A Digital Recruitment Strategy Can Solve Your Physician Recruitment Challenges

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This is the first article in a two-part series on developing an effective digital recruitment strategy.

Is your organization finding it harder to recruit physicians to fill your vacancies?  Is the physician shortage costing your organization time and money due to turnover and hard-to-fill specialties?  If so, then it is time to modernize your physician recruitment strategy by going digital.  Increasing your social and digital marketing has become a critical component of any successful recruitment plan because it allows you to reach and engage the most physicians.

Let’s examine why a digital recruitment strategy works in today’s physician jobs market.

Only 11% of physicians are actively looking for a new job, and those will be the candidates that every recruiter is targeting.  The key demographic is the 76% of physicians who are receptive to new opportunities but are NOT proactively searching.  Finding out who these physicians are and how you can engage with them may not be as difficult as it seems because each of these potential candidates are active on social and digital media sites.

These passive candidates can be targeted and engaged with on sites like LinkedIn, Twitter, Facebook, and Doximity.  A smart digital recruitment strategy may include sponsored ads on these social channels and be uniquely targeted using specific characteristics like specialty, behavioral metrics, and even demographics.  If you need further convincing, consider that 94% of all physicians use their smartphones for professional reasons, while 87% between ages 26 to 55 are using social media.

Components of a Successful Digital Recruitment Strategy

Now that you have a clear understanding of why you need a digital recruitment strategy let’s get into what it entails. A digital recruitment strategy is more than periodically posting content on social media sites.  To use social and digital media effectively, you need to invest in several key components.

Things you need to BUY

Creating a digital recruiting strategy is a major investment. Since we know that most physicians are using their smartphones for their personal and professional life, your website should be optimized for mobile viewing.  We also know that 91% of physicians prefer to receive job opportunities via email, making an Email Marketing System a wise investment.  Investing in subscriptions to several top job boards will also help you reach more physician candidates.

Things you need to TEACH

An important part of your digital recruitment strategy is understanding how to create and enhance your digital networking. Having key team members learn more about how they can expand their digital footprint also serves to build your organization’s brand. It is also critical that your team utilize effective communication techniques to ensure that your messaging and content is consistent and engaging. There is no shortage of communication experts who can provide your team with the best practices and keys to more effective communications.

Things you need to BUILD

 As you learn more about effective communications in a digital landscape, you can utilize that knowledge to build more effective and engaging job ads.  Passive candidates need a reason to “click through” to learn more about an opportunity. Another important component to work on is growing your social media network and your digital presence. Your organizational brand and corporate values should play a prominent role in your digital presence enabling you to connect with physicians who are in alignment with those values and are predisposed to being a cultural fit.

Obviously, developing an effective digital recruitment strategy contains a lot of up-front costs and will require some key decisions to prioritize what you can invest in and when.  In the next article on developing a digital recruitment strategy, we will take an in-depth look at candidate sourcing and effective digital recruiting activities that you can put into practice immediately.

For more information about developing a digital recruitment strategy or to secure a recruitment partner that understands the digital landscape, contact Jackson Physician Search today.

Physician Recruitment ROI

What You Should Know About Physician Recruitment ROI

The combination of the current workforce shortage and an ineffective recruitment strategy can be costly to your organization and the community. 

strategic physician recruitment

[Recruitment Guide] Guide to Developing a Strategic Physician Recruitment Plan

This is Part 1 of our complete Guide to Physician Recruitment. With any process, it is best to start by assessing your unique needs and developing your strategy. This handbook helps…

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Understanding Physician Bonuses and Benefits

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Physician salaries continue to rise, although more modestly than in years past. You may find that hard to believe considering the 24-7 handwringing over the physician shortage, but have no doubt that physician compensation is still rising and becoming more complex.  After all, it is simple economics, as demand rises and supply stays the same or fails to rise commensurately, the cost (in this case salary) is going to rise.  For example, according to Medscape’s Physician Compensation Report 2018 average salaries for Primary Care and Specialties rose between 3 and 5% from 2017.  Hospitals and health systems are finding other ways to compensate physicians than base salary.  Many bonuses and benefits are not available everywhere but are often based on setting and geographic area.  Let’s try and make sense of some of the more popular physician bonuses and benefits.

Guaranteed Salary

This is one piece of your compensation package that is helpful to have your lawyer examine. Depending on your contract, this may be a 100% guarantee that you will earn X annually, or there may be a lower annual guarantee that includes incentive triggers that when met will increase your overall compensation. When incentives are involved, you will want to understand RVU’s and how they are tied to your salary.

Sign-On Bonus

The competition for physicians across the spectrum of care has led to an increase in the prevalence and amount of sign-on bonuses.  Depending on geographic location, physicians may be seeing signing bonuses up to $40,000. On the flip side of that, some regions are only offering bonuses up to $7,000.  Where you are willing to work can be financially beneficial.

Student Loan Forgiveness

An increasingly popular bonus being offered to new physicians is student loan forgiveness in return for a commitment to a contractual length of stay in the position. Once, a mainstay of rural and community health recruiting, the fierce competition for physician’s services have made student loan forgiveness a major attraction in the recruitment process.

Malpractice/Liability insurance

Insurance to protect physicians against malpractice claims is the most frequently provided benefit. This is another benefit that you should have your lawyer review to ensure that you understand coverage limits, statutes of limitations upon your leaving the position, and other details.

Relocation Stipend

Another popular benefit to consider is the relocation benefit.  Relocation stipends can generally be negotiated depending on the geographic area and individual circumstances. In these cases, it is important to fully understand what the requirements are to earn the stipend and how it will be paid out.

Retention Bonus

Because of the rising costs associated with physician vacancies and recruitment, retention bonuses are becoming a popular addition to the physician compensation package.  This bonus can be paid incrementally throughout the length of the employment contract or in some cases upon completion of the contract.

Other bonuses and stipends can be available but are less common.  In some geographic locations, physicians may be offered with a vehicle stipend, housing allowance, parking stipends, and more depending on specific challenges that one might find in a certain area.  These aren’t as common as some other incentives you can find, but if you are working with a good recruiter, they can alert you to many of the available perks.

To learn more about physician compensation or to work with a career partner who can assist you in finding the right opportunity to match your skills and career goals, contact Jackson Physician Search today.

Physician Career on Fire

Is Your Physician Career on FIRE?

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Overcoming the Extreme Physician Shortage in 2019

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For several years now, healthcare industry thought leaders have been telling us that there was a looming physician shortage on the horizon.  Initially, it was reported that primary care was going to be the hardest hit because of an aging baby boomer population, an influx of newly covered patients through the Affordable Care Act, and the fact that over 30% of active physicians will be 65 or older by the year 2030. The initial primary and urgent care perspective still rings true. However, the physician shortage is actually impacting specialties across the spectrum of care.

According to Association of American Medical Colleges (AAMC) research data, the primary care shortage can be as many as 43,100 by the year 2030, while non-primary care specialties may experience a shortfall of up to 61,000 physicians.  Within those numbers, certain specialties, such as emergency medicine, neurology, psychiatry, anesthesiology, and others may experience a shortage of between 18,600 and 31,800 by the year 2030.

As concerning as the data is currently, it may actually get worse before it gets better. There is a large segment of our population that remains underserved.  According to AAMC data, as barriers to utilization are lifted through health law changes, more non-insured Americans are accessing health care.  Studies show that if all Americans accessed health care at the same levels as those who have typical employer-sponsored health care, we would need close to 100,000 additional physicians to provide their care.

There are no easy solutions to resolve the physician shortage crisis, but here are a few things worth keeping an eye on throughout the rest of 2019.

Increase residency programs.  Medical schools have taken steps to increase class sizes, yet the federal bureaucracy hasn’t increased support for residency programs commensurately.  The AAMC is calling on lawmakers to increase residency slots by an additional 3,000 annually for five years to support an increase in practicing physicians.

Streamline licensing process for international medical school graduates.  Did you know that almost 25% of today’s physician workforce are international medical graduates? Studies show that while these international graduates provide care on par or better than U.S. trained doctors, they face a cumbersome and complex licensure process to practice here. Further, they are required to complete redundant training programs here in the U.S. before licensure. At the risk of oversimplification, lawmakers and healthcare industry leaders should be able to resolve this by promoting legislation that simplifies the process.

Rising salaries and creative compensation.  Since 2013, salaries for Primary Care physicians have risen 10%, and in many cases more based on geographic location.  Because competition for physician services is so fierce, healthcare organizations are finding new and creative ways to entice candidates to their vacancies.  Signing bonuses and tuition repayment is one way that physicians are making more money, but other enticements include flexible scheduling, reduction or elimination of “call,” and much more.  Facilities in rural and underserved areas are feeling the recruitment crunch because the enticements they used to be able to offer exclusively, are now becoming commonplace.

Balancing non-physician utilization and technology.  Most organizations have focused their physician shortage efforts on developing a greater reliance on non-physicians.  Nurse practitioners, physician assistants and locum tenens are all being used in greater numbers to fill workforce vacancies. Additionally, technologic innovations can also serve to increase access to care and increase the efficiency of monitoring and managing a chronic condition. Mobile health technology and the utilization of biometric sensors are increasingly more popular among individuals who are interested in being more involved in their healthcare.

Jackson Physician Search can help your organization address both short- and long-term physician shortage strategies.  Our recruitment professionals have decades of industry experience, and our thought leadership can provide you with proven strategies to improve your physician recruitment and retention programs.  Contact us today to learn more.

Benchmarking Your Recruitment Tactics

Benchmarking to Improve Your Recruitment Process

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Create a Cultural Blueprint for Successful Physician Recruitment

How to Create a Cultural Blueprint for Successful Physician Recruitment

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Is Your Physician Career on FIRE?

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Not in the literal sense, but many physicians today are working to ensure that their career is on FIRE.  FIRE as in Financial Independence, Retire Early!  The acronym stands for something that many of us want to achieve, but so few are able.  Physicians are in a high demand, high salary field and have that opportunity if their sights are set in that direction.  Let’s take a look at things to consider while getting your career on track for FIRE.

For starters, to learn more directly about other physicians who are working toward FIRE, consider joining almost 10,000 of your fellow MD’s and DO’s who have joined the Physicians on FIRE Facebook page here.

It’s Not All About What You Earn

Sure, salary is a large component of your ability to gain enough financial control for FIRE, but it is equally about how much you spend.  It’s never too late to make the necessary changes in your career or in your personal life to regain that control. If you’ve become complacent where you are at, you may be missing out on other opportunities that will improve your earnings power.  Still saddled with student loan debt? You are not alone.  More than 60% of medical students graduate with over $150,000 in debt. It’s time to find an employer who is willing to help out with that.  What about credit card debt?  Make a plan to consolidate it and get out from under it.  Purposeful spending doesn’t mean you have to give up your lifestyle.  It does mean, you have to decide on what is most important and what can be put aside until later.

But I Like What I Do  

The beauty of setting yourself up for early retirement and financial independence is that you are creating your own terms. If you truly want to create financial independence for yourself and family, then working toward that goal is merely “setting the table” for you to make a decision when the time is right. According to a 2016 survey, 47% of physicians indicated that they planned to retire earlier than expected.  There is a very good chance that when the time comes, and you are financially independent, you will begin thinking about other things that feed your sense of fulfillment. When you have reached FI, no one is going to force you out of practicing medicine, in fact with the continuing doctor shortage, just the opposite will occur, but you will be in the position to practice just how you like.

Practice How You Want

Being a practicing physician has been your focus for the majority of your life. Naturally, it can be disconcerting to think about what comes after you stop seeing patients.  Truthfully, that is more of a personal retirement question, than a FIRE scenario.  The end goal of FIRE is for you to be free to do what you are really passionate about. If you still want to practice medicine, you’ll be free to do it on your own terms. You might want to transition into teaching or research, and FIRE will allow you to do so without worrying about how that will affect your lifestyle.

Making a commitment to financial independence is within your control.  The idea is to reach that point of independence before you begin thinking about life after the practice.  Maybe your work and life experiences have created the itch to pen the next great American novel, or you can’t stop thinking about spending all of your time between the beach and the golf course.  Whatever it is, you have earned it.  By making financial decisions now, your FIRE can be stoked when the right time arrives.

If you want to explore physician career opportunities that can help you achieve financial and personal goals, contact a Jackson Physician Search recruitment professional today.

Physicians Can Improve Their Job Satisfaction

Five Ways Physicians Can Improve Their Job Satisfaction

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How a Recruiter Can Help You Get Your Foot in the Door

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Dr. Iswanto Sucandy had an impressive background and was in the process of finishing up his clinical fellowship at the University of Pittsburgh Medical Center, after previously completing one at Yale.  A surgeon, whose specialty was in the treatment of liver and pancreatic disease, he was looking for a position that would allow him to continue his research into the surgical techniques needed to treat cancer.  At Yale, Dr. Sucandy was trained in Advanced Minimally Invasive Surgery, while his training at UPMC included Hepatobiliary surgery.  His time at UPMC had earned him some renown for pioneering minimally invasive liver and pancreas resections. In May of 2016, Carly Clem, Senior Director of Recruiting at Jackson Physician Search contacted the promising young liver specialist believing she had an appropriate placement opportunity for him.

Carly knew this would be a great opportunity for Dr. Sucandy even if it would take a little convincing on her part.  At first, the hospital was a bit hesitant because they had been looking for a surgeon with years of experience and Dr. Sucandy was a new graduate.  But, she knew that he would thrive at Florida Hosptial if just given the opportunity.  She eventually convinced Florida Hospital to grant Dr. Sucandy an interview, and as expected, they soon learned just how impressive he was.  He nailed the interview process, and Florida Hospital couldn’t wait to get him on their team.

The rest, as they say, is history!  Dr. Sucandy has been doing amazing work at Florida Hospital and is earning a worldwide reputation for his surgical advancements.  In a recent case, he and another surgeon at Florida Hospital, performed a 3.5-hour operation on a patient to remove a tumor that had invaded two-thirds of her liver. Even the most minor error could have caused immediate death for the patient. Dr. Sucandy’s procedure was successful, and the patient is now cancer-free.

Stories like this one are not uncommon in physician recruitment.  A good recruiter, like Carly, learns about the facilities where she is trying to place a doctor, and also gets to know her physicians. She convinced Florida Hospital to give Dr. Sucandy an interview because she recognized that he would be a great fit, and with his impressive skillset would have an opportunity to be successful there.

To learn more about what a recruitment professional can do for your career, contact Jackson Physician Search today.

Choosing a smaller community to have a bigger impact

The Job You Want May Not Be the One You Need

We’ve recently worked with a physician who thought it was time to make a move from a small rural community setting into a large metro area.

2019 Physician Job Search Outlook

2019 Physician Job Search Outlook

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What to Do About the Biggest Physician Recruitment Issues Affecting FQHC’s in 2019

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As physician recruitment becomes even more competitive each year, Federally Qualified Health Centers (FQHC) are feeling the brunt of the challenges. Jackson Physician Search, in partnership with CommonWealth Purchasing Group, recently published a white paper on the Issues Affecting FQHC’s.  Here is a brief synopsis of the major talking points.

Shrinking Candidate Pool

The National Association of Community Health Centers is reporting that at least 95% of all health centers are reporting a clinical vacancy, with 70% of those being a physician opening.  Because CHC’s are expected to be managing the care of more than 35 million patients by 2020, not having candidates to fill vacancies is going to be impacting communities across the United States.  As you might expect, primary care is the hardest hit regarding vacancies, but keep in mind that CHC’s are providing a broader range of services than traditional primary care. Reports show that less than 6% of medical students plan to practice Family Medicine and 2% are pursuing internal medicine.

Compensation Models Have Changed

In years past, CHC’s would promote “non-monetary” benefits to practicing in a CHC. Things like a better schedule and quality of work/life balance, all used to be part of the draw to a small health center. Those advantages are no longer exclusive to CHC’s and rural practice settings.  Now, hospitals of all sizes are using every means available to attract qualified candidates in this highly competitive recruitment environment.  Salaries and sign-on bonuses are rising, loan forgiveness is being offered, and FQHC’s are having a difficult time keeping pace.

Four Things that FQHC’s Can Do to Recruit and Retain Staff

  1. Develop a Brand Strategy and Recruitment Marketing Plan – Less than 25% of FQHC’s have a fully implemented marketing plan. Physicians today are more interested in things like organizational culture and work environment than in years past. This is an area that a smaller health center can excel at if the time and attention is paid to developing a winning brand that highlights culture, values, and work/life balance.
  2. Develop Local and Regional Outreach Campaigns – FQHC’s can compete through the development of training partnerships with local or regional academic institutions. Attracting and retaining local talent can be accomplished with a solid brand strategy, promoting training partnerships, shadowing and mentor programs and other similar community relationships that draw candidates into a facility.
  3. Create a Comprehensive Retention Program – Recruiting a physician is only one-half of the battle. Having to replace a physician can take as long as 24 months and cost more than $500,000. By developing internal systems that monitor physician and staff satisfaction and continually cultivate a positive workplace culture, health centers can proactively achieve better retention. Also, by focusing on the type of employee that embodies their culture, they are prone to attract and hire individuals who fit that culture.
  4. Review Your Compensation Model and Delivery Team – Health centers are no longer able to get physicians “at a discount.” Salaries are much more competitive today across all practice settings, so CHC’s are being forced to be more creative. Implementing productivity metrics is one way to improve a physician’s base salary. CHC’s are also more commonly offering 3- or 4-day work weeks as a quality of life benefit.  This trend coincides with the utilization of more nurse practitioners and physician assistants to supplement the staff.

There is no simple answer to how FQHC’s can compete in the ultra-competitive physician recruitment and retention environment.  What is required is a fully developed strategy that incorporates many or all of the elements identified.  As Community Health Centers continue to play an integral role in the healthcare industry and more importantly in helping the patients and communities where they are located, it is critical that we as an industry support their needs.

If you are looking for a partner with the resources, experience, and nationwide reach to help solve your critical recruitment and retention challenges, contact Jackson Physician Search and find out how we can help today.

 

Jackson Physician Search Issues Affecting FQHCs White Paper

[White Paper] Issues Affecting FQHCs: What will it take for Federally Qualified Health Centers to survive in today’s healthcare physician recruiting climate?

Physician vacancies are affecting the majority of health centers across the country. This paper examines some of the recruitment and retention challenges that Federally Qualified Health Centers are…

Physician Hiring Outlook

2019 Outlook for Hiring Physicians

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Benefits for Physicians Who Choose a Small Practice

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So, you are a physician in a large metropolitan hospital-owned practice, with a big salary, professional prestige, invites to all of the local galas, and everything else that goes along with being a part of a large healthcare organization.  But the important question to ask yourself is…Are you happy?  If your answer is a resounding yes, then congratulations for achieving the success that you worked so hard for all these years.  If not, there is no better time to change things up than now.  The job market for physicians is roaring across all practice settings, and if you are tired of working in a large system, maybe it is time to think about a small practice.  Let’s take a look at the benefits of practicing in a small community setting versus the large organization you are used to.

Fewer layers often mean better communication.

The first thing you will notice about applying to practice in a smaller community setting is that there aren’t as many layers of management to navigate.  In fact, in many cases, you will be meeting and negotiating directly with the CEO.  In a smaller setting, contracts are typically negotiated and approved faster, changes to workflows or procedures can be made more quickly, often times right on the spot.  Overall, decision making happens faster when it occurs directly between the key stakeholders rather than through meetings, memos, and managers.

Having a voice in the organization.

To build upon the direct communication theme – in a smaller community practice setting, you will be looked upon as one of the key stakeholders/decision makers.  Having a voice in how the organization is managed can be incredibly energizing when you have spent your career as one among hundreds.  Being able to present and implement your ideas will increase your sense of ownership in the workplace, and allow you to contribute in ways other than through medicine.

Cultivating a great workplace culture.

Being looked upon as a key member of a small practice means that you have an opportunity to be a part of making it a great place to work. Everyone wants to feel good about going to work every day, and as soon as it feels like you are punching a clock, it is no longer as rewarding.  Fortunately, in your position as a leader, you can have a direct impact on the workplace culture.  Creating a culture with open communication, mutual respect from top to bottom, and ensuring that everyone is accountable for their individual responsibilities is a sure way for staff and physicians alike to be excited to come to work every day.

Being a key member of the community.

In a smaller practice setting, you could be one of only a few doctors in an entire town.  That immediately makes you one of the biggest fish in a small pond and provides you with an entirely new level of status.  Being respected and known by just about everyone in the community can be a great boost for your self-esteem.  A smaller community setting also allows you to get to know all of your patients.  In other practice settings that may be the case to some degree, but in a small community setting, you can be on a first name basis with all of your patients.

There are plenty of reasons to consider making the switch to a small community setting over a large healthcare organization, including developing a better work/life balance.  Only you can know what is best for your career and lifestyle.  If you want to explore various opportunities in small practice settings across the country, contact a Jackson Physician Search recruitment professional and get started today!

The Benefits of Private Practice

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How to Close Physician Recruitment Gaps and Improve ROI in 2019

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This is the final article in an ongoing series summarizing the findings in a recent white paper published by the President of Jackson Physician Search, Tony Stajduhar. To read “Physician Recruitment: The Cost to Hire and Return on Investment” in its entirety, find it here.

The physician shortage is our current reality across the healthcare industry.  Treating it as anything less than an urgent situation is a step closer to a financial cliff. Your key consideration in all of this is how well your recruiting and hiring process is working.  If your recruitment process is broken and your time to fill rates are lagging, then the chances are you are going to end up with a bad hire anyway.  The time to invest in the implementation of key best practices to improve your hiring process and create success in the recruitment process is now.  Here are a few ways you can close your physician recruitment gaps, improve your hiring process, and see a better return on investment.

  1. Continuous Recruiting – Just because you have identified a group of candidates and scheduled interviews, don’t stop recruiting. It is important to continue the process until you have a signed contract in hand.  Why you ask? First, at any point in the process, you may find yourself back at square one due to unforeseen circumstances. Second, you need to maintain your leverage throughout the negotiating process and keep your potential candidates engaged.  Lastly, it is important to create a memorable experience for the candidates you meet to keep your referral pipeline full and also keep them engaged for future needs.
  2. Don’t Get Stuck on Cost per Hire – While the cost per hire is an important metric, viewing your recruitment process in its entirety allows you to measure whether or not you have made a good hire in the long run. The quality of hire impacts your return on investment because of turnover, loss of patient loyalty, quality of care, and other issues.
  3. Strategic Partnerships Can Improve ROI – Sometimes finding the right strategic partner is the key to improving your recruitment process. Smaller systems or community health centers may not be equipped to cast a wide enough net to attract the right candidate to a position. Finding a partner that can manage the digital tools available and has a trusted reputation in the industry will allow your key internal leaders to focus on creating a quality interview process and keeping the process on track.
  4. Paint a Better Picture – As a candidate goes through the recruitment process, there are many considerations that they are internally processing. For example, is the community a place that is a good fit for their family? They are going to be assessing your workplace culture and whether or not they can envision themselves fitting in and contributing. Far too often, the process gets bogged down by paperwork and non-human considerations.  Instead, create an onboarding process that caters to them as a person and their family as a whole. Highlight the community, the schools, and the things that will engage them in the longer term.  Focusing on the person first creates an environment that builds trust, rapport, and retention, not to mention word of mouth that benefits your referral pipeline.

If your organization is suffering from a lackluster recruitment process or is saddled by too many bad hires, we can help.  Jackson Physician Search has the experience, nation-wide reach, and industry knowledge to help you streamline your recruitment, hiring, and retention process.  Contact our team today and find out how we can be the strategic partner you need.

Benchmarking Your Recruitment Tactics

Benchmarking to Improve Your Recruitment Process

This is the second in an ongoing series summarizing the findings in a recent white paper published by the President of Jackson Physician Search…

Physician’s Contribution

What is the ‘Physician’s Contribution’ Really Worth?

This is the second in an ongoing series summarizing the findings in a recent white paper published by the President of Jackson Physician Search…

Need Help Recruiting Physicians?

Click the Get Started button if you’re ready to speak with one of our physician recruitment experts.

Is it Time to Reconsider the Benefits of Private Practice?

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In recent years, much has been written about the numbers of physicians leaving private practice for hospital employment.  Unfortunately for many, the decision to leave a private practice has turned out to be like “jumping out of the frying pan and into the fire.”  Many physicians who thought it was time to leave a private practice setting are now having second thoughts or experiencing signs of burnout. Let’s take a look at a few reasons why it is time to reconsider the benefits of private practice.

More Autonomy

When was the last time a hospital administrator asked you for your opinion on how to improve the patient experience or create a better staff culture?  In a private practice setting, those kinds of decisions are yours to make or at a minimum be a part of the discussion.  In private practice, you can base your decisions on patient care, not a policy drafted by others who may be several years removed from the doctor-patient experience.

Workplace Culture

In a recent study, less than 50% of physicians in a hospital setting feel like they are always treated with respect.  Increasingly, in today’s healthcare workplace, culture is playing a greater role in the recruitment and retention of staff. In a private practice setting, if you are experiencing a toxic culture, look no further than the closest mirror.  You and your practice partners have the ability to create whatever type of environment works best for you and the staff.

Work/Life Balance

In private practice, you get to control how many patients per day you are going to see. You also get to decide when and how much you are going to work.  Determining what the right work/life balance is for you is a decision that can only be made by you (and your loved ones).  The good news is that if the mood strikes and you want to get away for a few days in wine country or hit the mountains for a quick ski trip, you can make it happen.

Patient Relationships

In private practice, especially in a primary care setting, you are establishing relationships with the patients you treat. Studies show that an ongoing physician-patient relationship results in greater satisfaction for both the physician and the patient.  This improved patient experience also leads to more referrals and favorable outcomes. A private practice becomes part of the fabric of a community and being connected to that care setting cannot be discounted.

Compensation

Most private practice settings allow you to set your own fees and work as many hours as you want to earn more money.  Even more so, for sub-specialties, seeing more patients means more money versus hospital system salary structures.  Additionally, efficiencies and other workflow improvements have a greater impact on the bottom-line in a private setting.  As the owner or major partner of the private practice, you decide what to do with the profits earned.

If you are interested in learning more about the private practice opportunities that Jackson Physician Search has available right now, contact a recruitment professional today.  

 

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What is the ‘Physician’s Contribution’ Really Worth?

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This is the third article in an ongoing series summarizing the findings in a recent white paper published by the President of Jackson Physician Search, Tony Stajduhar. To read “Physician Recruitment: The Cost to Hire and Return on Investment” in its entirety, find it here.

In our last article, we looked at how organizations can utilize benchmarking to drill down and find the true costs of your recruitment and hiring process.  While it is important to benchmark against national medians to understand how physician compensation and your recruitment costs will impact your return on investment, it doesn’t tell you the whole story.  Other variables that play an important role in ROI consideration are payer mix, your market’s clinician supply/demand, quality incentive payouts, and cost of living.

Finally, a big piece of the puzzle that often gets overlooked is ‘Physician Contribution.’  Simply put, physician’s contribution relates to the typical inpatient and outpatient revenues, referral revenues, and other incomes not directly related to patient care. For example, a primary care physician can generate as much as $1.5 million in indirect revenue, from labs to imaging, and hospital admissions. Additionally, as much as 10% of primary care visits result in specialty referrals!

While examining the data, it is easy to pinpoint your revenue generation indicators, what your specific referral ratios are for each physician by department, and more.  With that, you are still missing pieces of the revenue puzzle.  Physician’s contribution also includes non-monetary benefits that can’t be discounted.

Non-monetary conditions include better staff morale and patient satisfaction because the department is fully staffed.  Patients are less likely to migrate to a new provider because their needs are being met in an environment that is noticeably more efficient and timely.  Physician retention and overall organizational culture will improve leading to lower turnover, shorter vacancies, and improved fill rates.  It is important to recognize the link between a healthy culture and physician recruitment and retention.  Healthy workplace culture is not a condition that is hidden from view. Being recognized as a great place to work is generally known within community circles and any physician, or any potential staff member, doing their due diligence on a job opportunity will learn that information.

Organizations that aren’t focused on creating a healthy culture will ultimately pay a price.  Research demonstrates a direct link between culture and performance measurables related to healthcare. In a healthy workplace culture where the clinical staff understands their role and how it relates to the organization’s mission and values, you can find a 33% increase in overall quality.

If your organization is behind the curve on developing and maintaining a healthy culture, or if you are looking to improve your recruitment and retention process, contact us today and find out how Jackson Physician Search can help.

Benchmarking Your Recruitment Tactics

Benchmarking to Improve Your Recruitment Process

This is the second in an ongoing series summarizing the findings in a recent white paper…

The True Cost of Physician Vacancies

The True Cost of Physician Vacancies

This article is the first in a series of content that reflects upon the findings in a recent white paper published…

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