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How to increase physician recruitment and retention through a total compensation package

Insight Article - May 4, 2021

Strategic Planning

Recruitment & Hiring

Compensation & Benefits

The pool of physicians available for recruitment is shrinking. According to the Association of American Medical Colleges, by 2033 — just a little over a decade from now — we’ll be facing a deficiency of between 54,100 and 139,000 physicians in the U.S.

At the same time, it’s becoming increasingly difficult to retain top talent. According to a study from National Healthcare Retention & RN Staffing Report, the estimated turnover rate for physicians in private practice hovers at around 7%. That may not sound like much, but with an average cost of $30,000 to bring a new physician to a practice, that can end up being very expensive for a medical practice. It is also time-consuming; in a field with precious little free time, it can take anywhere from six to eighteen months to recruit and onboard a single physician.

This paper, developed by the Southern Medical Association (SMA), examines why practices need to craft solutions that address the needs of all physicians, wherever they are on their career path. One way to do this is through total compensation packages. Medical practices too often lock in on salary alone, but it requires thorough planning to develop a competitive, comprehensive total compensation package that will draw — and keep — quality physicians.

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