The well being of your physicians: it’s a value you believe in, but given the financial pressures of contemporary medicine, the idea of earmarking scarce resources to foster and support it may seem questionable.
An investment in physician well being is a crucial investment in the fiscal health of your organization. Why? Because it shows the respect and moral obligation you have for your physicians, and helps avoid turnover, decreased productivity and lower patient satisfaction scores—among other impacts on your bottom line.
In this article “Investing in Physician Well Being: The Smart Business Choice,” we lay out a compelling case for investing in well being, supported by some stark facts: the researched costs of replacing a physician who leaves under the pressure of burnout; the financial toll of a burned-out physician’s decreased productivity; and a host of worrying “downstream” medical and financial effects of burnout including increased medical errors, decreased quality of care and the financial toll that these problems can take, from contracting costs and patient compensation, to the price tag of litigation.
The answer is the creation of a top-to-bottom “culture of care” centered around investment in easy-to-access resources: peer coaching, counseling in multiple areas of physician concern (behavioral health, work-life balance, finances, career development and more) and strategies to help everyone in the organization become more aware of well being.
These investments aren’t just ethical and compassionate—they’re smart money.