The Challenge
For the first time in history, there are more physicians employed by hospitals than by private practices. This cultural shift, combined with a growing physician shortage, has made physician recruitment more challenging than ever. 46% of final-year residents say they have been contacted more than 100 times about potential practice opportunities. Due to increased competition, it can cost healthcare organizations over $200,000 to recruit a single physician.
Most organizations rely on traditional benefits and compensation arrangements to distinguish themselves in the marketplace. This often leads them to increase salaries and bonuses at a rate that’s unsustainable, especially for small and rural facilities that are competing with fewer resources. To stay in the race, healthcare leaders need to find solutions that are both effective and sustainable
Our Solutions
At MaxWorth, we design benefit programs with physician recruitment in mind. By utilizing a combination of long-term and short-term rewards, we help organizations attract physicians while driving revenue and reducing expenses. Long-term rewards encourage loyalty and can be used to align compensation with desired outcomes like the improvement of productivity or patient satisfaction rates. Short-term rewards are attractive to physicians who are more concerned about having cash in hand.
Since providers are often interested in both short-term rewards and having the ability to plan for the future, organizations that implement a balanced rewards suite often see an improvement in their physician recruitment.
Physician Employment Strategies
Want to Learn more? Let’s Talk
Every healthcare organization is unique. Our solutions are designed to be customized in order to fit your needs. If you would like to find out more about us and our solutions or simply discuss your organization's compensation challenge, complete the form below and we will arrange a call with one of our consultants.
