The Challenge
For the first time in history, there are more physicians employed by hospitals than by private practices. This cultural shift, combined with a growing physician shortage, has made physician retention more challenging than ever. According to The New England Journal of Medicine, 25% of physicians leave an organization within their first three years of employment. So, perhaps it should come as no surprise that our clients’ physicians are contacted weekly by recruiters.
When you take into consideration on-boarding, loss of productivity, recruiting expenses, and signing bonuses, the loss of a physician can cost an organization well over $500,000. Healthcare leaders need to find cost-effective ways to retain their physicians and distinguish their organizations in the marketplace.
Our Solutions
At MaxWorth, we design benefit programs with physician retention in mind. By utilizing a combination of long-term and short-term rewards, we help organizations decrease provider turnover while driving revenue and reducing expenses. Long-term rewards encourage loyalty and can be used to align compensation with desired outcomes like the improvement of patient satisfaction rates or productivity. Short-term rewards are attractive to physicians who are more concerned about having cash in hand.
Healthcare organizations that implemented a balanced rewards suite experienced a physician turnover rate of 3.8% over three years at a time when the national three-year physician turnover rate was 25%.
Physician Employment Strategies
Want to Learn more? Let’s Talk
Every healthcare organization is unique. Our solutions are designed to be customized in order to fit your needs. If you would like to find out more about us and our solutions or simply discuss your organization's compensation challenge, complete the form below and we will arrange a call with one of our consultants.
