The High Cost of Physician Turnover
No one who administers a healthcare organization needs to be told how important recruitment and retention of the best physicians, advanced practitioners and nurses are.
Every organization wants excellent talent and the cost of staff turnover is prohibitive; it can run to $1 million for physicians, while the cost of turnover for a bedside RN ranges from $38,000 to $61,100.
So the factors promoting recruitment and retention need to be top-of-mind for administrators. Some of them are obvious: compensation, for example. Experience has teased out others: manageable workloads, work-life balance, physician autonomy, opportunities for leadership development and so on.
Organizational Culture—What is it?
So what do physicians themselves consider the most important factor in maintaining this well being—that is, in supporting all the values making for well being? According to the findings of the 2017 Physician and Advanced Practitioner Well Being Survey, carried out by VITAL WorkLife and Cejka Search, it’s the culture of the organization.
A positive organizational culture was consistently rated even more highly than self-care tactics or business processes and procedures—important as those are—in maintaining physician well being.
Download the infographic to find out the hidden factors affecting the retention rate of your organization's physicians.