The Business Case for Investing in Physician Wellbeing - a Triple Competitive Advantage for Your Organization
In this blog post let's look at what happens when you run physician burnout in reverse. Here's what I mean.
What will happen when your organization implements an effective physician wellness program; one that actually lowers burnout rates?
Take what we know about the performance effects of burnout and run them in reverse and you will quickly see your physician wellness success provides a rapid, direct and measurable Triple Competitive Advantage to Your Organization.
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The Current State of Affairs
Burnout rates are at least 50% in any group of practicing doctors since the arrival of COVID. This means in any group of physicians on any given day, half are suffering from at least one symptom of burnout and it is impairing their health, happiness and performance.
Organizational symptoms of burnout include:
- Lower quality of care and patient satisfaction
- Higher medical error rates and malpractice risk
- Physician disengagement, dissatisfaction and disruptive behavior
- Higher turnover for both physicians and staff.
By any measure, this is a public health issue and a national crisis!
AND it is a MASSIVE OPPORTUNITY for the organization that builds an Effective Physician Wellness Strategy
Imagine the equally pervasive positive effects you can naturally expect from an effective burnout prevention program
-- the UPSIDE for an organization with physicians who are less stressed and more engaged.
- Improved quality of care, patient satisfaction
- Less turnover, lower error rates and malpractice suits
- Fewer disengaged and disruptive doctors
As Burnout Rates Fall, You will Lock In Three Competitive Advantages in Your Service Area:
1) PROVIDER OF CHOICE
Happier, healthier doctors take better care of their patients - naturally and automatically. Better quality of care and patient satisfaction will make you the Provider of Choice to two Critical Audiences
- the Payors
- the Patients
- The Payors will see superior quality, safety and patient satisfaction metrics and contract favorably with your healthier organization.
- The Patients will notice a difference in how it feels to be in your facilities and with your people and beat a path to your doors.
2) EMPLOYER OF CHOICE
Recruitment and retention becomes simpler. New residency graduates and independent physicians in the community will notice how physician employees of your organization are treated differently. When it comes time to make a job decision, they are much more likely to choose you.
3) MORE NIMBLE, STABLE AND PROFITABLE THAN THE COMPETITION
Lower burnout and increased engagement naturally foster higher levels of trust between physicians and the leadership team. This effects performance both for the individual physician and the organization as a whole. When the leap from Volume to Value arrives, your team will be much more capable of a successful transition to that brave new world.
The Good News
- Taking better care of your physicians and staff is not rocket science. The situation is more like baseball. Whether you are in Little League or the World Series, there are only four skills to baseball. Prevention of burnout is based on only four consistent action steps.
- There are hundreds of effective tools to prevent physician burnout both for the individual physician and for healthcare organizations of any size and complexity. Each can be adapted to any individual physician or any organization, no matter how complex.
- You already have people who are eager to lead the charge inside your organization. I meet them every day. They are ready to work, itching to get started and can be quickly trained to take effective action.
- Competition is almost non-existent- very few organizations are doing a good job building out a true Quadruple Aim Organization. The first mover advantage will be massive.
Only Two Questions Remain
1) Will your organization be one of the early adopters - one of the first to take burnout seriously and build your own internal Manhattan Project?
2) If your answer is Yes ... when will you get started?
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PLEASE LEAVE A COMMENT:
What is your organization doing to take better care of the providers - streamlining the systems of care or building a more supportive culture?
How is that going in your opinion?