MDNews - Greater Kansas

++++++++++++++++++++++++++ + + ++++++++++++++++++++++++++ PRACTICE MANAGEMENT ++++++++++++++++++++++++++++++ + + +++ +++ ++++++++++++++++++++++++++++++ PRACTICE MANAGEMENT +++ +++ The Business of Physician Recruitment IN THE FACE OF A U.S. ECONOMIC RECESSION, THE IMPLEMENTATION OF THE PATIENT PROTECTION AND AFFORDABLE CARE ACT ON THE HORIZON, AND AN INCREASING NUMBER OF INSURED AMERICANS, THE RECRUITMENT OF NEW PHYSICIANS IS BECOMING INCREASINGLY VITAL TO THE SUCCESS OF SMALL PRACTICES. BUT HOW DO SMALL PRACTICES ATTRACT NEW PHYSICIANS WITHOUT EXCEEDING THEIR SMALL BUDGETS? AS BABY BOOMERS AGE and choose to retire from the workforce and health care reform law both changes compensation trends and bolsters previously uninsured Americans into insurance eligibility, the demand for medical services will continue to increase as the pool of physicians struggles to keep up. U.S. Department of Health and Human Services projections, as put forth in the 2006 report "Physician Supply and Demand: Projections to 2020," estimate that as the population grows and ages, physician demand will stabilize. Small practices, however, must be proactive in hiring and retaining talented, adept physicians to stay competitive. According to the "2009 Physician Retention Survey," conducted by the American Medical Group Association and Cejka Search, most employment- seeking physicians are drawn to 14 | Greater Kansas MD NEWS MDNEWS.COM monetary incentives, chief among them being market-based compensation, signing bonuses and income guarantees. If a practice has little fi nancial latitude, it can quickly become diffi cult to prioritize money spent on recruiting versus every- day operational expenses. Therefore, in addition to practicing selective spend- ing on recruitment, practices should implement the following, nonfi nancial practices to increase the caliber of physi- cian searches. Customize Your Approach Medical groups surveyed in the 2009 Physician Retention Survey indicated that physicians in different stages of their careers value different, nonmonetary incentives from employers. For physi- cians early in their careers, advanced technology was an important charac- teristic of future employers. Diverting limited monies toward the acquisition of new technology not only is attractive to potential new hires, but it also shows patients that the practice is committed to providing the highest level of care. Physicians nearing the middle of their careers value leadership or shareholder opportunities, while late-career physi- cians trend toward medical practices that offer fl exible hours. Network Whether through social media sites or at local medical association functions, networking is one of the age-old practices utilized by successful businesses. By associating yourself with other medical professionals in the community (and beyond), physicians position themselves in the chain of knowledge. If an outside physician decides to cut back on his or her hours to spend more time with family, for example, a small, well-connected practice can step in to meet the need. Brand Your Practice Just as branding is important to any small business, it should also be impor- tant for medical practices. A 2011 Journal of the Association of Staff Physician Recruiters article recommends that physicians refl ect on the aspects of their medical practice that makes it unique and tailor that into a succinct message that meets the professional needs of potential new hires. Does your practice have a rare, new, state-of-the-art piece of instrumentation or high visibility within the local community? Characteristics such as these are assets to a practice and could potentially sway a physician candidate toward accepting your offer over another. ■ LOAN REPAYMENT ALTHOUGH NOT A direct offering from practice to physician, medical practices located in rural or urban areas can entice potential physicians with the incentive of the National Health Service Corps Loan Repayment program. With payouts ranging from $60,000 (for two years of service) to total loan payment (for six or more years of service), the program places primary care physicians in underserved communities called Health Professional Shortage Areas (HPSA). Visit www.nhsc.hrsa.gov/loan- repayment/ to see if your practice qualifi es as an HPSA.

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