Private equity firms are making noise in healthcare with their aggressive acquisition of private practice physicians and 42 percent of hospital employees are considering moving to private practice, mostly due to the need for a better work-life balance, according to a recent survey from digital health platform Tebra.
Tebra surveyed 360 providers about the differences between working at a private practice and a hospital system. Among survey participants, 49 percent worked in a hospital system, 33 percent worked at a private practice and 18 percent worked elsewhere.
Five more takeaways from the survey:
1. Thirty-five percent of private practice owners and employees are considering switching to a hospital system, mainly due to the higher earning potential.
2. Fifty-three percent of hospital workers and 44 percent of private practice owners and employees feel burnt out.
3. Hospital workers cited high stress and burnout (45 percent), limited resources and staff shortages (41 percent) and emotional and mental fatigue (40 percent) as the top three challenges in their work environment. Private practice employees cited difficult patients and families (42 percent), high stress and burnout (37 percent) and emotional and mental fatigue (30 percent) as their biggest challenges.
4. Sixty percent of hospital employees say they need more support with staff recruitment and retention, compared to 48 percent of private practice owners and employees.
5. Fifty-six percent of hospital workers feel appreciated, compared with 73 percent of private practice owners and employees.
Click here for more details on the survey.