Six years ago, J. Gregory Stovall, MD, senior vice president of medical affairs and organization development at Trinity Mother Frances Hospitals and Clinics in Tyler, TX, brought to light an employment issue: The 400-plus-bed organization was losing far too many physicians.
organization had a physician turnover rate of 14%, more than double the industry average, according to the 6th annual Physician Retention Survey from the American Medical Group Association and Cejka Search
The result: An estimated $1 million per physician was lost with each doctor's departure, Stovall
The retention numbers made it clear that the organization needed to keep the physicians it hired and to be certain it was hiring candidates that fit the organization.
To do that, it needed to get ahead of recruitment and slow turnover.
says to accomplish these goals the hospital created an annual $100,000 retention budget.
"If you have a local medical school or residency program, building relationships with those residents early on pays dividends," says Stovall