Bend Key Trends to Achieve Physician Recruitment Success

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

 

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