Keeping doctors happy and sticking around is a big deal for healthcare organizations everywhere. Losing them not only costs a lot of money, but also affects patient care quality. So, what's the secret to keeping the physicians on board? Relocation programs!
In this blog, we'll dive into how these programs can help keep doctors satisfied and committed. We'll break down the key elements of a great relocation program and show how they can make a big difference in holding onto valuable medical talent.
When doctors leave, it’s not just a hassle for patients—it’s also really expensive for healthcare organizations. Finding and training new doctors involves a lot of costs, from recruitment fees to training expenses. Plus, empty positions or reduced productivity during the switch can hurt revenue. A study in the Journal of American Medical Association (JAMA) says replacing a doctor can cost between $250,000 and $1 million, factoring in everything from hiring costs to lost revenue.
On top of that, frequent turnover can lower staff morale and hurt a hospital’s reputation. According to the Association of American Medical Colleges (AAMC), about 5% to 10% of doctors leave their jobs each year, with even higher rates in rural and underserved areas. So, keeping doctors around is crucial for both financial stability and patient care.
Healthcare organizations are realizing that keeping doctors happy and ensuring they stay is crucial. One of the best ways to achieve this? Great relocation programs. These programs not only help doctors settle in but also take care of their personal and professional needs, boosting their satisfaction and commitment to their new workplace.
No two doctors are the same, so a cookie-cutter approach won’t work. Tailor the relocation assistance to fit the needs of each doctor and their family. This could include help with finding a home, enrolling kids in school, job opportunities for spouses, and getting used to a new culture.