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
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 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…
Roadblocks to Physician Recruitment and Retention Part One: Plan Design For most healthcare organizations, physician recruitment and retention has never been more important or more challenging. Many don’t realize that they already have an excellent tool at their disposal: their non-qualified deferred compensation (NQDC) plans. These plans can distinguish…
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…