Keeping doctors on staff is a growing challenge. Learn 5 physician retention efforts that are working in today’s complex job market.
When doctors leave their jobs, it affects every patient they have. It also impacts their practice or health system, disrupting day-to-day operations and leading to a loss in productivity and profits. Between a well-documented physician shortage and dire burnout levels, health systems are feeling the pinch when it comes to attrition.
One of the biggest culprits is physician burnout — a stress reaction of emotional exhaustion, lack of empathy and a decreased sense of personal achievement. According to a Deloitte survey of U.S. Health Care Consumers, 46% of clinicians reported high levels of burnout. The fallout has a cascading effect: patient confidence erodes — seven in 10 patients are concerned staffing shortages may affect their health, and healthcare systems lose up to $1.7 billion annually from turnover, lost productivity and medical errors.
At Provider Solutions & Development (PS&D), we recruit physicians and advanced practice clinicians for Providence, PS&D’s founder and the largest health system in the West, as well as more than 35 other health systems across the country. We help our partners combat shortages and burnout every day, specializing in finding providers who are a long-term fit for their practice or organization.
“Hiring for retention begins with that very first point of contact. It’s essential to be transparent, right from the beginning,” says Shannon Shea, PS&D recruitment manager. “We make sure the candidate knows exactly what the role is, what the expectations are, and what the areas of flexibility are. We tell the truth about the job up front so physicians don’t lose trust and aren’t blindsided or ultimately overwhelmed by their workloads.”
In addition to transparency, there are five expert insights that can help your clinic or health system hire and retain top-tier talent.
Five Methods for Improving Employee Retention in Healthcare
There are many ways to retain your providers on large and small levels, ranging from infrastructure to interpersonal. Take a deeper look at ways you can improve your healthcare employee retention.
1. Evaluate and Improve Your Compensation Practices
Don’t underestimate the power of pay. Ensure your organization’s compensation packages are competitive and that your providers are happy with them. The same Deloitte study shows only half of all providers are satisfied with their compensation package..
Consider performing analyses that assess how your organization compares to industry and regional benchmarks, along with other organizations in your geographical area — and be sure to adjust for cost-of-living. The same paycheck can feel very different if you’re living in upstate New York versus New York City. Don’t forget to look at indirect competitors, such as Walgreens, Kroger and medical research organizations.
Review the full scope of your providers’ job responsibilities and everything they should be compensated for, including clinical, administrative, research and teaching duties, and update your benchmarks annually.
Budgets are tight, so it’s important to keep in mind that better compensation packages don’t always have to mean more money. You can get creative as you diversify your compensation packages, giving your employees incentives beyond salary and traditional benefits:
- Offer gratitude or wellness days as a reward or incentive in the form of extra PTO.
- Fully pay or subsidize access to well-being resources, like therapy, meditation, yoga classes, gym memberships, etc.
- Provide a retention bonus for healthcare workers who remain in your organization, potentially scaling up by year.
Consider a value-based care model. Many hospitals have adopted this model, and studies of these value-based care programs suggest they can reduce overall costs and improve quality of care, boosting the health of your organization, your patients and patient satisfaction levels.
Want to know the remaining four methods for improving employee retention in healthcare? Check out the full article. Want to discuss provider recruitment solutions with our partner development team? Start the conversation today.
About Provider Solutions & Development
Provider Solutions & Development is a community of experts founded within Providence, a purpose-driven, 51-hospital health system, out of a clear need to reinvent provider recruitment. Today we’re partnered with 100+ integrated delivery systems, hospitals and medical groups across the country. We’re not focused on quotas and we don’t work on commission. Through relentless innovation and partner-tailored solutions, we’ve created a holistic, personalized provider recruitment experience. It’s why our providers don’t just take the job, they put down roots.
Learn how Provider Solutions & Development can help you recruit physicians and APCs better, faster and for good.