By Michael P. Broxterman, Chief Operating Officer, Pinnacle Health Group
A 2016 report released by the Association of American Medical Colleges and prepared by IHS, Inc. shows the physician deficit is worsening. By 2025, the shortage is expected to be between 61,700 and 94,700 physicians. Numbers like these require a more strategic approach to physician recruitment, and with baby boomer physicians nearing retirement, succession planning needs to be at the center of a physician staffing and sourcing strategy.
Time is money when you have a physician vacancy.
Like any industry, the balance sheet controls the operational capabilities of a hospital. Healthcare organizations face extra pressure to provide care to the communities whether staffed appropriately or not.
Let’s look at the numbers.
The Association of Staff Physician Recruiters reported in 2016 that nearly 75 percent of healthcare organizations that responded to a survey conducted a search for a family medicine physician last year. Because these providers generate up to $1.5M in revenue per year, minimizing the number of days a position is vacant is optimal. And, while even the best of succession plans can’t account for unexpected departures, there are ways to vary the recruitment strategy to maximize your physician recruitment ROI.
Five stages to “just-in-time” physician sourcing
Depending on how long you have before the current physician departs, the difficulty of recruiting for the particular specialty and the desirability of your location, deploying a sourcing strategy that balances cost with anticipated time-to-fill is smart recruiting.
Stage one: Never stop recruiting
Just as sales people approach business development as a primary goal, recruiters need to constantly build a pipeline of physician candidates. By nurturing candidates who may not be ready to make a move, or whom you don’t yet need, you can identify physicians who are a match. What are their career goals? What locations do they prefer? If your opportunity is in alignment, staying top of mind and piquing the candidate’s interest can shorten the recruitment cycle considerably.
Set up referral programs, launch a robust recruiting website and implement an applicant tracking system that organizes your most desirable candidates.
Stage two: 12 months+ to fill
When you have a year or more to recruit, using job boards is an ideal option. Target job boards that give you a variety of sourcing and benchmarking tools to maximize your efforts. PhysicianCareer.com offers unlimited email campaigns to maximize exposure and unlimited job postings for one fee.
Stage three: 6-12 months to fill
A balanced sourcing strategy is generally effective when you have 6-12 months to recruit a physician. Using passive sourcing strategies like social media, journal advertising and an increased web presence in direct proportion to direct mail, email and outbound calling is cost-effective.
Stage four: 3-6 months to fill
Urgency prevails at this stage. If you have less than six months to replace a physician, a customized sourcing strategy is necessary. Positioning the search for success from the start is critical. Is the compensation appropriate for the location and role? Is your hospital in a good financial position to attract the best physicians? Outsourcing the search to a reputable physician search firm that can advise you on best recruiting practices will ensure your expectations are in alignment with the market.
A physician recruiting firm’s volume of searches plays to your advantage as well. By serving hospitals and practices of all sizes in locations from rural towns to large cities, these firms have refined the recruiting and sourcing process to a near science. Look for a firm that designs a multi-month sourcing strategy that you approve and guarantees that you’ll only pay for executed tactics.
Stage five: Immediate need
Oftentimes, there is no warning of a physician vacancy. The loss in revenue speaks for itself, but the overload on the remaining physicians can lead to physician burnout and the increased wait times for patients decreases patient satisfaction. In this case, while Locum Tenens coverage may at first glance appear to be an expensive solution, it provides breathing room.
It’s not uncommon for in-house recruiting departments to work hand-in-glove with independent physician recruiting firms. Choosing a firm that offers a total-solution approach to physician recruiting provides a seamless experience for recruiters and hospital administrators. It also leads to more efficient results, as a unified team can appropriately manage the intensity of the search.
Pinnacle Health Group offers permanent physician search, Locum Tenens and advanced practice providers. Our sister company, PhysicianCareer.com, is an industry-leading physician job board. Together, we’re committed to meeting your staffing needs. Call 800-492-7771 to learn more.