"That was unacceptable. We did a cost of turnover analysis and we were losing a lot of money," he says. The Association of American Medical Colleges estimates organizations lose $115,000 when a general practitioner leaves and $200,000 for a specialist. However, Larson adds, "If you calculate the patients that leave when a physician does and other hard and soft costs, it can be as much as a $1.2 million loss to the organization for one provider."
For Baystate, "the future success of the organization meant we needed to make a paradigm shift in how we approached retention," he says.
First, Baystate pulled together physician leaders and practice managers at a retreat. The 20 attendees became the organization's retention task force. The group created six processes and guidelines for recruiting and retaining physicians. A major emphasis of these strategies was to make providers feel valued and recognized.