Love Thy Doctor: 4 Ways CEOs Can Retain Their Physicians

These strategies can get physicians to stay instead of walking out the door or leaving the profession altogether.

To know how to keep the physicians at their organization, CEOs should understand what matters most to physicians.

That perspective was shared in McKinsey’s recent survey, which revealed the factors that are influencing physicians to either remain in their role or leave amid a workforce shortage that is only expected to get worse in the coming years.

Of the 631 surveyed physicians, about 35% said they are likely to leave their current position in the next five years, with 60% of those respondents saying they’re likely to stop practicing completely.

Meanwhile, more than half of physicians (58%) indicated that their desire to change jobs has increased over the past year, a jump from the 43% reported in McKinsey’s previous survey.

Here are four ways to hold on to your physicians, based on respondents’ answers:

Improve compensation and incentive structures

Compensation is unsurprisingly a major factor for physicians, with 69% highlighting better pay as a reason to leave their job.

However, with many hospitals and health systems looking to cut back on expenses, increasing compensation is not always a viable option. Though paying up to keep physicians happy can save on the bottom line in the long run by avoiding costs associated with turnover, CEOs can also approach compensation by aligning it with organizational strategy, McKinsey noted.

Organizations should consider revamping their compensation models to further incentivize better performance, along with educating physicians about their incentive structures. Only 23% of surveyed physicians participating in risk-based contracts said they have a “very good understanding” of what is needed to reach their contract goals.

Focus on lifestyle and well-being

Alongside compensation, physicians care just as much about balancing their work life with their family life, with 69% deeming it a reason to leave.

Other well-being factors that influence physicians’ decisions are the intensity of the workload and its demanding nature (66%), the emotional toll of the job (65%), and the physical toll (61%).

To combat these stresses, CEOs should find ways to offer physicians more work flexibility and control over their schedule. The survey found that physicians want the ability to take time off (87%), find coverage when needed (77%), and have the ability to work specific hours (69%).

Flexibility over what days and times to work was deemed more vital for respondents than the ability to work remotely, which was chosen by 38%. Despite this sentiment, only 59% of physicians said that their organization is offering flexible schedules.

By implementing programs that allow physicians to better control their hours and investing in technology solutions that can achieve flexibility, CEOs can combat burnout among their employees.

Involve physicians in decision-making

Physicians also want to be heard and feel that their input is being valued.

More than 60% of respondents said they expect to be at least consulted or have a vote on important decisions, whether that’s on patient care quality, culture, or organizational strategies.

To empower their physicians, CEOs can open more channels of communication to collect feedback and input, as well develop physician leadership to give them the skills to make an impact.

Provide staffing and support systems

Additionally, organizations need to support their physicians by putting the right staff around them to improve delegation and minimize the time spent on administrative tasks.

More than half of respondents cited insufficient levels of support staff (57%) and insufficient quality of support staff (56%) as influences on their decision to leave, with only 30% reporting that their organization is providing support for the tasks physicians feel can be delegated.

To reduce the unnecessary burden placed on physicians, CEOs must ensure they are hiring enough nonclinical workers and having them properly trained, while implementing technology like generative AI to take care of time-consuming tasks like documentation.