Welcome to “Pain Points,” a newsletter from Solvent Networks intended to discuss the problems that keep hospital leaders up at night and inform them about programs, services and products offered by our endorsed business partners that can help. We tackle pain points and present ready-to-deploy solutions.
PAIN POINT
Is there is guide for hospitals to use for physician succession planning?
SOLUTION
Four things you need to know from Jackson Physician Search.
Whether you plan for it or not, physicians leave. In fact, at any given time, about half of physicians are considering a job change. The cause may be burnout, retirement, a better opportunity, or life circumstances beyond their control. That’s why every hospital needs a physician succession plan.
A recent survey by Jackson Physician Search shows that, while hospital leaders know it’s important to get ahead of physician turnover, only 16% actually have a formal, written physician succession plan. But look at the sobering statistics:
- More than two out of five practicing physicians will be 65 or older within the next 10 years;
- 61% of physicians are currently experiencing burnout;
- In the past year, 46% of physicians have considered leaving to work for a different healthcare employer, and 27% have considered getting out of medicine altogether.
Jackson Physician Search has developed a research-based white paper to guide succession planning, and they’ve summarized four key things you need to know.
- The most important elements of such as plan are a recruitment plan, a transition plan that allows physicians to work part-time after retirement, and a mentoring plan to fill for new physicians.
- The most important objectives of a plan are meeting patient demand, strengthening culture, and forecasting future recruitment needs.
- Every organization needs two types of plans: long-term and emergency (unexpected) succession planning.
- Five steps to creating a plan:
- Survey physicians about their retirement plans;
- Involve shareholders to create buy-in
- Consider internal candidates and decide if you need an external search
- Have a strong onboarding and mentoring program
- Prioritize positions that have the strongest impact on the health of your business and start recruiting early.
If it sounds daunting, it doesn’t have to be. Click here to get the white paper, or contact Liz Orjuela, business development manager, at lorjuela@jacksonphysiciansearch.com or (678) 501-2446 to set up a consultation.
As a division of the South Carolina Hospital Association, we understand the hospital business. Our ready-to-deploy solutions can save you money or generate revenue that you can re-invest in improving healthcare for the people of South Carolina. For more information, visit Solvent Networks, follow us on LinkedIn or watch HERE. Access your network today!