06/23/2026
There’s a deal that medicine offered physicians for most of the past four decades.
Sell your practice. Join the system. Trade autonomy for income, malpractice coverage, and someone else managing the billing. The terms seemed reasonable, maybe even attractive, to a generation of physicians who were tired of running businesses and just wanted to practice medicine.
What nobody said clearly enough was what the other side of that bargain looked like when the employer stopped performing.
The pandemic didn’t create physician burnout. It revealed how hollow some of those employment promises had become. Physicians discovered that the income was stable until the revenue dropped. That the support was there until the staffing was cut. That the autonomy they’d given up was gone, and what replaced it wasn’t the partnership they’d been sold.
Many of them responded by leaving employment, not medicine. Locum tenens, direct primary care, concierge arrangements, consulting, fractional CMO roles, advisory boards, medical education ventures; the options have multiplied, and physicians are finding them.
This isn’t a trend. It’s a structural shift in what physicians are willing to sign up for.
I’ve written about what that shift means, and what physicians, health systems, and investors should be doing about it, in my newest full post. See the link in the first comment below.