As baby boomers age and choose to retire from the workforce and health care reform law both changes compensation trends and bolsters previously uninsured Americans into insurance eligibility, the demand for medical services will continue to increase as the pool of physicians struggles to keep up. U.S. Department of Health and Human Services projections, as put forth in the 2006 report “Physician Supply and Demand: Projections to 2020,” estimate that as the population grows and ages, physician demand will stabilize. Small practices, however, must be proactive in hiring and retaining talented, adept physicians to stay competitive.
According to the “2009 Physician Retention Survey,” conducted by the American Medical Group Association and Cejka Search, most employment-seeking physicians are drawn to monetary incentives, chief among them being market-based compensation, signing bonuses and income guarantees. If a practice has little financial latitude, it can quickly become difficult to prioritize money spent on recruiting versus everyday operational expenses. Therefore, in addition to practicing selective spending on recruitment, practices should implement the following, nonfinancial practices to increase the caliber of physician searches.
Medical groups surveyed in the 2009 Physician Retention Survey indicated that physicians in different stages of their careers value different, nonmonetary incentives from employers. For physicians early in their careers, advanced technology was an important characteristic of future employers. Diverting limited monies toward the acquisition of new technology not only is attractive to potential new hires, but it also shows patients that the practice is committed to providing the highest level of care.
Physicians nearing the middle of their careers value leadership or shareholder opportunities, while late-career physicians trend toward medical practices that offer flexible hours.
Whether through social media sites or at local medical association functions, networking is one of the age-old practices utilized by successful businesses. By associating yourself with other medical professionals in the community (and beyond), physicians position themselves in the chain of knowledge. If an outside physician decides to cut back on his or her hours to spend more time with family, for example, a small, well-connected practice can step in to meet the need.
Just as branding is important to any small business, it should also be important for medical practices. A 2011 Journal of the Association of Staff Physician Recruiters article recommends that physicians reflect on the aspects of their medical practice that makes it unique and tailor that into a succinct message that meets the professional needs of potential new hires. Does your practice have a rare, new, state-of-the-art piece of instrumentation or high visibility within the local community? Characteristics such as these are assets to a practice and could potentially sway a physician candidate toward accepting your offer over another.
Although not a direct offering from practice to physician, medical practices located in rural or urban areas can entice potential physicians with the incentive of the National Health Service Corps Loan Repayment program. With payouts ranging from $60,000 (for two years of service) to total loan payment (for six or more years of service), the program places primary care physicians in underserved communities called Health Professional Shortage Areas (HPSA). Visit www.nhsc.hrsa.gov/loanrepayment/ to see if your practice qualifies as an HPSA.
MD News August 2011
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