Physician Practice Roundtable Mastering Physician Recruitment in an
Physician Practice Roundtable Mastering Physician Recruitment in an Increasingly Competitive Market Board Update from the Physician Practice Roundtable July 2018
2 Recruitment Becoming More Difficult And Problem Particularly Acute for Independent Groups Feeling the Pinch 92% Indication of an Overheated Market Percentage of hospital executives who said they expect to experience a deficiency of clinicians within the next 10 years that will “hamper their ability to deliver high-quality care” Final-Year Residents Who Report Receiving More Than 100 Contacts for Potential Practice Opportunities 46% 50% 6% 2008 2014 2017 Declining Interest in Independent Practice 41% © 2018 Advisory Board • All Rights Reserved • advisory. com Of final year residents who preferred the prospect of employment by a hospital to any other practice option Sources: Prudential. “Beyond the Tipping Point: Hospital Resilience Revisited. ” February 2017. Available at http: //healthcare. prudentialretirement. com/survey-highlights. php; Merritt Hawkins, “ 2017 Survey of Final-Year Medical Residents; ” Advisory Board interview and analysis.
3 More Complex Than Just “The Physician Shortage” Changing Expectations By and For Physicians the Bigger Issue Factors That Compound Recruitment Difficulty Today Generational Change Rising Subspecialization Higher Performance Bar • “Millennials”—born between 1982 and 2004 —increasingly entering workforce • Fewer physicians entering general medicine, surgery, increasing competition to fill those positions • Greater demand on provider performance broadens definition of ideal physician recruit • Generation’s changing professional habits forcing groups to rethink job scoping • May be linked to generational change as millennials seek to limit call responsibility • Shift toward value, consumerism has also increased demand for primary care physicians. © 2018 Advisory Board • All Rights Reserved • advisory. com Source: Advisory Board interviews and analysis.
4 Dedicated Focus Needed to Surmount Challenges Four Requirements for Successful Recruitment in Today’s Market 1 2 3 4 Be Realistic About Market Conditions Create a Pipeline of Viable Candidates Outsell the Competition Don’t Ignore Onboarding • Ensure approach to • Use a range of recruitment is rigorous and organized sources to reach candidates and value brevity in job postings • Ask key questions about job scope, requirements before starting outreach • For rural groups, © 2018 Advisory Board • All Rights Reserved • advisory. com seek candidates with personal connection to area, sense of mission, or desire for small practice setting • Don’t rely too heavily on compensation to win candidates over • Consider work-life balance a job fundamental, not a perk • Recognize how much the recruitment experience matters • Maintain attention to candidate experience even after the contract is signed • To reduce expensive early turnover, create formal structures to ease physicians’ transition into the organization Source: Advisory Board interviews and analysis.
5 Questions for the Group Identifying Opportunities for Improvement in Current Recruiting Strategy 1) What changes in physician recruitment have we seen in our market? 2) Are we successfully recruiting top candidates? Are they a good fit for the medical group clinically and culturally? 3) Looking at the four requirements for successful recruiting on the previous slide, is there one in particular where we as a group could improve? • What are our specific challenges? • Why does our current recruiting process fall short in this area? • What ideas do you have for how we could improve our approach and see better results? © 2018 Advisory Board • All Rights Reserved • advisory. com Source: Advisory Board interviews and analysis.
6 Advisory Board is Here to Help Resources to Help Form Recruitment Strategy Independent Medical Group Recruitment Toolkit Winning the War for Physician Talent Webconference Revamp your current recruiting strategy with tools designed to help independent groups: Inform your approach to recruiting by watching this webconference to learn about: • Establish a reliable recruiting process • Assess cultural fit • Recent changes in the market for physician talent • Sell the value of independence • Tactics to recruit millennial providers • Provide onboarding support • Strategies for rural medical groups © 2018 Advisory Board • All Rights Reserved • advisory. com Source: Advisory Board interviews and analysis.
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