What are the most effective ways to retain physicians in your organization?

1 Provide competitive compensation and benefits

One of the main factors that influence physician retention is compensation and benefits. Physicians want to be paid fairly and competitively for their skills and expertise, and they also value benefits such as health insurance, retirement plans, malpractice coverage, and continuing education opportunities. To retain physicians in your organization, you need to conduct regular market research and benchmarking, and offer compensation and benefits that match or exceed the industry standards. You also need to communicate clearly and transparently about your compensation and benefits policies, and address any concerns or questions that physicians may have.

2 Foster a positive culture and climate

Another key factor that affects physician retention is the culture and climate of your organization. Physicians want to work in a place where they feel respected, valued, and appreciated, and where they can collaborate and communicate effectively with their colleagues and leaders. To retain physicians in your organization, you need to foster a positive culture and climate that promotes trust, engagement, recognition, feedback, and diversity. You also need to involve physicians in decision-making processes, and solicit their input and feedback on organizational issues and initiatives.

3 Support professional development and growth

Physicians are lifelong learners who seek to improve their knowledge and skills, and advance their careers. To retain physicians in your organization, you need to support their professional development and growth, and provide them with opportunities for learning, mentoring, coaching, and leadership. You also need to recognize and reward their achievements and contributions, and help them set and attain their career goals. By supporting professional development and growth, you can increase physician satisfaction, loyalty, and performance.

4 Ensure work-life balance and wellness

Physicians face high levels of stress, burnout, and fatigue, which can affect their health, well-being, and quality of life. To retain physicians in your organization, you need to ensure work-life balance and wellness, and provide them with resources and support to cope with the demands and challenges of their work. You also need to respect their personal and family time, and offer them flexibility and autonomy in scheduling and workload. By ensuring work-life balance and wellness, you can reduce physician turnover, absenteeism, and dissatisfaction.

5 Address the impact of COVID-19

The COVID-19 pandemic has created unprecedented challenges and changes for physicians and health care organizations. Physicians have faced increased risks, responsibilities, and stress, while also adapting to new protocols, technologies, and expectations. To retain physicians in your organization, you need to address the impact of COVID-19, and provide them with adequate protection, equipment, training, and support. You also need to acknowledge and appreciate their efforts and sacrifices, and offer them emotional and psychological support. By addressing the impact of COVID-19, you can enhance physician resilience, morale, and retention.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?