Physician Retention Plan: Do You Have One?

By Wendy Abdo, Staff Writer and Michael P. Broxterman, COO, Pinnacle Health Group

Does your organization run like a hamster on a wheel? You know what I mean—one physician walks out the door just as one walks in. This constant game of catch up can have you feeling like a linebacker who’s trying to stop a runningback that’s five times faster from making a touchdown. So what’s the key to breaking this continuous chain of events? A well-planned physician retention strategy.

Let’s back up a minute and focus on why physician retention is important. As a leading physician recruitment firm, most physicians come to us because they are unsatisfied with their present job situation. In fact, annual physician turnover rates for the United States stand at 10 to 15 percent—the greatest turnover usually occurring within the first 3 years of the job. Why do they leave? There are a combination of factors involved (see previous article entitled, “Reasons Why Physicians Change Jobs—Results From Pinnacle Health Group’s 2nd Annual Survey”).

When a doctor drops out, the costs associated with this deficit can be very great. Physicians are the revenue builders for a practice. As such, a loss of physicians equates to a loss of revenue. In addition, steps must then be taken to find replacements, and the longer a position goes unfilled the more money it costs you.

On higher level, patient care must be considered. Having to turn away critically ill patients because your only cardiologist has left is a disheartening task and does not send the right message to a small rural community that must drive 50 or more miles to find the needed specialists.

It takes teamwork between the recruiter and the practice to improve physician retention. As a recruiting firm, it is our responsibility to bring in the physicians, but it is up to you to keep them there. If a hospital/practice can keep their physicians happy, they will not suffer the setbacks associated with the loss of a doctor. That is where the physician retention plan comes in. Surprisingly, 90 percent of our clients do not have a formal physician retention plan in which personnel are dedicated solely to physician retention activities. This proves counterproductive, as it is much more costly to recruit a new doctor than it is to save a physician already onboard.

GOOD RETENTION BEGINS WITH GOOD RECRUITMENT

The best retention strategy is to hire the right physician in the first place. To do this, you must engage in an extensive process of candidate screening.

Good recruitment means defining mutual needs and expectations and matching the shared values and beliefs of the physician and your organization. Professional isolation is a big concern to physicians in rural areas, and the community and organization involved must be compatible with the physician’s culture.

Do not neglect the physician’s family. The spouse’s career should not be trivialized. Furthermore, quality educational facilities must be available for children.

THE RETENTION PLAN

By developing a physician retention plan, you can reduce turnover, increase revenues, and improve the perceived image of your practice.

Relating to your physicians on a personal level goes a long way in keeping them happy. A physician’s unrealized expectations can raise concerns that may eventually lead them to other employment.

Depending on your particular situation, you can devote one person on staff to physician retention or have a committee of people that meets once a month to plan, discuss, and evaluate relevant issues.

To often, medical organizations look only at the professional aspects of the physician’s situation. It is crucial to remember that personal needs are just as important. Here is a list of both professional and personal issues you should keep in mind when implementing your physician retention plan:

Additionally, you should set up a system that periodically checks the physician’s patient load and makes sure referral patterns are established and appropriate.

The physician relationship should not end when the doctor signs the contract or begins their first day on the job. It must be an ongoing process of continuous relationship building activities that will help them adjust and develop their practices and personal lives.

Here are some suggested items to include in your retention plan:

Before Relocation:

• Complete a family profile
• Prepare the customized orientation plan
• Assign responsible parties to intermittently call physician and spouse to help them with the move
• Send them a complimentary subscription of your local paper
• Send pertinent information based on profile
• Invite them to major group functions
• Keep physician informed of new group directives
• Ensure realtor is meeting housing needs
• Prepare a press release introducing the new physician to the area
• Have the CEO welcome the new physician by sending a handwritten note and calling him/her after signing the contract

After Relocation:

• Deliver a welcome basket and card to the physician and family at their new home.
• Conduct an orientation for the physician on the first day of work including meetings with key doctors, administration, and other personnel.
• Set up a mentor relationship between an established physician and the new recruit. Be sure the mentor regularly checks in with the physician and provides needed information, support, and guidance.
• Have periodic performance reviews
• Provide information to the family on schools, special programs, babysitters, recreational attractions, religious facilities, and shopping.

SEASON YOUR PLAN WITH PERKS

Little things mean a lot. Here are a few rewards that can help your retention rates:

• Set up a doctors’ lounge equipped with newspapers, television, DVD/VCR equipment, computer with Internet access, fresh coffee and a well-stocked refrigerator
• Offer free cafeteria meals
• Provide designated parking spots
• Give Christmas and Birthday gifts
• Provide recognition on National Doctors’ Day
• Coordinate an annual social event and ceremony in which physicians who have been onboard for 5, 10, 15, 20, etc. years are given awards of appreciation and recognition for length of service to the practice and community

Finally, you should always conduct exit interviews with physicians who voluntarily leave to determine if there are any related patterns that need to be rectified. This form of monitoring will help spot reoccurring problems that may not otherwise have been evident.

There are many reasons why physicians leave. Don’t let one of them be because you did not put enough effort into retention. While good compensation and benefits attract physicians, a well-designed retention plan is what will help keep them long term.