Physician retention is one of the greatest challenges of every hospital. Globally, doctor turnover is high in numbers with up to 25% of physicians quitting their job within three years of being hired. Additionally, the price of having to recruit new and capable doctors and especially specialized ones, such as surgeons, is also high. It ranges between tens and hundreds of thousands of dollars for a single doctor.
Retaining them, on the other hand, has been shown to generate profits for hospitals that are in the millions. Not to speak of the benefits for a hospital’s culture and environment to have motivated and professional employees. Given these numbers and the financial and overall damage that hospitals sustain when physicians leave, what can hospital management do to retain doctors?Read More →