitative insights complement our quantitative findings, reinforcing the importance of disability insurance in doctors’ career decisions and financial planning. They also highlight the need for tailored disability insurance solutions that address the evolving priorities of doctors throughout their careers, from recent graduates to established specialists.
Conclusion: Leveraging Disability Insurance for Doctor Recruitment and Retention
Our survey of 100 practicing doctors across the United States has revealed the critical role that disability insurance plays in their career decisions and financial planning. As the healthcare industry continues to grapple with challenges such as burnout and workforce shortages, well-structured disability insurance programs emerge as a powerful tool for attracting and retaining top medical talent.
Key Takeaways
1. Disability insurance ranks as the second most important benefit for mid-career, high-earning doctors when considering job offers.
2. A significant majority of doctors are familiar with their current disability coverage and express interest in learning more about their options.
3. Doctors’ perspectives on disability insurance evolve throughout their careers, often becoming more important as they age and witness colleagues utilizing the benefit.
4. Coverage amount, definition of disability, and occupation-specific considerations are among the most crucial aspects of disability insurance for doctors.
Opportunities
For healthcare employers and insurance providers, these findings present a clear opportunity:
– Tailor disability insurance offerings to address the specific needs and concerns of doctors at different career stages.
– Enhance education and awareness about disability insurance, particularly for medical students and early-career doctors.
– Consider offering more comprehensive, occupation-specific disability coverage as a way to differentiate in a competitive job market.
– Integrate discussions about disability insurance into recruitment processes and regular benefits reviews with existing staff.
By prioritizing robust disability insurance programs, healthcare organizations can not only attract and retain talented doctors but also contribute to their overall financial security and job satisfaction. This, in turn, may help address broader industry challenges such as burnout and workforce shortages.
As the healthcare landscape continues to evolve, so too must the strategies for supporting and empowering medical professionals. Disability insurance, often overlooked in the past, now stands out as a key factor in shaping doctors’ career decisions. By recognizing its importance and leveraging it effectively, healthcare employers can create more secure, attractive work environments that benefit both doctors and the patients they serve.