The Anonymous Physician:
The Anonymous Physician column provides physicians with a platform to discuss pressing issues in healthcare. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and uninhibited. After all, we believe the best solutions come out of open discussion. This time, we’re taking on the topic of physician retention.
The Issue: Physician Retention
At MaxWorth, we’re always on the lookout for strategies that will help our healthcare clients retain their doctors. The physician shortage has escalated competition among healthcare organizations for physician talent. According to the NEJM, 25% of physicians leave a practice within their first three years, and the cost of replacing a single physician is estimated to reach $500,000. These numbers are staggering enough to motivate administrations to implement retention programs. But many of them also understand the importance of building a culture of continuity and strong working relationships. These things take time, and loyalty. To learn more about what inspires loyalty, we took the matter to our Anonymous Physician.
What’s keeping you at your hospital? Are there resources, benefits, or compensation programs that make recruiting calls a little less enticing?
“Honestly, what’s keeping me at my hospital is the need to stay in the area for my wife and family.
I do still have ties at my former hospital, and the reason I still have ties there is because I was/still am the stroke medical director, and leadership positions entice me. Especially those where the administrative staff gives you full support and also full rein to mold the program how you see fit.”
Anonymous Physician, Age 37
SIGN UP FOR OUR NEWSLETTER
If you would like to receive industry updates and articles like the one you see here, complete the form below
Want to Learn More? Read the Latest From MaxWorth
Retention plans counteract troubling trends A recent Becker’s Hospital Review article outlined 5 compensation trends in healthcare, including the fact that the annual turnover rate in emergency, ICU, and nursing departments has increased during the pandemic, rising from 18% to 30%. Turnover is expensive, particularly when it comes to…
The Anonymous Physician: How they will use the Physicians’ Advantage Plan The Anonymous Physician column provides physicians with a platform to discuss the challenges and joys of practicing medicine. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously,…
Practice Transition Strategies: Planning ahead for inevitable change According to the 2021 Jackson Physician Search survey, 21% of physicians are considering early retirement. This trend is expected to exacerbate the physician shortage, which is an increasingly troubling issue for the industry. But what does it mean for individual organizations? …
Rural Healthcare in America Courage in Healthcare · Rural Healthcare in America: Financial Viability Episode Three: Financial Viability In this series on rural health in America, we’re diving into the issues that are threatening access to care in some of our most medically underserved communities. Our third and…