In recent times, a significant shift is emerging among physicians who have traditionally opted for the standard employment model, specifically those working as W-2 employees. More and more doctors are now choosing to reduce their Full-Time Equivalent (FTE) hours from the standard 1.0 to lower figures, such as 0.7 or 0.8 FTE. This reduction in hours marks a pivotal change in the way physicians approach their work-life balance and income generation.
By scaling back their hours, physicians are not just making a statement about their work preferences but are also strategically positioning themselves to maintain the benefits of employment. These benefits include job security, structured work environments, and access to employment-based health and retirement benefits, among others. However, the reduction in hours opens up a new frontier for these professionals - the opportunity to venture into self-employment.
The space created by reducing their FTE allows physicians to explore self-employment opportunities that can complement their reduced hours. This move is not just about diversifying their professional activities; it's also a strategic approach to income management. By engaging in self-employment ventures to fill the 0.2 or 0.3 gap left by the reduction in their FTE, physicians can ensure that their total household income remains unaffected. Essentially, they are creating a balance where their overall income remains stable, while gaining more control over their time and the type of work they engage in.
This emerging trend signifies a broader shift in the healthcare industry, where physicians are looking for ways to redefine their careers. It reflects a desire for greater flexibility, autonomy, and the opportunity to pursue passions outside of traditional employment confines. As more physicians explore this route, it could lead to a more diverse and dynamic healthcare landscape, benefiting both professionals and the communities they serve.
Tod Stillson is a family physician, entrepreneur, and Amazon best-selling author of Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy.
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