David Alemian, MD, provides physicians a step-by-step guide to calculating physician turnover costs in Physician's Money Digest.
Here are three key thoughts:
1. The first step entails calculating the amount of monthly revenue the physician who is leaving generated.
2. Next, organizations should multiply that figure by the estimated number of months it will take to replace that physician.
3. Organizations also need to factor in additional costs, including agency recruiting fees, advertising, interview costs, signing bonuses and moving expenses.
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