What is the cost of physician burnout? Now hospitals and practices can take a hard look at the financial impact by using an online physician burnout calculator created by the American Medical Association (AMA).
Data shows that it costs between $500,000 and $1 million to replace an existing physician. According to Christine Sinsky, MD, FACP, vice president of professional satisfaction at the American Medical Association (AMA) and practicing general internist, “This is a conservative figure. It doesn’t include many, many other sources of financial costs to burnout.”
In addition to quitting their jobs, physicians may respond to burnout by cutting back to part-time. Or they may respond by being less productive or seeing fewer patients. Worse, they may respond by providing less safe care, and patients may begin to leave the practice.
Sinsky suggests, “First measure, and then second, weigh the costs of burnout to your organization. The cost will probably be fairly staggering to leadership.”