With the right strategies, CFOs can have a big impact on physicians and retention.
Physician shortages, especially in specialty care, are a big pain point with CFOs, and retention is more important than ever. But what strategies can CFOS use to help physicians in their organization?
Look into loan removal/forgiveness to draw in physicians to your organization. Private equity has moved into healthcare fast, and they have their eye on physician groups. Brainstorm strategies to draw physicians away from private equity competition.
Work with CMOs to foster fortitude to combat burnout. Burnout is a massive issue amongst physicians and healthcare workers in general, and while it may seem inevitable, it can be mitigated. Studies show that organizations who implemented programs for physicians that focused on fostering fortitude had lower rates of burnout. Ensure the organization is giving physicians the tools they need to thrive in their roles.
Include physicians in decision making. Too often healthcare executives donโt work directly with their staff on the ground level. The staff with medical degrees are going to understand ground level care challenges more than higher level executives.
CFOs need to ask themselves: how do you make your physicians part of the organization? How can they be more involved in decision making and how can that affect retention and recruitment?
Marie DeFreitas is the CFO editor for HealthLeaders.