< Healthcare Industry Insights Archives - Jackson Physician Search

Community Health Center Physician Recruitment Checklist

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The growing demand for affordable primary care, especially among underserved patient populations, has fueled the need for innovative solutions to the most pressing health care issues. National Health Centers Week raises awareness about the mission and accomplishments of America’s health centers to reach beyond the walls of conventional medicine and provide quality health care in the context of the individual, family, and community.

But, the shortage of physicians and advanced practice providers is especially acute for community health centers. Practice leaders are looking for a special breed of clinician who are:

  • Great listeners, innovative thinkers, and team players.
  • Enthusiastic about caring for patients whose social, educational, family and community environment may adversely affect their health and well-being.

Get ready to recruit into this challenging setting by adopting a 30-point checklist which will strengthen your recruitment and retention efforts. It will enhance your chances of hiring and keeping providers who are a great fit and will embrace your practice opportunities in rural or urban communities.

These four sections highlight how to be a “recruitment ready” FQHC and are covered in more detail on the full checklist:

 

Lay a Strong Pre-Search Foundation

Clearly define and establish the groundwork for the position and be ready to make a strong offer to the ideal candidate. The Pre-search Checklist covers key aspects of planning that create an efficient and successful recruiting process. It covers the essentials such as where they will practice, consensus on what qualities and skills you require, how they will be paid, and how much is available for incentives and loan repayment assistance.

Prepare the Interview Team

The best game plan fails if even one team member fumbles in their interview team responsibilities. That’s why almost every point on the Interview Checklist starts with “who.” From identifying who will develop the itinerary to who will share the organization’s vision, you must customize each interview to reflect the needs and motivations of the candidate, while putting your best foot forward. Leave no aspect of the site visits to chance – because you only get one – to make a lasting impression on your candidate.

Plan for Post-interview Follow-up

Best practices dictate that you commit to a firm and timely schedule for delivering a verbal offer, followed by the contract. The parameters and process for making the hiring decision and extending the offer should be planned well in advance. Following the Post-interview Checklist will help you plan for and deliver a rapid response. The additional benefit? Demonstrating to the candidate that your organization is serious about hiring them.

Deliver on Promises During New Provider Launch

It’s proven that long-term retention starts during recruitment and extends through onboarding and beyond. Yet, the baton is frequently dropped between the recruitment and post-hire operational teams, leaving a newly recruited provider wondering if they made the right decision. With many candidates accepting the positions more than a year before they finish training, it’s critical to establish a roadmap for keeping the provider engaged from acceptance through onboarding. The New Provider Launch Checklist outlines key requirements for successfully ramping your physicians and advanced practitioners into practice and ensuring their families are welcomed in the community from day one.

 

Download the full 30-point “Ready to Recruit Checklist” for community health centers, and contact us for more help in making your community health center’s recruitment efforts successful.

Read Between the Lines to Understand the 2018 Physician Compensation Surveys

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Each year, a variety of physician salary surveys are published with varying degrees of detail and context. Charts and tables deliver a wealth of information, but you need to read between the lines to understand how each report defines compensation and the larger trends driving it.

Here is a brief overview of recently published surveys to get you started.

Modern Healthcare Physician Compensation Survey

This leading media source publishes a round-up of compensation data for 23 specialties as reported by 12 organizations, from recruitment and consulting firms to industry associations. This three-page survey reports average starting salaries, rather than average incomes. Salary and bonuses are included, but insurance, stock options, and benefits are not. Data points include:

  • Average cash compensation for that specialty
  • Percentage change between the current and previous year

Key Takeaways:

  • Physician pay increases appear to be slowing, possibly due to the rise in hospital employment, where salary (vs. bonuses) make up most of compensation for physicians.
  • Although primary care specialties are among the lowest paid, they scored the highest average starting pay increases.
  • Emergency, internal, family, and hospital medicine physicians saw average year-to-year pay increases of more than 3%.

MGMA DataDive Provider Compensation Data

The Medical Group Management Association gathers W-2 data directly from practice managers at over 5,800 organizations nationwide, providing a dataset of approximately 136,000 providers. Their data offers a complete picture of over 140 physician specialties based upon practice size, region, metropolitan statistical area and more. Benchmarks include:

  • Compensation – Including total pay, bonus/incentives, retirement and more
  • Productivity – Work RVUs, total RVUs, professional collections and charges
  • Benefit Metrics – Hours worked per week/year and weeks of vacation

Key Takeaways:

  • Primary care physician compensation increased by more than 10% over the past five years.
  • Depending on specialty, the difference in compensation between states can be in the range of $100,000 to $270,000.
  • Family medicine physicians saw a 12% rise in total compensation over the past five years, while their median number of work relative value units (wRVUs) remained flat. This reflects higher signing bonuses, continuing medical education stipends, relocation reimbursement and other cash incentives to attract and retain physicians.

AMGA Medical Group Compensation and Productivity Survey

The American Medical Group Association survey represents more than 105,000 clinical providers. Participants are primarily large multispecialty medical groups and integrated health systems. The average number of providers per participant group was approximately 380. Data includes:

  • Compensation
  • Net collections
  • Work RVUs
  • Compensation-to-productivity ratios

Key Takeaways:

  • Although compensation per relative value unit (work RVU) was higher than average, 2017 was the first-year physician compensation increased by less than 2% in over a decade.
  • Compensation increased only +0.89%.
  • The national median showed a decline in physician productivity by a weighted average of -1.63%, possibly related to growing administrative burdens on providers.

Doximity Physician Compensation Report

Doximity is known as the largest medical social network in the country – with over 70% of US doctors as verified members. Their report draws on the responses of more than 65,000 licensed U.S. doctors in 40 medical specialties. Physicians who are verified Doximity users can access an interactive salary map to drill down on compensation data combined with housing cost insights.

Their public report focuses on year-over-year trends in:

  • Physician compensation across Metropolitan Statistical Areas (MSAs)
  • The gap in pay between male and female physicians
  • Absolute physician compensation across specialty, state, region, and gender

Key Takeaways:

  • There was a 4% increase in physician compensation nationally.
  • Less populated MSAs tend to have higher average compensation compared to larger cities.
  • The presence of large medical schools in an area ensures a stronger pipeline of doctors competing for a relatively fixed number of positions, which causes a dampening effect on compensation.

Medscape Physicians Compensation Report

Medscape is one of the most popular sources for physicians who use the report to access high-level salary trends and gauge how their peers feel about the challenges and rewards of practicing medicine. More than 20,000 physicians in 29 specialties responded to the online survey, and the results were weighted to the American Medical Association’s physician distribution by specialty. Information reported:

  • Annual Compensation by Specialty
  • Year-to-year Trends
  • Regional Averages

Key Takeaways:

  • Employed physicians comprised 69% of the respondent group versus 26% who are self-employed, with 5% not reporting.
  • Demand for specialists to help address behavioral health issues and the opioid crisis surged, highlighted by a year-to-year increase in psychiatry and physical medicine/rehabilitation.
  • Physicians cited altruistic reasons as the top three most rewarding parts of their job, with “making good money at a job I like” ranking fourth.

Physician Salary Calculator and Resource Center

To further contribute to the resources available to physicians, we offer a physician compensation resource center that includes an interactive calculator with data compiled from published industry sources, as well as proprietary data from our search assignments. Customizable calculator fields encompass the components that are typically included in a compensation package, including:

  • Benefits
  • Sign-on Bonus
  • Residency stipend
  • Relocation assistance
  • Student loan repayment
  • Bonuses for productivity and quality

The Physician Salary Calculator enables you to:

  • Easily access customized physician compensation data
  • Drill down by specialty, state, and type of location
  • Get instant results and have your report emailed to you

Your results will instantly show a competitive market-based scenario that breaks out base salary, benefits, hiring incentives and bonuses. The calculator is unique in its design for use with an offer in hand, or if you are considering relocation and want to see how far your current compensation would stretch in a different state or type of community.

In addition to the salary calculator, our resource center features relevant physician compensation articles and videos.

A Final Piece of Advice

For any practice opportunity, making an apples-to-apples comparison can be confusing. When negotiating, ask all the questions needed to fully understand the components of your compensation package. Industry insiders and experienced physician recruiters can be valuable resources. If you would like to speak to a recruiter, use the Contact Us form below.

What Physicians Can Do to Avoid Burnout

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We have all experienced feelings of burnout at different points in our career, being overwhelmed, depressed, and other negative reactions to our work.  For our nation’s physicians, according to recent surveys, these feelings of burnout are pervasive and seemingly getting worse.  In fact, in a 2018 Medscape report, almost half of physicians surveyed reported suffering from symptoms of burnout.  When a doctor is suffering from burnout, naturally the quality of patient care suffers.

The reasons for a doctor feeling the effects of burnout vary between large systems and small and differ between specialties, but common themes exist when the causes are discussed.

  • Today’s physicians will almost unanimously assert that they spend far too much of their time performing clerical tasks. A time study sponsored by the American Medical Association showed that for every hour a physician spends with patients, they spend up to two hours creating notes, documenting phone calls, ordering tests, reviewing results, and other non-patient-facing functions.
  • Physicians feel disillusioned because other tasks take away from the reasons they went to medical school in the first place. You practice medicine because of your desire to treat and help patients.
  • The added burden of clerical tasks and non-patient related activities is causing doctors to spend too much time “off the clock” and on their own time performing documentary tasks. Physicians are losing control over their personal time with family and losing the battle for life-work balance.

The extent of physician burnout is well-documented.  Across the country, hospital system leaders are finally treating it as the challenge that has become.  Let’s look at a few ways that physicians can cope with feelings of burnout.

  1. Recognize the symptoms and admit when there is a problem. Physicians are often looked at as “Superman” and “Wonder Woman” because of their heroic efforts to save lives and the commitment they have made to years of education and residency to earn their place as healthcare professionals. It is important for doctors to recognize the signs of burnout and take action.
  2. Get involved. Modern healthcare system administrators, hospital executives, and others in the “C-Suite” recognize that there is a burnout problem and most are actively working on ways to solve the problem.  Be a part of the solution and lend your voice to potential solutions.  Physician burnout will never be solved in a vacuum, and it is too critical an issue to leave it for someone else to solve.
  3. Take vacation time. When the time rolls around for your vacation, a single week is not enough to recharge your batteries. Two weeks is a more appropriate amount of time to fully disconnect from the workplace and enjoy quality time with your loved ones. You might even have the option to take a sabbatical.
  4. Diet and exercise. Doctors spend a lot of time counseling their patients that the key to a healthier life is through diet and exercise. That is such good advice, medical professionals should heed it themselves.  Medical studies have shown regular exercise can reduce feelings of stress and depression.  Further, eating healthier and balanced meals will promote better energy and help maintain ideal body weight.
  5. Talk to a mentor. Having a mentor is advisable for every type of career.  After all, it is always helpful to talk to someone who may have experienced the same things or has navigated difficult times in their career. A mentor is someone who can be used as a sounding board for ideas or just be there to listen and interject sage advice.  Holding stress or feelings of burnout inside will cause those feelings to escalate talking about them with someone is always helpful.

Physician burnout is real and finding ways to alleviate the growing problem is a concern for the entire healthcare community.  Each organization needs to understand the levels of burnout being experienced by their teams and work to determine the root cause.  Developing new systems, redesigning clinical procedures, and improving the physician work environment is going to be a team effort.

Put the Flame Out on Physician Burnout

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Summer is in full swing with backyard barbecues, kids splashing in the pool, and friends and family are gathered around the yard chatting about last night’s little league game.  Laughter fills the air until you turn towards the grill to find smoke billowing out the sides.  Oh no, the burgers are flaming out, and you were too distracted to notice it happening.

While this is all too familiar with backyard chefs, the same thing may be happening to the physician in your healthcare system.  Recently, Stanford University School of Medicine anonymously surveyed almost 7,000 physicians, and the results were alarming.  More than 55% of those doctors reported experiencing symptoms of burnout, and 33% reporting high levels of fatigue.

It isn’t much trouble to replace the burgers that have burned out on the grill but losing physicians to burnout is much more serious and can cost millions!  The biggest mistake hospital administrators can make is ignoring the problem and hoping that it takes care of itself.  Organizations need to take an all-hands on deck approach to recognizing when burnout is impacting the medical staff, and most importantly what can be done to alleviate the problem before it becomes insurmountable.

Jackson Physician Search published a study focusing on the state of physician alignment with their employers, called The Physician Engagement Gap.  When physicians are engaged in the organization and are aligned with the company values and culture, they are happier and more productive. Unfortunately, the study shows that the levels of physician engagement have not changed positively over the past decade. Worse, hospital executive’s perception of physician engagement is higher than in reality.

There is no magic solution for combatting physician burnout.  Each organization may have a different solution or may have to create their own best practices to engage the team and create positive lasting change. Here are a few broad concepts that can be used to jumpstart your burnout prevention efforts:

  • Treat physician burnout as the serious problem that it presents to your organization.
  • Engage your physicians as part of the solution. Find out what issues or frustrations they have that are standing in the way of patient care. Much like lean manufacturing, continuous improvement through the fixing of broken patient care processes builds trust and relieves sources of frustration.
  • Understand that your team’s satisfaction is being impacted by Electronic Health Records. Work towards solving EHR frustrations and your physicians will free up more time for patient care and new patients.
  • Develop, Support and encourage participation in a Physician Wellness Program.
  • Actively work to cultivate and improve relationships with your physician team.

Lastly, the next time you are planning a backyard barbecue, think about starting similar gatherings for your team.  Smaller gatherings are always effective ways to promote the social aspects of team building.  In these smaller settings, you are exposed to people in a more relaxed setting and may learn more about who they are and what drives them to be healthcare professionals.  You might be surprised by how much you don’t know about them, but glad you learned.  Oh, and don’t forget to keep an eye on the burgers!

State of Addiction: How Healthcare Leaders and Physicians Can Address Georgia’s New Measures

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Across the United States, opioid overdoses led to 42,249 deaths in 2016,[i] a toll that could rise to nearly 500,000 deaths over the next decade.[ii]

On a state-by-state basis, legislatures and healthcare organizations are grappling with emerging social issues around pain management, including the use of medical marijuana and the tragic consequences of addiction to opioid medications. In Georgia alone, there were 1,462 overdose deaths in 2016, of which 67% were due to opioid overdoses.[iii]

Michael Byman, Director of Jackson Physician Search, led a discussion with members of the John’s Creek Medical Association about how healthcare leaders can support their medical staff as they comply with Georgia’s recently enacted regulations related to medical marijuana and prescription painkillers.

A Snapshot of Recent New Rules

Georgia recently expanded the law that protects patients from criminal prosecution for possessing low THC oil for medicinal purposes for specific conditions. However, the law does not authorize physicians to prescribe marijuana for medical use or authorize retail stores to sell products made from the marijuana plant.

In the case of opioids, the Georgia Attorney General’s office reports that 531 million opioid doses were prescribed to Georgia patients in just one year, equal to approximately 54 doses for every man, woman, and child in the state.[iv]

To address the problem of opioid abuse, the Governor’s office launched the Statewide Opioid Task Force, providing an infrastructure of communication between organizations in the public, private and non-profit sectors. The legislature has also enacted new laws including regulations that compel physicians to do more thorough research on their patient’s prescription history.[v]

Georgia’s response has earned recognition from the National Safety Council for being one of 13 states receiving the highest mark for taking comprehensive actions to eliminate opioid overdoses, improving from a “failing” designation in 2016.[vi]

Impact on Providers

Interdisciplinary teamwork among physicians, advanced practice providers, therapists, administrators and others is required to address pain management and other therapies intended to relieve debilitating symptoms. They must follow medical protocols and comply with the web of changing and conflicting regulations, all while keeping the patient at the center of their focus.

The result is a growing burden of education, communication, compliance, and reporting, requiring new skills that are in short supply and more time that is not reimbursable. The challenge is compounded by the worsening shortage and urgent demand for physicians caring for patients for whom controlled substances should be used – but may be tragically abused.

Byman painted a clear picture showing that active job postings in Georgia far outnumber the available candidate pool in specialties such as primary care, psychiatry, physical medicine and rehabilitation, and pain medicine.

Long-term solutions to expand residency and fellowship programs are not fast-acting enough to relieve the current strain on the system.

Inside the statistics, are the stories of doctors struggling to stay positive and motivated to help their patients manage pain and overcome debilitating symptoms while abiding by Georgia law and the Hippocratic Oath.

One physician recently wrote about the first time he ever “hated a patient.” She had “weaponized [her addiction] and would expertly wield it against everyone standing between her and her pain medication.” For him “true empathy, perhaps especially in the current healthcare environment, is a tool that requires constant sharpening.”

Beyond Compliance, What Can We Do?

Working within the realities of this environment, Byman offered practical and effective strategies that are helping many healthcare executives and physicians address the shortage of physicians and answer the question: “Beyond compliance, what can we do?”

Add Advanced Practitioners to your Team: The advanced training of physician assistants and nurse practitioners – many with specialty certifications – can make a significant difference. When you make them an integral part of the team, they are well-suited to assist with the additional patient communication, prescription history and necessary follow-up required by today’s regulations.

Embrace Telemedicine: There is an acute shortage of physicians willing to relocate to small towns and remote communities, or to spend time on the road to staff clinics there. At the same time, studies show that patients and families are rapidly accepting telemedicine and report high satisfaction with it when used effectively. Physicians at all stages of their careers are becoming very comfortable with technology and deliver significant value when diagnosing and treating patients even when not at the bedside.

Hire for Fit: The times are changing, and so must your criteria when recruiting new physicians. Carefully assess the motivations and values of your candidates build (and keep) a team of mission-driven physicians and advanced practice providers who will fit your culture and make a difference for your patients.

Educate and Engage the Community: From the top of the organization through the front lines, organizations are accepting their role as leaders in delivering authoritative information about how to benefit from therapies using controlled substances – while identifying and avoiding the danger of abuse. An outreach program to specialists, health centers, patients, and schools gives everyone some ownership in the solution – an essential step in solving the problem.

For help in building your team in key specialties to address this growing health problem, please contact us.

 

[i] Henry J Kaiser Family Foundation, Opioid Overdose Deaths, https://www.kff.org/other/state-indicator/opioid-overdose-deaths-by-gender/
[ii] STAT forecast: “Opioids could kill nearly 500,000 Americans in the next decade,” https://www.statnews.com/2017/06/27/opioid-deaths-forecast/
[iii] Georgia Department of Public Health, https://www.moveforwardpt.com/Resources/Detail/opioid-abuse-statistics-of-50-states-2
[iv] Georgia Office of Attorney General, “Opioid Abuse,” https://law.georgia.gov/opioid-abuse
[v] Georgia Office of Attorney General, “Op-Ed: Carr Continues Efforts to Strengthen State’s Response to the Opioid Epidemic, April 17, 2018, https://law.georgia.gov
[vi] National Safety Council, “Just 13 States and D.C. Are Adequately Addressing the Opioid Crisis,” April 10, 2018, https://www.nsc.org/

 

RVUs and Future Physician Compensation Models

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Recent surveys are showing a growing shift toward value-based incentives as a component of discretionary compensation, but production in the form of work RVUs are still the most prevalent salary factor.  To review, Relative Value Units (RVUs) are based on a scale originally designed to determine reimbursements from Medicare and/or Medicaid. RVUs represent a calculation of the effort expended by a physician when treating patients as a reflection of the time, skill, training required, and intensity of the service being performed. Using RVUs as a measure of productivity has been widely accepted because the scale reflects the reality that patient interactions are not equal.  For example, a physician treating complex or high acuity patients will earn more RVUs than one who treats ten low acuity patients in a day. For up to date RVU values, you can download the 2018 Physician Fee Schedule from the Centers for Medicare and Medicaid Services.

Primary Care Physicians are in demand throughout most of the United States, even though the recent Medical Group Management Association (MGMA) Physician Compensation Report results are not reflective of a high-demand market. The MGMA report along with the American Medical Group Association (AMGA) Compensation Survey show that physicians are receiving annual increases in the range of 1% to 4% depending on the specialty.  These modest increases are expected to continue in spite of the projected physician shortfall of between 42,600 and 121,300, as reported by the Association of American Medical Colleges.

According to the MGMA survey, the annual median reported RVUs was 4,928 in family medicine, 4,698 in internal medicine, and 4,902 in pediatrics.  Both the MGMA compensation survey and AMGA survey reported flat productivity in family and internal medicine, although pediatric RVU reports differed.  The AMGA survey results show a decline in median pediatric RVUs while the MGMA survey indicated a measurable increase in pediatric productivity.

The latest challenge for healthcare industry administrators has been adjusting physician compensation to model the shift toward value-based measurements.  In 2009, approximately 41% of medical groups related that at least some of their physician compensation had a value-based component as opposed to 60% in 2016.  Overall, value-based pay accounted for less than 7% of a physician’s total compensation.

As is often the case, Medicare/Medicaid reimbursements are driving much of the healthcare industry changes.  For example, look no further than the 2016 passage of the Medicare Access and CHIP Reauthorization Act (MACRA) which builds upon many of the payment and delivery reforms that originated with the passage of the Affordable Care Act. One of the stated goals of MACRA legislation is that 85% of all Medicare FFS payments will be tied to quality by the end of this year.

It may not be too radical to envision future physician compensation models that do not contain an RVU/production component.  More likely, as health care reform measures continue to push greater access, drive value over volume, and control reimbursement levels, RVUs may become largely irrelevant.

Are you having difficulty with physician compensation?  Our team at Jackson Physician Search can help.  Contact us today to learn more about our team of industry experts and what we can do for you.

Finders Keepers Physician Recruitment and Retention Practices That Work

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We take a hard look at how technology, company culture, and team roles can influence physician recruitment and retention practices. We discuss how technology can help with recruitment, what physician turnover can do to your bottom line, when retention should be a priority, and much more. You’re invited to download the entire 49 slide presentation by clicking the download button. If you would like to discuss how we can help you with recruitment and retention, feel free to contact us.

Jackson-Physician-Search_Finders-Keepers-Recruitment-and-Retention-May-2018

Finders Keepers: Physician Recruitment and Retention Practices That Work

Learning Objectives

  1. Identify fit as the critical success factor for high-performance recruitment
  2. Describe systematic approach to onboarding that results in long-term retention
  3. Understand team roles and responsibilities to create a seamless continuum from recruitment through retention

Pieces in the Recruitment Puzzle

  • Place
  • Pay
  • Practice
  • Culture

Focus on Fit in Sourcing Process

Use Segmenting Technology >> Laser-Target Candidate Research >> Customize Outreach to Identify “Best Fit” Candidates

Beware… You Must Be Relevant

  • 16% of Physicians are contacted once per week
  • 39% have multiple contacts per week
  • 55% get weekly job opportunities
  • less than 10% of recruiter communications are relevant

Culture and Engagement

Who sells the vision?
Who shows the culture?

Physician Turnover: Early Years Are Most Critical

Annual physician turnover is at an all-time high: 6.8% average
Highest turnover rate by years of service is 12.4% at 2 to 3 years

Key Takeaways: Find and Keep Top Providers

Adopt modern recruiting technologies and techniques enhance targeting, and leverage social networking

Identify candidate with communities ties – or create them

Tailor recruitment champions and interview team to match candidates and their spouses

Establish onboarding best practices, including designated lead, full-year program with mentorship

Benchmark key performance indicators, set goal metrics and seek feedback for continuous improvement

 Critical Success Factors: Recruitment and Retention

Involve key players from the entire team

Personalize the process for your organization, the physician, and their family

Manage expectations: keep promises and deliver no surprises

Remember to survey and adjust the process for continuous improvement

Your current physicians are your greatest recruitment and retention resources

 

Click the button below to download the entire 49 slide Finders Keepers: Physician Recruitment and Retention Practices That Work presentation.

Pros and Cons of Physician Compensation Models

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While the business of healthcare grows increasingly complex, fortunately, physician compensation models have generally become less complicated over time.  Even though there are still many different payment models in use, physician compensation structures are easier to manage and understand then they were in the past.  Physician payment models will never be a one-size-fits-all proposition for health system administrators.  The following is a brief synopsis of the pros and cons of the most popular physician compensation models.

Straight Salary

Using a preset level of income for physicians is the easiest model to understand.  Typically, the physician is contracted to achieve defined levels of productivity and quality.  On the pro side of a salary model, the physician has a sense of security and a guaranteed level of income.  The con aspect is that a straight salary model does not encourage innovation, or cost reduction efforts.

Salary Plus Bonus

As a means to encourage physicians to increase income, reduce costs, or achieve other predefined performance metrics, a salary plus bonus payment model may be in use.  It achieves the benefit of providing physicians with a guaranteed salary while also having an opportunity to earn a bonus. There aren’t as many cons with this popular method of compensation, although it is critical to determine the appropriate metrics for structuring the bonus.

Equal Shares

The equal shares model of compensation divides revenue equally among the group of physicians after expenses are covered.  This method is most common in smaller medical groups or specialty practices. One of the pros of an equal shares model is that there is a natural aversion to the overutilization of resources.  A downside of this payment model is that there is no incentive for creating efficiencies or higher productivity. In some cases, conflict is created when there is a perception that one or more of the group are under producing.

Pay-for-Performance

More physicians are finding that systems are implementing variations of a pay-for-performance model as a way to tie financial incentives to the achievement of predetermined performance goals.  An obvious benefit to this payment model is that achieving critical performance and quality targets are incentivized.  Physicians are being encouraged to innovate.  On the downside of pay-for-performance models is the complexity and administration of the program.

Productivity-based

Another payment model with many variations is productivity-based compensation.  In this model, physicians receive a percentage of their billings, or they are paid according to a scale that is based on procedures being performed or the type of patient visit. This scale, the resource-based relative value scale (RBRVS) assigns units to each activity a physician performs, called relative value units (RVUs).  An advantage of productivity-based models is that physicians are rewarded for extra effort, and they are also encouraged to be mindful of excessive overhead costs.  A negative result of RVU models is that it may lead to an overly competitive environment between physicians. Another criticism of this model is that while effort is rewarded, there is less consideration of outcomes.

While every compensation model currently in use has not been covered here, it is clear that are many different ways that physicians are being paid for their work.  Pay will always be a factor in determining your next career move, so it is important to understand how your salary is being determined.  Stay tuned to the Jackson Physician Search Blog for a deeper dive into compensation plans that are determined on RVUs.

Our team has decades of physician compensation experience. For personalized information about what we can do for you, contact us today.

Bend Key Trends to Achieve Physician Recruitment Success

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This presentation demonstrates how you can achieve physician recruitment success by leveraging 4 trends we have identified. We invite you to get in touch with our physician recruitment experts if you have any further questions.

How to Bend Key Trends for Physician Recruitment Success

Workforce Trends

The Physician Shortage ranks in the top three concerns for hospital CEOs

Each physician vacancy costs an average of $1 million in lost revenue per year

Compensation Trends

Family Medicine Comp is Up – Family medicine physicians saw a 12% rise in total compensation over the past five years

Benefits are Rising in Importance – Practices offered more benefits to attract and retain physicians

Compensation Isn’t Everything – Two elements have the strongest relationship to satisfaction: trust in the health system’s leadership and quality of communication

Digital Recruiting Trends

Reaching Passive Candidates are the largest and best source of candidates

Social and Digital Media – 87% of physicians ages 26-55 are using social media and 65% of physicians ages 56-75 are using social media

Be Efficient and Strategic – Accelerating your search by even 30 days can equate to tens of thousands in revenue/reduced vacancy costs

Cultural Fit

Culture and Engagement –

  • Tailor the interview team to the candidate
  • utilize your best facility and community advocates
  • ensure a consistent message
  • explore the candidate’s priorities

Organizational Alignment –

  • Examine the average age of your physicians to determine how much of your workforce is nearing retirement
  • review turnover
  • Align recruitment and retention to your organization’s broader priorities

Lower the Cost of Hire and Maximize Revenue

  • Reduce the interview-to-hire ration from 5:1 to 3:1 for a cost savings of $18,000
  • Improve acceptance rate from 70% to 90% for a cost savings of $24,000
  • Shorten vacancy time by 60 days for a revenue gain of $138,000

Key Takeaways

Strategically align your recruiting objective with community needs and realities of supply and demand in key specialties

Follow best practices that leverage social and digital media to efficiently network and attract top candidates

Communicate transparently, build trust and foster ties to the community based on the values, motivations and needs of the candidates and their families

Ensure the team is hitting key recruitment metrics to maximize return on investment

 

Click the button below to download the Bend Key Trends to Achieve Physician Recruitment Success presentation.

[Infographic Guide] Physician Trends – Practice Environment

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Physician recruitment relies on the ability of recruiters to make a connection. Successfully connecting with a candidate requires really understanding who that candidate is on a day-to-day basis and the challenges they face. To learn more about what a physician’s practice environment looks like, download the infographic below: Physician Trends – Practice Environment.

Physician Trends – Practice Environment

81% of doctors are at capacity or overextended

53 hours is an average workweek for a physician

9-12 hours per day on average

22 patients is the mean number of patients seen per day

20 minutes is the mean time spend with each patient

 

Physicians initiate the majority of acquisition talks

Primary Care practices make up the majority of acquisitions by hospitals

77% of physicians said selling their practice was the right decision

Employed physicians younger than 45 are more likely to have never been in private practice

92% of residents would prefer employment with a salary rather than an independent practice income

In the past decade, the percentage of hospital-owned physician practices has tripled from about 25% to almost 75%

You can find our other Infographic Guides on our Though Leadership page.