How to Prepare for Physician Retirements

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Our white paper, The Realities of Physician Retirement: A Survey of Physicians and Healthcare Administrators was recently featured in a HealthLeaders article written by Chris Cheney titled “How to Prepare for Physician Retirements”.

There are several considerations for both physicians and administrators, including notice periods and how to initiate retirement discussions.

KEY TAKEAWAYS

  • By next year, about one-third of physicians will be over 65 and nearing retirement.
  • In a recent survey, lifestyle was identified as the most important factor in retirement decisions for physicians, with lifestyle cited by 44% of physicians.
  • The survey found physicians and administrators have widely variant expectations on the ideal notice period for announcing plans to retire.

Healthcare organizations should create a positive culture and effective processes for physician retirements, according to a recent survey report published by Alpharetta, Georgia-based Jackson Physician Search.

 

Click to read the entire HealthLeaders article. 

Survey Reveals Costly Disconnect Between Physicians and Hospitals About Retirement

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MGMA19 | The Annual Conference

New Orleans Ernest N. Morial Convention Center

Booth 1427

 

ATLANTA and NEW ORLEANS ― (Oct. 14, 2019) — While physicians often feel it’s their responsibility to initiate a conversation about retirement plans with hospitals, many of them think much less notice is necessary than hospital administrators would find ideal. In a new survey from Jackson Physician Search, a firm specializing in the permanent recruitment of physicians and advanced practice providers to hospitals and other healthcare providers, many physicians felt that less than six months of notice was reasonable, despite hospital administrators preferring a one to three year notice period.

 

This week, during the Medical Group Management Association (MGMA) Annual Conference in New Orleans, Jackson Physician Search President Tony Stajduhar will share key findings from the company’s newly released study, “The Realities of Physician Retirement: A Survey of Physicians and Healthcare Administrators.”

 

“Given that a hospital can easily lose $150,000 per month if a specialist leaves and a search for a medical or surgical specialist can take anywhere from five to 10 months, the stakes are high with this disconnect between physicians and administrators about notices of retirement,” said Stajduhar. “The findings in our study highlight the importance of creating the right culture and processes around physician retirement, including effective transition processes and ongoing recruiting efforts, to avoid the downside of a vacancy or understaffing situation.”

 

The survey, which was conducted in August of 2019, included responses from 567 doctors across a range of specialties and 100 administrators from throughout the country. Among the key findings:

 

  • Physicians feel it’s their responsibility to initiate the retirement conversation, but they are less comfortable doing so than administrators. A large majority of physicians (80 percent) said it’s their responsibility to broach the subject compared with 37 percent of administrators, yet less of them (52 percent) are comfortable discussing retirement plans than administrators (74 percent).

 

  • Physicians and administrators have vastly different opinions on what the ideal notice period is for a retirement timeline. Almost 50 percent of administrators indicated the ideal notice was one to three years, while 40 percent of physicians felt six months or less was sufficient. Further, 34 percent of physicians said they weren’t required to give any notice of retirement, while 81 percent of administrators said they were required to give more than three months.

 

  • Physicians’ drivers for retirement include lifestyle, financial stability, burnout and frustration with the current state of medicine. While physicians cited lifestyle issues (44 percent) as the most important reason driving their retirement decision, followed by financial stability (23 percent), comments from nearly 20 percent noted burnout and frustration with the current state of medicine and decreased focus on patient care.

 

  • Administrators assume that many physicians will fully retire, but a number of them plan to work elsewhere. Almost 40 percent of administrators named full retirement as a top retirement transition method at their organization. However, the study indicated that just 17 percent of physicians were planning to do so. In contrast, 28 percent of doctors said they will work part or full time somewhere else.

These and other findings in the Jackson Physician Search research are significant. By 2020, one in three physicians will be over age 65 and approaching retirement. That, coupled with the fact that recruiting an experienced, culturally-aligned physician can be a timely and complicated process for hospital administrators, adds to the complexity.

 

“Although there is hesitancy about initiating a conversation about retirement, it is clear that both administrators and physicians feel that it’s a beneficial discussion for both parties,” added Stajduhar. “Differences remain on length of notice and whose responsibility it is to bring up retirement, but when handled respectfully and conducted in a non-discriminatory way, both parties can find the ideal way to approach retirement transitions through proper planning and processes.”

 

The complete report on the survey results is available here: https://www.jacksonphysiciansearch.com/white-paper-the-realities-of-physician-retirement-a-survey-of-physicians-and-healthcare-administrators/

 

Jackson Physician Search

Jackson Physician Search is an established industry leader in physician recruitment and pioneered the recruitment methodologies standard in the industry today. The firm specializes in the permanent recruitment of physicians and advanced practice providers for hospitals, health systems, academic medical centers and medical groups across the United States. Headquartered in Alpharetta, Ga., the company is recognized for its track record of results built on client trust and transparency of processes and fees. Jackson Physician Search is part of the Jackson Healthcare® family of companies. For more information, visit www.jacksonphysiciansearch.com.

 

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Media Contact:                                                                                                

Jan Sisko

Carabiner Communications

jsisko@carabinercomms.com

(678) 461-7438

Managers urged to broaden ‘recruitment parameters’ amid rheumatology shortage

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“My recommendation for practices who don’t want to just buy a rheumatologist — don’t want to just have any warm body filling the position — but have someone they want for the job who they can retain…”

“Sell the big picture. Have a competitive base salary. That first year is going to be the most important — just make it as attractive as possible. Also, remember that an incentive to one candidate might be different to another candidate. If there is one candidate who needs an extra week of vacation, or if someone needs extra CME, or student loans that need to be paid, make sure you are thinking outside the box to outthink your competitors.”

“I travel about 50 to 120 days out of the year. I’ve been everywhere, from small rural places to big places, and you have no idea what I have heard from administrations, from hospitals, private practices and medical groups. But this is what I am telling everyone — open up your recruitment parameters.”

“If there is a physician who can communicate and practice medicine well, and has a family who fits in with the community, you better take an extra look at that physician,” he added. “I understand concerns about communication, but if there is a physician who is willing to make a move, especially to a rural area, and move their family, and their communication skills are good, and you believe the family will fit in with the community, you hire that physician. It shouldn’t be a question.”

Click HERE to read the full article.

 

Jackson Physician Search Named One of Healthcare’s Best Places to Work by Modern Healthcare

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ATLANTA (Oct. 1, 2019) –  Jackson Physician Search, a firm specializing in the permanent recruitment of physicians and advanced practice providers to hospitals and other healthcare providers, is pleased to announce that it has been named one of healthcare’s Best Places to Work by Modern Healthcare for a fourth consecutive year.

“It is an honor to once again be recognized by Modern Healthcare and our associates as one of the best places to work in this field,” said Tony Stajduhar, president, Jackson Physician Search. “We have exemplary associates, and we strive to provide them the best tools, training, environment and culture so they are happy at work. They are the foundation of our success.”

Inclusion on the 2019 list of Best Places to Work is based on both employer and employee surveys. Employers complete a survey detailing company policies, practices, benefits, and demographics. Employees then anonymously respond to a survey analyzing several areas of employee satisfaction, including leadership and planning, culture and communications, role satisfaction, work environment, training, pay and benefits, and overall satisfaction.

“Just as we are committed to finding fulfilling positions for physicians that produce long-term relationships with our client partners, it’s important that we build this for our associates,” said Stajduhar. “Our mission is to help physician candidates find the best professional position possible that also achieves a balanced lifestyle, which is what we seek to create for our associates as well.”

Jackson Physician Search

Jackson Physician Search is an established industry leader in physician recruitment and pioneered the recruitment methodologies standard in the industry today. The firm specializes in the permanent recruitment of physicians and advanced practice providers for hospitals, health systems, academic medical centers and medical groups across the United States. Headquartered in Alpharetta, Ga., the company is recognized for its track record of results built on client trust and transparency of processes and fees. Jackson Physician Search is part of the Jackson Healthcare® family of companies. For more information, visit www.jacksonphysiciansearch.com.

New JPS Survey Shows Rural Hospitals Rank Compensation Two Times More Important Than Culture for Physician Recruitment

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Atlanta – (July 25, 2019) – The challenge of recruiting and retaining physicians to work in rural communities has reached a new level of urgency for health systems. While hospital administrators often think compensation is the top factor influencing a physician’s decision to practice in a rural setting, a new survey conducted by Jackson Physician Search, a firm specializing in the permanent recruitment of physicians and advanced practice providers to hospitals and other healthcare providers, shows otherwise.

The research, which involved surveying both rural doctors and health system administrators, indicated that rural hospital administrators over-emphasize compensation and under-emphasize community culture during the physician recruitment process. Only 28 percent of physicians rank compensation as the top factor when considering a rural practice, while 40 percent of hospital administrators rank it No.1 in importance.

“Compensation will always be a driving factor in recruitment and retention, but this survey confirms how a variety of less easily quantified factors play as important a role in rural physicians’ practice location decisions,” said Tony Stajduhar, president, Jackson Physician Search. “It’s vital for hospital administrators to understand that physicians place heavy emphasis on other aspects such as community and workplace culture when considering accepting a position in a smaller, rural or community health setting or staying in that position—especially as the national physician shortage increases.”

More than 78 percent of physicians in the Jackson Physician Search survey were currently practicing in a community of less than 25,000.

Among the survey’s other findings:

  • Physicians want autonomy, but hospital administrators don’t realize it. Forty-three percent of physicians ranked autonomy among the top-three attributes of culture, while only 17 percent of administrators did.
  • A retention bonus is not as important to physicians as administrators think. Nearly 20 percent of administrators indicated that they felt a retention bonus would be a factor that compelled physicians to stay for the next five years, yet that incentive barely registered as a response (from only 3 percent of doctors).
  • Rural physicians’ roots run deep, yet hospital administrators may not be leveraging the draw of their communities to the fullest. Nearly 68 percent of the physician respondents had roots in a rural community during their lifetimes. In many cases, they, their spouse or partner, or extended family were raised in a rural community.

“Overall, our survey has shown that while compensation and other financial incentives matter, other factors swing the decision to accept an offer to practice in a rural community,” said Stajduhar. “Rural health system administrators have to develop a culture that is attractive to physicians and more importantly demonstrate their unique―and opportunity-filled―environment throughout the recruitment process. The cliché ‘it takes a village’ most assuredly applies to rural medicine and shouldn’t be discounted as a selling point.”

Administered in fall 2018, the Jackson Physician Search survey presented 23 questions about the advantages and challenges providers face in rural medicine. More than 150 physicians provided their responses about a wide range of issues including the top attributes of their organization, whether those attributes were highlighted during the recruiting process, and their own levels of personal and professional fulfillment, among other key topics. From the survey presented to rural health system administrators, 105 respondents shared their views to the same questions provided to the physicians.

The complete report on the survey results, titled “Rural Physician Recruitment: Results from the 2019 Rural Physician and Administration Survey,” is available here: https://www.jacksonphysiciansearch.com/white-paper-rural-recruitment/

Jackson Physician Search

Jackson Physician Search is an established industry leader in physician recruitment and pioneered the recruitment methodologies standard in the industry today. The firm specializes in the permanent recruitment of physicians and advanced practice providers for hospitals, health systems, academic medical centers and medical groups across the United States. Headquartered in Alpharetta, Ga., the company is recognized for its track record of results built on client trust and transparency of processes and fees. For more information, visit www.jacksonphysiciansearch.com.

Jackson Physician Search Helps Healthcare Organizations Manage the Growing Demand for Mental Health Professionals

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Atlanta, Ga. (May 21, 2019) – May 2019 marks the 70th year of Mental Health Month, observed at a time when the field of mental health has been especially hard hit by the country’s physician shortage. According to the Health Resources and Services Administration (HRSA), 55.3 million Americans live in a federally designated primary care shortage area, while a remarkable 89.3 million live in an area with a shortage of mental health professionals. This shortage of psychiatrists and licensed professional counselors stems from a variety of factors, according to Jackson Physician Search, a firm specializing in the permanent recruitment of physicians and advanced practice providers to hospitals and other healthcare providers.

“The shortage of mental health practitioners starts with very low numbers graduating in the field and is compounded by lower pay and insurance reimbursement in this specialty,” said Tony Stajduhar, President, Jackson Physician Search. “Our experience shows the ratio of open jobs to open candidates is skewed compared with fields like cardiology and surgery. Mental health needs are growing in both rural and suburban settings, and medical facilities are seeking both physicians and physician ‘extenders’ like nurse practitioners and physician assistants who can practice as both generalist and mental-health specialist.”

According to a JAMA infographic, the number of people being treated for mental disorders doubled in the overall population from 1996 to 2015. So, what’s fueling the increase in mental health patients? For Kurt Micelli, M.D., Senior Vice President and Chief Medical Officer for Elwyn, an internationally recognized nonprofit human services organization, the growing number of mental health patients probably stems from a range of issues.

“The increase is likely due to a combination of service awareness, insurance coverage, improved treatment options, decreased stigma of treatment, and the increased stress and complexity of modern life,” said Dr. Micelli. “The demand for mental health services is so great that it’s hard keeping up with the supply of clinicians needed to provide those services.”

To keep pace with the demand for skilled mental health professionals and provide premier services, Elwyn turned to Jackson Physician Search for recruitment assistance.

“Jackson Physician Search has helped improve awareness of our nonprofit and allowed us to better compete in the labor market for talented psychiatrists and psychiatric nurse practitioners,” said Dr. Micelli. “JPS has really enhanced and broadened our recruitment abilities. Our commitment, in general, to investing in employees is all with the intent of improving patient care.”

 

Jackson Physician Search

Jackson Physician Search is an established industry leader in physician recruitment and pioneered the recruitment methodologies standard in the industry today. The firm specializes in the permanent recruitment of physicians and advanced practice providers for hospitals, health systems, academic medical centers and medical groups across the United States. Headquartered in Alpharetta, Ga., the company is recognized for its track record of results built on client trust and transparency of processes and fees. For more information, visit www.jacksonphysiciansearch.com.

How a Physician Assistant Career Compares to a Job as a Doctor

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College students who are interested in health care and who excel in science often see one path open to them: medical school. However, becoming a licensed and board-certified physician typically requires four years at either an M.D. or a D.O. program, plus three to five years in a residency focused on a medical specialty like psychiatry or surgery.

Aspiring doctors who want to sub-specialize in a very specific area of medicine, such as addiction psychiatry or pediatric surgery, may elect to pursue a fellowship in that field, which means that their medical training will last about a decade.

 

Read the Article

Announcement: Physician Recruitment ROI Calculator

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Do you know where your candidates are coming from and how much they cost you to find?

If your answer to either of those questions is negative, then you’ll want to check out the Jackson Physician Search ROI Calculator when it launches later this quarter. In today’s competitive environment, it is critical for healthcare facility administrators to understand how much return they are getting for each recruitment dollar spent. And even more importantly, how much the return could be if placements were made faster.

Using the JPS ROI Calculator, you can look at your recruiting dollars in new ways by learning how much it costs when your time-to-fill averages are lagging.  The ROI Calculator also illustrates, in real dollars, how much revenue is lost with each physician vacancy.  Check out the ROI Calculator when it launches, and give Jackson Physician Search a call to learn how we can help improve your ROI.

 

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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 by Tony Stajduhar, President, of Jackson Physician Search

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When it comes to Physician Recruitment ROI, there are three key concepts you should know. How to determine ROI, steps you can take to improve ROI, and the impact a physician recruitment partner can have on ROI.

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Third Consecutive Best Places to Work Award for Jackson Physician Search

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May 15, 2018 –  Alpharetta, GA – For the third consecutive year, Jackson Physician Search is one of the Best Places to Work in HealthcareTM for 2018, according to Modern Healthcare. The annual program recognizes outstanding employers across the industry.

 

“As a physician search firm, there is extra significance in being recognized again as a great place to work,” said Tony Stajduhar, president. “Clients and candidates look to us as the experts in identifying cultural fit. It’s the single biggest factor in successful recruitment and retention.”

 

“In building our team and our blueprint for cultural fit, we embrace the core values of the Jackson Healthcare companies: Others First (Put others before self), Wisdom (Do the wise thing) and Growth (Keep getting better),” Stajduhar added.

 

Jackson Physician Search first made the list in 2016 as one of the top 15 Best Places to Work. In 2017, they advanced into the top 10, ranking as ninth with the additional distinction as fourth Best Place to Work for Millennials, in the supplier category. Modern Healthcare released the 2018 alphabetical list on May 14, and will publish the rankings in September at the Best Places to Work in Healthcare Awards Dinner.

 

Jackson Physician Search is 25th on Fortune’s list of best small and medium companies and certified as a great workplace by the independent analysts at Great Place to Work®.  Its parent organization, Jackson Healthcare, has been recognized on the Atlanta Business Chronicle’s “Best Places to Work” list since 2005.

 

Jackson Physician Search specializes in permanent recruitment of physicians and advanced practice providers to hospitals, health systems, academic medical centers and medical groups across the United States. The company is recognized for its track record of results built on their clients’ trust in the skills of their team and the transparency of their process and fees.

 

Visit www.JacksonPhysicianSearch.com and Jackson Physician Search on LinkedIn. Follow @JacksonPhysicianSearch on Facebook and @Jackson_Search on Twitter.

 

 

Media Contact for More Information:

Lori Schutte: 770.643.5533 lschutte@jacksonphysiciansearch.com

Mary Barber: 314.494.6952 mbarber@jacksonphysiciansearch.com

5 Ways Match Day Impacts Healthcare

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Atlanta — Social media was flooded with #MatchDay2018 tweets, videos, and memes when the National Resident Matching Program® (NRMP) informed medical students and graduates if they will train at their top-choice program, based on best fit, interview experience, and location. As you can see, Match Day is a big moment in a medical student’s life. Now let’s look at the top 5 ways Match Day impacts healthcare:

 

  1. America is Training More – But Still Not Enough – Doctors

The record number of available first-year positions is tempered by this harsh reality: we need to train more physicians as demand continues to outstrip supply, due to the aging population and accelerating retirement of “baby boom” doctors.

 

  1. The Rising Supply of Primary Care Physicians Lags Demand

The shortage of Primary Care Physicians (PCPs), the quarterbacks of value-based care, is one of the top three worries of hospital CEOs. They are desperately needed in rural, remote and low-income communities, where they need not only better compensation, but strong support for themselves and their families.

 

  1. Medicine is a Becoming a Family Affair

More physicians are pursuing medical careers as couples. The downside? Twice the burden of educational debt on one household makes loan forgiveness an essential recruitment incentive. Retention is doubly important because you risk losing two physicians if they move away from the community.

 

  1. Location is Not the Only Thing

Location may be the top factor as residents decide where to apply. But fit and the interview experience jump ahead in their choice of programs. Ultimate success in recruiting depends more heavily on two extremely controllable factors: 1) assessing for fit and 2) delivering an excellent interview experience.

 

  1. International Medical Graduates are Important in the Physician Pipeline

The number of non-U.S. citizen International Medical Graduates (IMGs) who participated in the Match declined again. The Association of American Medical Colleges urges support for a permanent legislative solution for Dreamers to ensure academic medicine’s ability to meet increasing healthcare needs, especially for the growing medically underserved and aging populations.

 

A Proactive Recruitment Strategy is More Important than Ever

Now that you know how Match Day impacts healthcare, your next step is figuring out what you can do about it. Avoid the physician gap by developing a strategic physician recruitment plan, assessing candidate fit carefully and delivering an unparalleled interview experience that displays your rewarding workplace culture and welcoming community. See more details.

 

Jackson Physician Search is a leader in the permanent recruitment of physicians and advanced practitioners to hospitals and health systems across the U.S.

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

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