Backflips to Reducing Physician Turnover
One of the least-discussed aspects and pain points of the healthcare industry is the cost associated with high physician turnover. Like all professionals and human beings, doctors are not a monolith, and there is no such thing as a “one-size-fits-all” practitioner.
A candidate may look great “on paper” so to speak, and they may even make it through the interviewing and hiring process successfully. However, one or both parties may realize after some time that it just isn’t a good fit for a number of reasons including differences in culture and job expectations, performance and personality conflicts, and divergent management styles.
Contrarily, maybe things were working perfectly or well enough for a time, only to lose a doctor to the dreaded growing burnout epidemic.
Whatever the reason, doctors are the lifeline of healthy and thriving hospitals and medical practices. Every healthcare organization should make it a priority to invest in the well-being and success of their staff.
Physician Turnover: Just How Bad is it and Why is it a Problem?
Within any profession, things happen and people move on. Doctors within their professional environments are no different.
This can be a concern for hospitals and medical practices for a few reasons. The process from recruitment to hiring and onboarding a physician has an astoundingly high price tag. A doctor – especially one with an in-demand specialty – can be a golden goose for a hospital, generating as much as seven figures in revenue per year. The recruitment process alone can cost upwards of $30,000 for a single doctor, according to industry data. Of course, there’s the actual compensation package, which includes everything from salary and benefits to hiring bonuses and relocation costs, and the administrative costs associated with the onboarding and ultimate separation process. For one doctor. And the biggest hardship? Hospitals and medical practices must start the process all over again to fill an open position.
Please Stay: What Hospitals and Medical Practices Can Do to Hire and Keep Good Doctors
Some industry experts suggest the problem ultimately lies with the hiring process itself. The need to quickly fill an open position can lead to the hiring entity neglecting important things like culture fit – much to the organization’s and doctor’s ultimate detriment.
Rather than focusing solely on traditional metrics like experience, education, and references, hospitals should take note of the hires that worked out as well as the ones that didn’t – and why. Establishing expectations and setting parameters for what will be required to thrive in the position – in addition to job duties – can help to weed out the candidates that might not make it for the long haul.
A Great Hospital Staff Starts With the Right Hire
Before you can lose a good doctor, you have to hire one. Likewise, many organizational headaches and financial losses associated with staffing problems can be avoided by steering clear of bad hires in the first place. Our healthcare staffing specialists can help you successfully recruit and hire the keepers. Contact our leading physician recruiters today to get started.