In the long run, a physician retention program saves you money!
- Cost of recruiting a new unknown physician more than outweighs whatever it takes to keep a good physician happy and retained.
- It is extremely hard to find and recruit quality physicians.
- Happy physicians help you recruit other happy physicians.
- It is estimated $50,000–$75,000 is spent per physician just on recruitment. Then there is an additional $200,000–$300,000 spent to train, credential, market, and onboard the physician. Total cost per new recruit = $250,000–$350,000.
- By setting aside money for a retention program (or approximately $300 per physician) one program saw their turnover rate drop to just 4% from almost 12% and hold steady for several years.
- When physicians are engaged, they develop loyalty and a sense of ownership that contributes to retention.