Managers often equate cutting costs with trimming operating expenses, which is important in many cases, but what’s more costly for many hospitals is employee turnover.
Retaining quality doctors and other healthcare providers is of huge concern to hospital administrators across the United States. A recent study reported a nearly 30 percent turnover rate in healthcare jobs, numbers that have made employee retention a high priority.
While measuring the costs of employee turnover might not be as easy as measuring the cost of, say, cutting back on the use of certain supplies, the overall impact it can have on a hospital is often greater. For example, turnover can quickly lead to:
- Overburdening remaining employees who have to pick up the slack when another employee leaves.
- Decreased patient satisfaction, which is critical in a day and age when insurers such as Medicare make reimbursement calculations based on patient satisfaction scores. Moreover, a staff that’s always in flux will find it difficult to maintain a personal relationship with its patients.
- Mistakes by inexperienced staff members while a new hire is brought up to speed.
- Uncertainty among remaining staff members, which can lead to patient negativity.
Physician Satisfaction: Where it all Begins
Employee retention is crucial, considering the negative impact(s) of employee turnover. And it only stands to reason that retaining the highest quality physicians is based, in large part, on how satisfied they are with their current position and career path. Experts say that many factors come into play when it comes to a physician’s job satisfaction (which translates to increased patient satisfaction):
- Proper Work/Life Balance: A primary reason for physician burnout is the lack of a personal life due to working long hours, an increasing amount of bureaucratic tasks, and a lack of time spent on outside interests and hobbies. For most physicians, maintaining a healthy work/life balance relates directly to their job satisfaction.
- Flexible Scheduling: A proper work/life balance usually includes flexible scheduling, in which physicians can choose to work the hours and times of day that best fit their personal life and family.
- Opportunities for Growth: Employers that encourage personal growth by offering training, additional coursework, and opportunities to advance within the organization have a higher chance of retaining valuable employees.
- Right Hiring: Placing physicians in the opportunities that are right for them and their lifestyle is a major component of reducing employee turnover.
In short, physician satisfaction creates a win-win situation for everyone – the patient, the hospital, and the physician. Employee turnover costs are reduced, but most importantly, patient satisfaction isn’t sacrificed.
Working with the Concord Medical Group can be of great benefit to you whether you’re a physician or recruiter who is seeking the best providers to fill your staff. We help place physicians in positions that best suit their needs and allow them to succeed, while we help hospitals find the right people for their organization and culture.