Healthcare organizations have been facing a shortage of physicians for years. As if that weren’t enough, the current economy is creating an air of uncertainty amongst practices and hospitals as to what cuts might need to be made to meet budgets. The healthcare industry is not immune to economic downturns and they, like everyone else, are having to take a hard look at their financials and make strategic choices in staffing when deciding to hire new physicians. But by understanding retention pitfalls, and how to avoid them, you can gain a competitive edge in an unstable economy.
Think about your physicians’ financial well-being
With the economy in flux, many physicians are feeling a sense of uncertainty about their future. Some are questioning whether they should continue practicing medicine or switch careers altogether.
To keep them in practice and engaged with your organization, you need to address their financial well-being. The good news is that there are ways to help them address the challenges they face, by taking a holistic approach to employee benefits that includes financial planning, tax savings and other solutions.
Provide financial education and coaching. Offer ongoing education opportunities on topics such as retirement planning, estate planning, taxes and healthcare reform, and if possible, one-on-one coaching sessions with a financial advisor who can help them navigate the complex world of retirement savings options.
Make it easy for physicians to save for retirement. Consider offering an employer match on 401(k) contributions or another type of retirement plan (such as a 403(b)). This can encourage physicians to contribute more toward their retirement while also giving them peace of mind that they’re saving enough money for later life stages. If you offer loan repayment assistance programs (LRAPs), make sure your physician employees know about this benefit since it can be crucial for young physicians.
Listen to physician feedback
Regularly survey your staff to find out what they like and don’t like about the organization, their pay and benefits packages, and their leaders, and use that information as part of your retention strategy.
Develop a culture of innovation and change. Physicians want a sense of ownership over how things are done at their hospitals or practices. They also want to know that they have input into making decisions about strategies that affect the future growth of their organizations. Create an environment where new ideas are encouraged by top executives.
Create opportunities for physicians to be recognized for their contributions to patient care and hospital operations through awards ceremonies or luncheons where physicians can be acknowledged publicly for their efforts
Be open about your challenges
Candidates are often reluctant to share their concerns and questions with you, but it’s important to try to connect with them on a personal level. You can do this by being open and honest about the challenges you’re facing in your practice.
For example, if you’ve recently downsized or had to cut pay significantly, tell candidates that you’re working hard to ensure that your business is sustainable. If you’re struggling to find physicians, discuss what changes you’ve made recently to address those challenges.
This will help candidates understand the challenges of working at your clinic and may make them more comfortable when discussing their own concerns during interviews.
Key Take-Aways
To ensure that you have enough staff to continue to meet your needs, it’s important to focus on retaining new hires as well as attracting new talent. Good retention programs begin with the first recruitment contact and continue throughout the hiring process, the onboarding process and well into a physician’s tenure.
RM Medical Search & Consulting has been providing physician sourcing and recruiting for more than 25 years. We partner with some of the best healthcare organizations in the country, providing primary care and specialist sourcing in both the physician and advanced practice provider realms. Our exceptional staff works with the leading technology, the best and most complete data in the industry and we know how to get the job done. We tailor our approach to meet your needs and deliver candidates when and how you want to receive them.
If you are in search of physicians, at any career level, for your practice please contact kzeller@rm-med.com today.