Physician retention hinges on communication

Physician retention hinges on communication

AdobeStock_218902450 (1) [Converted]

The rise in hospital employment, combined with physician shortages, has made physician recruitment more competitive than ever for hospitals. Many are struggling to find ways to distinguish themselves in a crowded and heavily regulated market. 


Given the amount of resources going toward recruitment, it came as a surprise when we learned that 83% of physicians who responded to a recent Jackson Physician Search survey said their hospital did not have a physicians’ retention program. However, it’s important to note that only 30% of administrators responded the same way. So these findings seem to point to the fact that retention programs exist, but they aren’t being effectively communicated to physicians.


But even if this is the case, there’s still a problem to be addressed. After all, physicians can’t appreciate a hospital’s retention efforts if they aren’t aware of them. In other words, a poorly communicated retention program is probably not a very successful one. 


So what makes a retention program successful?


Strategic Plan Design


Once a benefit plan has been established, it’s likely to be ignored. Unfortunately, that means many hospitals have physician benefit plans that are no longer working to their advantage. As an organization grows, its objectives change. So it’s important for hospitals to regularly team up with their advisors to be sure their benefit offerings are aligned with their top priorities. For example, if a hospital needs to retain a particular service line in its emergency department, its benefit plan could be tailored to that end. 


The Appropriate Funding Method


It’s also important for hospitals to routinely reevaluate their approach to benefit funding. Different funding methods are best suited to different situations. Some might be more immediately cost-efficient while others can provide opportunities for cost recovery down the road, so a sponsor’s approach will vary depending on whether they want to focus on short-term or long-term sustainability. By aligning its benefit funding strategy with its current and most pressing needs, a hospital can better position itself to meet its bottom line goals. 


Staying Compliant


Another benefit of routine plan review is that it helps keep plans compliant. The world of health care law is constantly changing. That’s why we partner with the leading healthcare and employee benefit law firms to make sure our clients are able to maximize their participant benefits while remaining compliant. 


Physician Communication 


No matter how well a plan is designed to meet the needs of an organization and its physicians, if it isn’t properly communicated, it will fail. In many cases, since both the HR and medical staff offices are involved in physician communication, it’s unclear where certain responsibilites lie, making it easy for communications to fall through the cracks. That’s why it’s so important to be able to rely on a partner like MaxWorth. Our team helps hospitals establish and follow through on a plan for physician communication. Furthermore, we oversee the ongoing education of physician plan participants, making sure they not only stay on track for retirement, but also maintain their financial wellness in every stage of their careers. 


Learn More


Schedule a call with one of our plan consultants to discuss how to better design, implement, and communicate your physician retention program.



Complete the form below and receive a copy of our physician employment case study.
Something went wrong. Please check your entries and try again.

Want to Learn More?

Balancing penalties and rewards in benefits for health care providers

Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…

Hidden opportunities to reduce healthcare labor cost

Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases.    Expenses likely to…

Roadblocks to Physician Recruitment and Retention: Financing

Roadblocks to Physician Recruitment and Retention Part Three: Financing Non-qualified deferred compensation (NQDC) plans can help hospitals and health systems recruit and retain physicians.    Unfortunately, most healthcare organizations do not fully utilize this tool. In previous posts, we talked about how a lack of thoughtful design and communication can…

Roadblocks to Physician Recruitment and Retention: Communication

Roadblocks to Physician Recruitment and Retention Part Two: Communication A recent Jackson Physician Search survey found that the pandemic has caused an increase in the number of doctors considering early retirement. This trend is expected to exacerbate the physician shortage that’s already placing a strain on the industry.   In…