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Question for early-retired physicians
Old 06-06-2016, 11:19 AM   #1
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Question for early-retired physicians

I formally "retired" at the end of 2014, but agreed to work on a per diem basis with my hospitalist group while they filled my position. The position was filled a year ago by a nurse practitioner who really wasn't emotionally stable (she cried on busy days) and then was injured in a car accident. She tried to work about 6 months ago and ended up needed neck surgery (a residual from the accident). So I came back a few days a month but they still have not filled the position.

I've asked to be off the schedule permanently on August 1st. I've had it with the group. It will create great hardship on the other practitioners but I don't really care what happens anymore.

My question:

What did you do about hospital staff priveleges, board certification, and your medical license? What would your recommend based on your experiences?

I can't see every going back unless there was some major financial disaster. My hospital reappointment is looming, so I may just want to resign rather than go through the hoops, "just in case..."
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Old 02-06-2017, 06:06 PM   #2
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Hi, I don't have a helpful reply, but I've wondered the same thing. Did you decide to maintain an active license and privileges? My recert is fast approaching and I anticipate staying in the game another year or so mostly just outta fear that I'll somehow miss my practice (ER) even though I honestly dread most shifts. I read some of your other posts and relate to many of the emotions you went through while pulling the trigger. Were you able to qualify for ACA subsidies? How's that working out? Do you know if your participating marketplace insurance is reimbursing the docs well? I worry about bailing and using the marketplace insurance only to struggle getting in to see some of our better docs. Many don't take Medicaid, but our marketplace provider is blue cross so hopefully not too much of an issue.
Hope you're well.
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Old 02-06-2017, 06:11 PM   #3
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I kept my licence and insurance for one year so I could do some consulting, but then gave them up when I was pretty sure that I was done. The cost could not be justified without doing at least 25% full time work.
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Old 02-07-2017, 08:45 AM   #4
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Is there an option to put your medical license on some kind of "retired" status, rather than just let it lapse? Presumably with reduced fees? If so, you might consider doing that, at least for the first few years, until you're convinced you won't need it. I'm not sure if you would have to maintain CMEs. I suppose those arrangements would vary by state.
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Old 02-07-2017, 11:59 AM   #5
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Quote:
Originally Posted by Meadbh View Post
I kept my licence and insurance [certification] for one year .....
This is what DW plans to do (and me with law license). Keep powder dry as an ultimate backup plan in case we decide that we have an unexpected psychological need for work, or 2017-18 presents as the great crash of '29, followed by Oct. '87, and by Japan 1989-1991....

She is american OBG, so keeping insurance to work/consult a bit is not an option....
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Old 02-07-2017, 01:07 PM   #6
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I am in year five of retirement and still have my license but this will be the last year. I wanted it as a security blanket in case the market collapsed or I missed practice. I am on lifetime board certification so that is not an issue. My former group kept me on their malpractice insurance and paid for it along with license fees for the first three years as my friend the practice administrator was convinced I would get bored and come back to work part time. Bottom line is I was happy to keep my options open just in case. Things have gone well so there is no point in wasting the money or time to keep my license any more.
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Old 02-08-2017, 02:45 AM   #7
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I am maintaining my active license for now. If I were to work for my old group or work locus tenens my malpractice insurance would be covered, so that's not the issue. I am staying in the medical staff until the next cycle in two years--I trained 5 people to do my job.

I have about 4 years before I have to cough up money for board certification again--I doubt I will. To maintain my license I need to do CME, which I can do at minimal expense with online courses.

I intend to keep my license active for 2-4 more years. Active and active Reuters costs exactly the same and have the same requirements. Both are the only ones where I can write prescriptions, which is handy when someone in my family or I need something minor, such as a steroid cream for eczema.

I am so happy not to be working now that I doubt I will keep this up more than 2-3 years. At first it was hard to let go but after an amazing year I cannot imagine torturing myself with work if I don't have to.
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Old 02-08-2017, 09:26 AM   #8
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I have been retired since May 2014. I have kept my licence as it is more of a pain to reinstate if one lets it lapse. I went through the process of getting a licence in another province as an old friend asked me to do some locum work for them as they had a manpower crisis. This was a real pain and as far as I can see is mainly a full employment scheme! It is not difficult to keep CME up to date and as I am still doing a fair amount of teaching is pretty much unavoidable. We are lucky in Canada to have a subsidized single payer malpractice organization that is very easy to deal with.

I'm not sure how long I will keep my licence. It is certainly a significant expense but also a bit of a security blanket.
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Old 02-08-2017, 09:55 PM   #9
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DW quit medical imaging in 1992 and finally went to retired status last month. She was the master of free CME's!
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Old 02-09-2017, 07:43 AM   #10
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My husband retired from medicine in early 2014. He has continued to accumulate CME's to remain current on his state license and to qualify for the boards in 2018, though he has not yet decided whether he wants to sit for the exam. After 55 years of schooling and hard work, he is happy to be free to pursue other interests.
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Old 02-18-2017, 07:59 PM   #11
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I am retiring all of my medical licenses that I have except for the state I reside (Texas). I am not renewing my malpractice insurance when it is time for renewal and ask that it be retired (March). I will ask for my hospital privileges to be retired. I am keeping my DEA and Texas drug license activated.

I will decide in the next 2 years what to do with the Texas medical license, DEA , and Texas drug license. IF I decide to go back to medicine (which I do not think I will), I can purchase a new malpractice insurance policy, but it will not have the tail.
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Old 02-18-2017, 08:02 PM   #12
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The CMEs I can get online for free.
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