Ironically, qualities that make physicians good at their job are often the same traits that predispose doctors to burnout. Physicians are highly conscientious with a deep sense of responsibility and perfectionist tendencies that create internal pressure. Errors can be costly or even deadly.

The reality of modern medical practice only adds to pressure in all specialties and practice settings. Doctors face long hours, a high volume of patients, and paperwork that cuts into patient-centered care, leading to physical and emotional exhaustion. While burnout has moderated since “skyrocketing to a record high” during COVID, doctors remain at a “higher risk for burnout relative to other U.S. workers.”¹ An American Medical Association (AMA) report attributes this to “…system inefficiencies, administrative burdens and increased regulation and technology requirements.”²

To mitigate stressors, many physicians leave private practice to join corporate or hospital-based practices, due to rising practice costs, inadequate reimbursement rates, and access to costly resources. Younger physicians in particular have a preference for different practice settings.³ The administrative load of private practice cuts into patient care, threatens financial stability, and “significantly increases burnout.”⁴

Complex finances often contribute to physician stress and burnout. Work demands leave little time to for tasks like developing a comprehensive financial plan. An article written by John Egan for Forbes Advisor notes that financial advice can help doctors address these issues (retrieved and edited from Nasdaq.com):⁵

• Private practice may complicate taxes
• Pay may fail to keep pace with compensation for newly recruited professionals
• To maintain their standard of living, doctors may need to stash hefty sums in retirement accounts
• The average student leaves medical school with over $250,000 in student loan debt
• Rising medical malpractice lawsuits and insurance costs
• Desire to be immersed in medical matters rather than money matters

Engaging a certified financial professional can be key to wellbeing for time-crunched doctors who do not have enough hours in the day or the business acumen to manage complex finances to their advantage—and to achieve long-term financial goals.

1. www.ama-assn.org/practice-management/physician-health/what-physician-burnout
2. Ibid
3. www.ama-assn.org/press-center/ama-press-releases/ama-analysis-shows-most-physicians-work-outside-private-practice
4. Ibid
5. www.nasdaq.com/articles/financial-advisors-for-physicians:-everything-you-need-to-know