Can we talk? In the dos and don’ts of physician retention, it is all about listening

Recent surveys indicate that only 15% to 30% of physicians are extremely happy in their current practice and are not considering other opportunities.1,2 This leaves 70% to 85% of physicians with some level of dissatisfaction and even considering other options. This statistic should make you quite uncomfortable.

The competition for physicians and physician executives is at an all-time high. The financial implications are enormous considering the average net revenues produced by each physician hover around $2.4 million, per a recent CFO survey conducted by Merritt Hawkins.3

The influences on physician turnover have become increasingly complex. Physician retention plans no longer consist of simply hosting an annual banquet for physicians and spouses to say “thank you.” Although a dinner remains a nice touch, today’s physician/physician-executive retention plan needs to be focused on the unique aspects of why physicians leave your organization.

I have been fortunate to have developed numerous physician retention plans. In doing so, I have experienced the ups and downs and have learned the dos and don’ts. The following is a guide to help develop, produce and implement a tailored retention program, unique to your organization.

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