- Some 56% of physicians indicating they are “very likely to leave” their organization do so when compared with 8% of physicians who say they “are very unlikely to leave.”
- Only 54 of 3,600 U.S. hospitals earned the distinction of “most socially responsible,” per the 2023 Lown Institute Hospitals Index for Social Responsibility.
- Health system performance rankings for all states were recently released via The Commonwealth Fund ‘s 2023 State Scorecard.
Over the past few weeks, I have found these industry news stories that should be of interest to healthcare finance professionals.
1. Physicians who say they are very likely to leave their current job are 15 times more likely to do so
Healthcare organizations continue to deal with employee turnover and workforce shortages, according to new study findings.
For instance, results of an AMN Healthcare survey published May 23 stated: Registered nurses’ career satisfaction dropped to 71% in 2023 after hovering around 80%-85% for a decade. The same survey also showed:
- 15% of nurses employed in hospitals said they would “continue working as I am in one year”
- 36% of hospital nurses said “they will continue working as nurses but seek a new place of employment”
A June 9 report by KLAS Research, noted: “Physicians who indicate they are very likely to leave their organization are 15 times more likely to actually leave compared to those who report being very unlikely to leave.”
Additionally, 56% of those indicating they are “very likely to leave” their organization do so when compared with 8% of physicians who say they “are very unlikely to leave,” according to the report.*
However, there are things organizations can do to help retain physicians.
What could boost physician retention?
The KLAS report suggests most physicians who indicate they are very likely to leave their current jobs could be persuaded to stay on at an organization if they received more EHR training. The benefits to patient care and job satisfaction outweigh the extra hours required for training.
“Physicians who indicate plans to leave their organization can still be reached by their organization and are open to an improved experience,” wrote the report authors.
“Even among physicians who ultimately decided to leave their health system, two-thirds expressed a strong willingness to engage with their organization by receiving more EHR education.”
Clinician turnover cost
A June 16 Guidehouse report “Prioritizing Well-Being in the Healthcare Workforce” stated, “In the U.S. Surgeon General’s advisoryon building a thriving health workforce, researchers estimated that annual burnout-related turnover costs are $9 billion for nurses and $2.6 billion to $6.3 billion for physicians. …
“High levels of burnout have led to elevated risks of healthcare worker insomnia, heart disease, and diabetes; substance abuse, anxiety, and depression; relationship and interpersonal challenges; and overall feelings of physical and mental exhaustion. And these consequences clearly impact people beyond the healthcare workers themselves. Patients are faced with delays in care and diagnosis, along with an increased risk of medical errors, while health systems are experiencing reduced capacity and margin pressures.”
Sixty percent of all healthcare support workers are expected to leave their jobs in the next five years, “sounding an alarm on healthcare staffing,” states a nationwide study commissioned by Ultimate Medical Academy, according to a June 20 news release.
“Over the past six months, employers report that 1 in 5 employees in support roles have left, resulting in a loss of trained employees and more,” according to the release.
*The results of the KLAS report are based on “an odds ratio calculation of Arch Collaborative data.” The collaborative is described as “a group of healthcare organizations committed to improving the EHR experience through standardized surveys and benchmarking.”
2. 54 U.S. hospitals earn the Lown Institute’s ‘most socially responsible’ distinction
Only 54 of 3,600 U.S. hospitals earned the distinction of “most socially responsible,” according to findings from the 2023 Lown Institute Hospitals Index, as described in a July 18 news release.
That is fewer hospitals than in 2022, when 66 earned the honor.
The top five hospitals to earn the honor are:
- Duke Regional Hospital, Durham, North Carolina
- UCHealth Greeley Hospital, Colorado
- Dell Seton Medical Center at The University of Texas, Austin
- UCHealth Medical Center of the Rockies, Loveland, Colorado
- TriStar Horizon Medical Center, Dickson, Tennessee
To achieve the designation, hospitals earned “‘A’ grades across measures of health equity, value, and outcomes,” according to the news release.
The Lown Index uses publicly available data from traditional Medicare and Medicare Advantage claims, CMS hospital cost reports, IRS 990 forms and other sources.
3. Which 5 states earned the highest and lowest rankings for health system performance?
Massachusetts took the top honor for health system performance, per the Commonwealth Fund’s 2023 Scorecard on State Health System Performance.
“This year, Massachusetts achieved the best overall score, consistently placing among the top states on the seven dimensions of health system performance we evaluate,” wrote the authors of the June 22 scorecard report. “The rankings are based on 58 measures of health care access, quality, use of services, costs, health disparities, reproductive care and women’s health, and health outcomes.”
Rounding out the top five states for health system performance are Hawaii, New Hampshire, Rhode Island and Vermont. The five lowest-performing states, according to the report, are Mississippi, West Virginia, Oklahoma, Texas and Arkansas.
“Every year, the Commonwealth Fund’s Scorecard on State Health System Performance uses the most recent data to assess how well the health care system is working in every U.S. state,” wrote the authors.
HFMA bonus content
- Read the article “In proposed regulations, CMS seeks to strengthen hospital price transparency requirements,” by Nick Hut, HFMA senior editor.
- Listen to the award-winning Voices in Healthcare Finance podcast episode, “How avoiding an awkward waiting room conversation can contribute to better health among transgender people,” hosted by Erika Grotto, senior editor. The episode earned the EXTRA! Award, the top honor bestowed by the AM&P Network EXCEL Awards.
- Read the article “Annual Conference: Houston Methodist uses AI in virtual models for critical care, patient observation and more,” by Nick Hut, HFMA senior editor.