Following suit with stock prices and home sales, physician turnover rate is rising, reaching the highest rate since 2005 and exceeding pre-recession levels.
According to the 8th annual Physician Retention survey from Cejka Search and the American Medical Group (AMGA), medical groups reported an average turnover rate of 6.8% (vs 5.9% in 2009) and advanced practice clinicians reported a turnover of 11.5%.
The improvements in the housing market and recovery in stock prices have prompted the shift from physicians delaying relocation and retirement due to depressed home and investment portfolio values.
Other key findings from the study include:
19.4% turnover rate among physicians over 64 in practices with fewer than 50 physicians
12.7% turnover rate among physicians over 64 in all practices
76% of medical group respondents plan to hire more PCPs in the next 12 months
67% of medical group respondents plan to hire more nurse practitioners
61% of medical group respondents plan to hire more physician assistants
“The survey findings provide evidence that recruitment and retention continue to be major challenges for health systems,” stated Donald W. Fisher, Ph.D., CAE, president and chief executive officer of AMGA. “To rise to these challenges, medical groups are demonstrating remarkable leadership by investing in new staffing and delivery models, building and nurturing their teams in a strategic way, and making accountable care work for their patients and their communities.”