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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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

This is the second 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…

Create a Cultural Blueprint for Successful Physician Recruitment

How to Create a Cultural Blueprint for Successful Physician Recruitment

Culture is defined as “values, beliefs, attitudes, and behaviors that employees share and exhibit on a daily basis in their work and in the community”. And, lack of cultural fit is among the top…

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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

For several years, reports of the ongoing physician shortage have dominated the headlines.  To give healthcare leaders the comprehensive information they need to invest and adjust…

Need Help Recruiting Physicians?

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

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.

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…

Need Help Recruiting Physicians?

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

Benchmarking to Improve Your Recruitment Process

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This is the second 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 first white paper summary, we highlighted how much vacancies are costing healthcare organizations. Now, let’s focus on how much it costs you to recruit and fill those physician vacancies.  As if healthcare organizations don’t lose enough revenue by having lingering vacancies in their physician ranks, having an inefficient recruitment process not only wastes time and money, it also keeps the vacancy open longer.

In thinking about your organization’s recruitment process answer this simple two-part question, ‘Are we measuring key recruitment metrics, and if so, are we acting on the data?’  If you answered no to either of the above, then your recruitment process is in dire need of attention.  Here are a few key indicators you should be measuring:

  • Time to Fill – Team Satisfaction Scores
  • # of Interviews to Hire
  • # of New and Returning Patients
  • Acceptance Rate percentage
  • Three- and Five-year retention rates
  • Physician Satisfaction Scores

Benchmarking your recruitment process from top to bottom allows you to reveal inefficiencies and make the necessary corrections for improvement. No matter how successful your recruitment process may have been in the past, as times change and the candidate profiles change, what worked yesterday doesn’t necessarily work today.

A recent survey found that 95% of physicians want to receive job information by email, but the volume of contacts they receive are watering down the effectiveness of solicitation. Over 39% of physicians report multiple job solicitations each week. Compounding the issue is that doctors are finding that they are receiving relevant information less than 10% of the time. It is critical for organizations to do a deeper dive into creating targeted emails that resonate with the recipients. Refining the email content to be more relevant can be achieved if you are collecting the data and acting upon the results.

An effective way to engage physicians who may be interested in a career move, is through social media, as a surprising 87% of physicians between the ages of 26 and 55 are using social media platforms. The key for savvy healthcare organizations is to attract passive candidates by producing fresh, interesting content that sets you apart from your competitors. If physicians are drawn to your content because it piques their interest, you are essentially recruiting them before they even know it.

If you feel that your recruitment process is suffering from the same old, same old and your vacancies aren’t being filled in a reasonable timeframe, it may be time for a total recruitment makeover.  Check out our ‘Guide to Developing a Strategic Physician Recruitment Plan’, or contact a Jackson Physician Search recruitment professional today.

 

Jackson Physician Search Physician Recruitment ROI White Paper

[White Paper] Physician Recruitment: The Cost to Hire and Return on Investment

President of Jackson Physician Search, Tony Stajduhar, gives insight into how vacancies and recruiting can quickly become costly. If you’re looking to optimize your ROI when it…

The True Cost of Physician Vacancies

The True Cost of Physician Vacancies

According to a 2018 Association of Physician Recruiters’ (ASPR) survey, 40% of physician vacancies in 2017 went unfilled.  The largest …

Need Help Recruiting Physicians?

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

The True Cost of Physician Vacancies

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This article is the first in a series of content that reflects upon the findings in a recent white paper published by Tony Stajduhar, President, of Jackson Physician Search, titled Physician Recruitment: The Costs to Hire and Return on Investment.

According to a 2018 Association of Physician Recruiters’ (ASPR) survey, 40% of physician vacancies in 2017 went unfilled.  The largest number of hiring searches were for family medicine, hospital medicine, internal medicine, neurology, and urgent care.  With these shortages in mind, it is even more concerning when you realize that by 2020, almost 33% of active physicians will be 65 years of age and older.  If you are struggling with filling physician vacancies, check out our Guide to Physician Recruitment.  But first, let’s examine the true cost of physician vacancies.

Loss of Revenue 

The first and most obvious cost of a physician vacancy is the loss of revenue. For example, a Gastroenterologist generates almost $2 million in gross charges, while an Orthopedic Surgeon can generate almost $1.8 million in charges. Annualizing these numbers show that a hospital or medical group can lose between $150,000 and $170,000 per month for specialist vacancies.

Patient Migration 

Not as clearly defined, but just as critical are the numbers of patients that are lost while there is a vacancy. If a physician leaves, there is the danger of losing all of the patients that were already loyal to that doctor, especially if there is not a viable alternative already on staff. Hospitals and groups also lose out on referrals and the peripheral losses of not having a flow of patient to doctor and doctor to doctor referrals.

Market Share 

When vacancies are unfilled, that doesn’t mean that patients needing services halt until the position is filled. Anytime patients are forced to seek specific services elsewhere, your competitor is reaping the benefit. Once a competitor has an opportunity to develop a relationship with someone who was once loyal to your facility, the opportunity to recover them as a client diminishes exponentially.

Longer Time to Fill = More Costs

Different specialties have a wide variation in the typical time to fill. Bearing in mind the monetary losses and the ancillary losses the length of time your vacancy goes unfilled is critical. The ASPR reports that a family medicine vacancy is typically open 4.3 months, while a surgical vacancy can be open for 10 months or more based on the specialty and the location.

 

It is clear that the demand for physicians, coupled with a dwindling supply is not going away anytime soon. As physician vacancies continue to go unfilled and healthcare organizations struggle to manage the costs, the industry as a whole will be in a perpetual state of “all hands on deck” until the physician pipeline is stable once again.

If your organization is all too familiar with the costs associated with lingering physician vacancies, check out our report on How to Create Growth and ROI through Recruitment and Retention.

Physician Hiring Outlook

2019 Outlook for Hiring Physicians

For several years, reports of the ongoing physician shortage have dominated the headlines.  To give healthcare leaders the comprehensive information they need to invest and adjust to the physician shortage…

Create a Cultural Blueprint for Successful Physician Recruitment

How to Create a Cultural Blueprint for Successful Physician Recruitment

Culture is defined as “values, beliefs, attitudes, and behaviors that employees share and exhibit on a daily basis in their work and in the community”. And, lack of cultural fit is among the top reasons…

Need Help Recruiting Physicians?

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

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

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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 facing and how to overcome them. Feel free to download and share.

Issues Affecting FQHCs

What will it take for Federally Qualified Health Centers to survive in today’s healthcare physician recruiting climate?

Jackson Physician Search in Partnership with CommonWealth Purchasing Group

A vast majority of all health centers are reporting a clinical and physician vacancy. Over the years, health centers have evolved to provide much more than primary care services in their community, but we are entering a critical time, and the shortage of physicians and clinicians overall is set to make a massive impact in the world of Community Health.

This paper examines some of the challenges that centers are facing today regarding recruitment and retention. Staffing shortages and difficulty in attracting physicians are overcome through a proactive and strategic approach to recruitment. Today, two of the top challenges are the shrinking candidate supply and changing compensation trends.

Neither of these issues are insurmountable, but they are a driving force in changing the community and rural health center model.

You can save and read the rest of this white paper by clicking the download button below.

Jackson Physician Search Physician Recruitment ROI White Paper

[White Paper] Physician Recruitment: The Cost to Hire and Return on Investment

President and CEO of Jackson Physician Search, Tony Stajduhar, gives insight into how vacancies and recruiting can quickly become costly. If you’re looking to optimize your ROI when it…

Social Media for Physician Recruitment

[White Paper] Physician Workforce through 2030: Social Media for Physician Recruitment

Download our White Paper covering Social Media for Physician Recruitment for insight into how physicians use social media and how hospital and healthcare leaders and recruiters can use…

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

[White Paper] Physician Recruitment: The Cost to Hire and Return on Investment

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President of Jackson Physician Search, Tony Stajduhar, gives insight into how vacancies and recruiting can quickly become costly. If you’re looking to reduce your cost to hire and optimize your return on investment when it comes to physician recruitment, this white paper is for you.

Physician Recruitment: The Cost to Hire and Return on Investment

by Tony Stajduhar, President, Jackson Physician Search

Healthcare organizations depend on recruiting and retaining physicians and advanced practice providers to support their mission to offer quality patient care. A critically important vacancy can be costly to the organization, patients and community as a whole, impacting healthcare delivery, quality of life and the local economy. 

Maintaining continuity of quality care is of chief importance. Yet, a sense of urgency to fill a costly vacancy must be combined with a clear understanding of how investing in a strategic recruitment process can accelerate the fill and reduce the risk of making a poor hire. 

Return on Investment is a straightforward concept that is familiar to leaders in healthcare’s outcomes-driven environment. Yet, in the area of recruitment, many organizations lack a structured method and accountability for measuring recruitment success, efficiency and return on investment. Too frequently, recruiters do not know if their definition of recruitment success is the same as their boss’s or the board’s. As a result, there is no formalized process to measure efficiency and maximize results. 

Click the download button below to read the rest of the whitepaper.

Cultural Blueprint for Successful Physician Recruitment

Focus on Fit: A Cultural Blueprint for Successful Physician Recruitment

This presentation, given by our President at the 2018 MGMA Annual Meeting, explains why cultural fit is so important and how to create a physician recruitment blueprint that focuses on fit.

Utilizing Metrics and KPIs for More Successful Recruiting

Healthcare is an outcomes-driven industry. However, many organizations lack a structured method and accountability for measuring…

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

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

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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 you do just that with step by step instructions for developing a strategic physician recruitment plan. Download Part 1 of our Guide to Physician Recruitment. This PDF handbook defines six key steps on your path to building a strategic physician recruitment plan.

Physician Recruiting Process_Part1-FINAL

Developing a Strategic Physician Recruitment Plan: Part 1

The physician shortage continues to be a growing concern for hospital CEOs and executives and consistently ranks in the top 5 concerns along with financial challenges and governmental mandates. You can download a study about the physician shortage from the American College of Healthcare Executives.

To combat physician shortage, it is critical to develop a strategic recruitment plan. Recruiting top physicians can be an expensive and time-consuming process for hospitals and health systems, which is even more reason to do it efficiently. This guide is a support tool for our clients as well as those hospitals who are still exploring their strategy for physician recruitment.

Our four decades of experience in partnering with hospitals and healthcare organizations across the country to develop strategic recruitment plans helps us have a unique perspective and wide knowledge base, which we are eager to share here.

From the hospital CEO to the physician recruiter, this broad-spectrum guide offers you a clear path toward optimizing your efforts and your investment in physician recruitment. And, if you find you need additional assistance at any point, we are available for an in-person consultation. Contact us.

Top 5 Indicators You Need a Strategic Physician Recruiting Plan

  1. Lost Revenue – Each day you are recruiting is thousands of dollars in lost revenue. Hiring more quickly will benefit your hospital’s bottom line as well as productivity, morale, and patient loyalty.
  2. Recruitment Time – According to a recent report from ASPR, the average placement time for physicians is between 109 and 128 days.
  3. Losing New Patient Opportunities – If you are having to turn away patients because you don’t have the capacity to see them, then your recruitment needs are critical.
  4. Left Scrambling – Few hospitals and healthcare groups have physicians in the queue ready to start. If you need to backfill a position, you are most likely experience patient rejection and lost revenue.
  5. Competition – Competition with another facility creates the urgent and essential need for strategy and effective marketing of your open positions.

Defining a Strategic Physician Recruitment Plan

A strategic recruitment plan is simply a roadmap to assess, create, and launch effective recruitment for your physicians and other providers. Whether the CEO or the physician recruiter, you and your team need to be able to critically evaluate the needs of your system and obtain buy-in from key stakeholders and decision makers to develop and execute an optimal recruitment strategy that benefits your whole organization. A strategic recruitment plan is part of a well-designed medical staff development plan that encompasses:

  • Physician Alignment
  • A Community Needs Assessment
  • Population Analysis
  • A Five-Year Strategic Plan
  • Input From Key Stakeholders
  • Metrics and Benchmarks to Analyze Effectiveness

How to Add Strategy to Your Recruiting Plan

Being strategic in your recruiting helps save your organization time and money while ensuring you find the right physicians and advanced practice professionals to grow your business. It took an average of 128 days to fill positions across all specialties in 2016, according to the 2016 Association of Staff Physician Recruiters report. An internist, for example, brings in an average revenue of &823,900 for a facility each year, Jackson Physician Search found in its annual Physician Salary Calculator. That adds up to nearly half a million dollars in lost revenue for your hospital while you’re looking for a new hire.

It’s increasingly important to not just recruit quickly but to recruit the right doctors. Estimated turnover costs are as much as $1 million per physician after factoring in recruitment, start-up and lost revenue costs. A solid recruitment plan will enable you to find the right doctors for the right positions at the right time.

Remember, there is no other resource in your hospital that will give you a greater return on investment than a physician. For that reason, we encourage you to recruit and retain these professionals carefully and strategically.

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