Ten Keys to Physician Retention
These billing levels would be considerably higher if government payors such as Medicare were included in the data.
Whether generating revenue through volume-based activities in a fee-for-service market, or by coordinating and managing both quality of care and costs in a fee-for-value market, physicians are key to the economic health of the facilities with which they are employed or affiliated. For both the quality of care they deliver and for their economic impact, physicians should be valued as a paramount resource by every healthcare facility that employs them, and every reasonable effort should be made to retain them.
2. Consider the Physician’s Perspective In discussions about physician/hospital relations it is commonly observed that hospital leaders and physicians come at each other from different perspectives. Hospital leaders embrace hierarchical, top-down management structures while physicians are by nature soloists who resist management. Hospital leaders are compelled to consider budgets while physicians feel patient care should not be constrained by costs. Hospital leaders are committed to serving communities while physicians are committed to individual patients. As hospitals and physicians work more closely together, this description is verging on a stereotype. Nevertheless, it remains true that some healthcare executives do not fully appreciate the practice environment physicians function in today, the stress many physicians are under, and how they are responding to it. Like many other professionals, physicians are rethinking how, when and where they work in the aftermath of the pandemic. While they may appreciate recognition programs and even compensation increases, many are seeking improvements in their daily working conditions. If the nature of their work experience does not conform to their needs or expectations, many are of the mindset to move on. Healthcare facilities can assume that many of their physicians may be considering other options -- and they should take proactive steps to convince them otherwise.
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