Recent economic woes have had an unanticipated effect on healthcare. Doctors who took large losses when the stock market stumbled have found themselves having to rethink their retirement plans, and some of them are hoping to return to their role as healthcare providers. That may not be as easy as they originally thought.
The obvious barriers, ageism, for example, are certain to be there. But certifications and medical malpractice insurance are the largest part in the difficulty. If a physician has been out of practice for 18 months or longer, some states may require that he take expensive retraining and re-entry programs. Insurance carriers are also a bit leery, concerned that lack of use of skills and knowledge may leave the physician less mindful of important details, and out of date in his expertise.
Though it may seem strange, since the doctor was in practice for decades, there’s a certain amount of validity to the concerns. While the doctor was in retirement, certain medications may have been shown to be dangerous to the patient. Other drugs may have come out which are much better at treating a condition, and ways of performing certain procedures may have changed. Any of these can put a patient’s safety in jeopardy, and put the medical facility and their medical malpractice insurance carrier at risk.
Yet the industry could use the help of these experienced practitioners, and the doctors themselves may have no real choice. Where’s the solution, then? If you’re a doctor and have any concern that you may have to come back out of retirement, continue practice by volunteering or working part time, so that your currency doesn’t lapse. If you’ve already come out of practice by a bit, you may need to volunteer part time for a little while to demonstrate and reestablish your competency. Be prepared to act as a primary care physician, even if you were highly specialized. Be willing to work in the areas and shifts you’re most needed, and be prepared to take slightly less while you re-establish yourself.
Those who want to return to private practice may have difficulty acquiring medical malpractice liability. As an independent broker, Presidio is in the best possible position to find the best coverage at the lowest prices possible. Give Presidio a call, find out how we can help!