In a survey completed by WebMD in 2012, physicians fessed up to their dissatisfaction in their current jobs. In fact, only 23% of surveyed physicians said, if they had to do it all over again, they would return to their current practice setting. What's more, almost half of surveyed physicians said they feel their compensation is unfair. I personally found these results to be somewhat surprising. I was surprised by these numbers because, in my mind, physicians, of all professionals, seem to be in the best position to choose the job they want, and to receive the compensation they feel is fair. After all, we often hear that there are gaping physician shortages, especially in certain regions of the country. So why then are more physicians not able to say they are happy in their current jobs and with their current pay? One possible explanation is that physicians are often hasty in accepting their first job offer. Not only are physicians typically under immense pressure to pay off incredible student loan debt, but they are also often hesitant about delving into the contract negotiation process. These reasons sometimes lead to premature acceptance of a job that will certainly pay the bills, but may not offer exactly what the physician truly wants out of his or her job.
A second explanation is that when young physicians enter the world of practicing, they have not yet been exposed to various practice settings or certain employment arrangement possibilities. After all, they've been slaving away as residents and fellows for the past few years, and pretty much any employment arrangement is going to look better than what they're used to. So it's easy to see why young physicians are quick to accept any job offer that includes a salary with 6 numbers.
While it might be comfortable for young physicians to accept a job in the same practice setting they're used to after their training, or it might seem to make the most sense to accept a job in the completely opposite practice setting (i.e., going from academic to private), I would encourage residents and fellows to take a broad look at the various different practice settings available before choosing one. It may end up that the same academic setting they're used to is a great match for them, or shifting to a smaller setting may be the right move, but it's impossible to know until you get a feel for the variety. It is also hugely important to have a detailed legal review completed of your contract. Given that most physicians are entering an employment setting with an employer they have not yet worked for, it is important to be sure that you have the maximum legal protection in case the job doesn't turn out as hoped.
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