We recently surveyed physicians and administrators to gain insight into physician recruitment, engagement, retention, and succession planning and published the results in our [White Paper] Getting Ahead of Physician Turnover in Medical Practices Survey. We learned that only 16% of administrators reported having a formal, written physician succession plan, and yet, they rank the importance of having one a 7.5 on a scale of 0-10. Continue reading to learn the types, elements, objectives, and steps to creating an effective physician succession plan.
4 Things to Know About Physician Succession Planning
Newest data from Jackson Physician Search and MGMA White Paper: Getting Ahead of Physician Turnover in Medical Practices
Why Every Organization Needs a Physician Succession Plan
More than 2 of every 5 active physicians will be age 65+ within the next 10 years.
61% of physicians are currently experiencing burnout. 62% of physicians report that their burnout is caused by their employer, while only 14% of administrators think the same.
On average, physicians rate their satisfaction with their employer at a 5.5 on a scale of 0-10. More than 50% ranked themselves as dissatisfied.
In the past year:
- 46% of physicians considered leaving to work for another healthcare employer
- 43% considered retiring early
- 27% considered leaving medicine altogether
Only 16% of administrators reported having a formal, written physician succession plan. Yet, they rank the importance of having one a 7.5 on a scale of 0-10.
1. Three Most Important Elements of a Physician Succession Plan
- Recruitment plan to replace retiring physicians
- Transition plan for retiring physicians who want to work part-time in the practice
- Mentor programs to minimize the experience gap that results when a tenured physician is replaced by a younger provider
2. Three Most Important Objectives of a Physician Succession Plan
- Meeting patient demand
- Strengthening culture
- Forecasting future recruitment needs