As we’ve stated, physician turnover has accelerated alarmingly in recent years, costing hospital systems and group practices millions of dollars in recruitment expenses and lost revenue.
The average cost to replace just one physician, in fact, is $1.2 million. Average annual turnover is 6.8 percent — with turnover rates particularly high for physicians in the second to third year, averaging between 12 and 21 percent, depending on practice size.
Two commonly cited reasons for high turnover rates are poor cultural fit and insufficient onboarding processes. Did you know that extended onboarding correlates to higher physician retention rates in early years, while a culture that emphasizes physician leadership affects overall job satisfaction and effectiveness?
So much is happening beneath the surface in any healthcare system that affect physician satisfaction and retention, and we ignore these elements at our peril. Let’s revisit the “trust iceberg” we provided in a prior newsletter – note how many of the “below the line” elements are enormously impactful compared to the more obvious, “above the line” issues that often take up our time and attention:
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Without trust, there is no alignment.
Without alignment, there is no engagement.
Without engagement, there is a decrease in quality outcomes and
an increase in burnout and turnover.
So, now that’s you’ve revisited the iceberg, where should you focus most of your energy?
On creating trust! Integrated leadership teams can most design their organizational culture through a commitment to trust-building.
And how do you develop trust from day one?
Through Physician Onboarding!
No longer should we “wait each other out” and use turnover as an excuse to not engage in trust-building.
We encourage to join us as we share further information about trust-building from day one through purpose-driven physician onboarding and its impact on organizational culture.
Have a physician onboarding success story to share? Please comment.
The post Integrated Leaders: You Can Design Your Organization’s Culture! appeared first on CTI.
