Burnout from administrative burden, and an increasing physician shortage as doctors retire and baby boomers require more healthcare services, mandates a review of workplace culture and a strategy for physician and employee retention.
A shortage of nearly 122,000 physicians is projected by 2032. Unemployment in November 2019 was at 3.5%. The competition for physicians is high.
“The cost to replace a physician is expensive,” said Hajde, who previously worked as an administrator for medical practices.
There is a limit on residency slots out of medical school. Retention is critical.MGMA report, A Medical Practice Leader’s Guide to 2020.
If you don’t create a great environment for your doctors, then they will find another hospital that will.
- Physician frustration is at an all-time high…and still on the rise.
- More and more hospitals are employing doctors but, with the physician shortage, it is difficult to find and keep good docs.
- Low reimbursement levels, high workload volume and loss of autonomy makes it challenging for physicians to find satisfaction in practicing medicine.
- Only 10% of responding physicians reported their organizations had retention plans in place, and more than half (56%) said those current plans do not meet their needs adequately.
- In addition to financial costs of roughly a quarter-million dollars, healthcare organizations pay for losing a physician in “soft costs” like lowered employee morale, disrupted workflow, inconsistent patient care and damage to reputation, referrals, and recruiting efforts.
- Smart healthcare organizations are figuring out that retaining physicians already on their payrolls might be just as important as recruiting new physicians to their facilities.
- While 84% of the 2,500+ physicians responding to an online survey said a physician retention plan was “very important” or “important” to physician satisfaction, only 10% said their organizations employed targeted physician retention initiatives.
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