Look at the Lingering Injuries rule in the DMG.
For a simplified version, I'd try:
This means that after a serious injury, it is easy to bounce back to "nearly full" and remain a useful adventurer, but it can take a long time to bounce back to truly 100% full.
Imagine two PCs in the same fight. One loses a bunch of hit points but stays above 0, so they're weary and bruised, but sleeping that night they will heal all the way up and be as good as new. The other PC drops to 0, gets healed, and drops to 0 again! They come out of the fight bloody and with a limp. Their maximum hit points are reduced by 7 (2d6). Sleeping that night will heal them all the way up, recover one lost hit poitn, so they start the adventuring day with full hit dice but are already down 6 hit points. That's not great but by 5th level or so I think most PCs would continue adventuring even when missing 6 hit points. However the alternative, if they really want to heal all the way up, is another 6 nights of sleeping.
I guess the problem I have with most "slow recovery" rules is they just slow everything down. A game is a series of interesting decisions so I'd rather have the option to press on be a viable choice and not suicide, which is why I prefer injury rules (it's easier to work around an injury than to work around not having any hit points). As an added bonus, any injury rule that triggers on dropping to 0 discourages deliberate yo-yo tactics. (Too often in 5e, it is more efficient to wait for your ally to drop to 0 before healing them, which strikes me as weird.)
For a simplified version, I'd try:
Whenever you drop to 0 hit points, your maximum hit points are lowered by 1d6. A long rest recovers 1 maximum hit point.
This means that after a serious injury, it is easy to bounce back to "nearly full" and remain a useful adventurer, but it can take a long time to bounce back to truly 100% full.
Imagine two PCs in the same fight. One loses a bunch of hit points but stays above 0, so they're weary and bruised, but sleeping that night they will heal all the way up and be as good as new. The other PC drops to 0, gets healed, and drops to 0 again! They come out of the fight bloody and with a limp. Their maximum hit points are reduced by 7 (2d6). Sleeping that night will heal them all the way up, recover one lost hit poitn, so they start the adventuring day with full hit dice but are already down 6 hit points. That's not great but by 5th level or so I think most PCs would continue adventuring even when missing 6 hit points. However the alternative, if they really want to heal all the way up, is another 6 nights of sleeping.
I guess the problem I have with most "slow recovery" rules is they just slow everything down. A game is a series of interesting decisions so I'd rather have the option to press on be a viable choice and not suicide, which is why I prefer injury rules (it's easier to work around an injury than to work around not having any hit points). As an added bonus, any injury rule that triggers on dropping to 0 discourages deliberate yo-yo tactics. (Too often in 5e, it is more efficient to wait for your ally to drop to 0 before healing them, which strikes me as weird.)