Paradigm Search Group’s 2nd annual survey of plastic surgeons, conducted in the summer of 2024 by surgeons across the country, offers a snapshot of current practice trends, top challenges, and projections for the year ahead. Here’s a quick look at the most notable shifts and insights from this year’s survey:
Key Findings
- Economic Concerns Dominate: 90% of respondents cited inflation and economic uncertainty as their top practice challenges.
- Decrease in Projected Volumes: Practices expect a decrease in volumes for 2024 compared to last year’s survey, which showed volume growth.
- More Surgeons Retiring Soon? 66% of plastic surgeons plan to retire within the next 1-5 years, a significant jump from last year’s 23%.
- Private Equity Interest Declines: 45% of privately owned practices are considering private equity partnerships, compared to 54% last year.
Top Challenges for Practices
This year, economic factors took center stage as the primary challenges for plastic surgery practices, with inflation and overall economic uncertainty ranking highest among concerns. While staffing challenges remain significant, the need for non-physician staff has overtaken physician staffing as a more pressing issue, reflecting broader workforce dynamics in the healthcare sector.
Practice Volumes Stagnate Somewhat
Unlike last year’s survey, which showed a rebound in practice volumes following pandemic-related declines, this year’s results indicate a projected decrease in practice volumes for 2024. This shift aligns with the broader economic concerns noted by survey respondents and may influence strategic adjustments within practices in the coming months. Additionally, the struggling economy impacting patients’ finances, combined with the uncertainty of an election year, may be causing some patients to put elective procedures and surgeries on hold until later down the road.
Retirement Plans on the Rise
Another noteworthy finding is the reported increase in the percentage of plastic surgeons planning to retire within the next 1-5 years. While last year’s survey showed 77% of respondents were not considering retirement soon, only 25% expressed the same sentiment this year, with 66% indicating plans to retire within the next five years.
Compensation Trends and Practice Growth:
Compensation levels varied widely, with a significant portion of surgeons earning between $150,000 and $1 million, and a smaller percentage exceeding the $1 million mark. As in previous years, patient referrals remain the most vital growth resource for practices, followed by SEO, content marketing, and social media initiatives.
Looking Ahead
Despite the challenges identified, Paradigm Search Group’s CEO, Steve Look, remains optimistic about the future:
“While economic pressures and workforce dynamics are undeniably impacting plastic surgery practices, we also see ample opportunities for growth and adaptation as the overall demand for aesthetic services continues to grow nationally. The survey results underscore the resilience of our industry, and we expect many surgeons to continue innovating, streamlining operations, and finding new ways to connect with patients.”
As practices continue to navigate these evolving dynamics, Paradigm Search Group is committed to supporting plastic surgery practices with recruitment, M&A exploration, and practice ownership transitions. Contact us today for your complimentary copy of the results, and/or to discuss your practice growth and hiring needs.