Chicago, IL - Last week the American Medical Association (AMA) released new numbers from a study that revealed that doctors that had an ownership stake in their practice no longer make up the majority of the nation’s patient care physicians. Their numbers have declined about six percentage points to 47.1% in 2016 (from 53.2% in 2012). This is the first time that the majority has shifted since the AMA started to keep track of practice arrangement trends.
A lot of this phenomenon can be attributed to the fact that younger physicians are choosing to work in environments where shared responsibility, greater collaboration, and the opportunity for more of a work/life balance align to the values of the millennial generation. As AMA’s press release states: “The preference of younger physicians toward employed positions has had a prominent impact. Nearly two-thirds (65.1 percent) of physicians under age 40 were employees in 2016, compared to 51.3 percent in 2012. The share of employees among physicians age 40 and older also increased between 2012 and 2016, but at a more modest pace than younger physicians.”
The full press release from the AMA is available here.
Why this matters:
These numbers from the AMA are just further proof points that we are seeing a true transition to an HCP landscape being shaped by the millennial generation. The impact can be seen not only in where they choose to practice, but in the new expectations they have for relationships with patients, peers, and pharma—and in their desire for greater collaboration with all three.
If pharma is sensitive to the challenges, needs, and values of millennial physicians in their interactions – from promotional outreach to adherence tools, and from medical communications to detailing – they can create value and an authentic connection. For a deeper dive into some of the ways that healthcare marketers can start to better connect with this new generation, check out our exclusive report on the topic, “Millennial Mindset: The Collaborative Clinician,” here.