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| The Monthly Pulse |
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| Retention Starts with Recruitment: 7 Steps for Creating a Formal Plan
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| The Story |
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| Recent research shows that many physicians are considering an employment change, but the majority of healthcare organizations don’t have a formal retention program in place. Establishing a formal retention plan should involve several key steps, including a formal written program and communicating it with transparency across multiple platforms. Some elements to consider including within the program could be educational and mentorship programs, and incentive bonuses built into physician contracts. |
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| What You Should Know |
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| In addition to creating a formal program, retention efforts should begin from the start, with strategic recruitment practices. For example, onboarding is an important step in retention, as it can set the tone for the physician’s entire relationship with the organization. Social recruiting, which involves interacting with providers online, can also increase visibility.
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| The Actual Cost to Recruit a Physician in 2024
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| The Story |
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| Recruiting a physician is expensive, with costs ranging from $180,000 to $250,000 when you add up direct costs and optional recruitment incentives. Replacing a physician can be even more costly, averaging $1.8 million to $2.8 million. While the costs are significant, getting the right physician into your organization is a long-term investment. Targeted recruitment methods can help not only keep costs down, but also ensure the right fit.
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| What You Should Know |
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| There are several strategies you can use to optimize your physician recruitment process. For one, start with a targeted search to streamline sourcing and time-to-hire. Then, create a compelling compensation and benefits package to attract top performers. Leverage technology throughout recruitment, strengthen and communicate your organizational brand, and streamline the onboarding process so it’s convenient for both parties.
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| Is Improving Culture The Key to Easing Workforce Challenges? |
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| The Story |
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| While workforce vitality is often measured in numbers, prioritizing less-tangible areas such as employee satisfaction is key to fostering a sustainable workforce. Instead of one-and-done activities, experts argue that hospital leaders should focus on organizational values that prioritize transparency and genuine caring for all employees. They should be especially focused on middle management, and with these efforts, key metrics such as turnover rates should improve naturally as a result. |
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| What You Should Know |
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| Efforts to build a strong workforce culture must start at the top and be woven into the organization’s overall strategy. While approaches may vary from one healthcare organization to the next, examples could include instituting meeting-free Fridays and adopting a reporting and development system where physicians and nurses can anonymously share concerns. For middle management, surveys may be issued to gather feedback, which can help leaders understand opportunities for improvement.
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| Leadership Reflections |
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Crucial Conversations
If you are a consumer of earnings reports and outlooks, you know that AI is a common topic of discussion by leaders in virtually all industries. AI has applications that directly benefit the customer and use cases that increase productivity on the administrative end of the organization. It also reminds me a bit of the dot com boom. I don’t believe this is some flash in the pan technology, however, we often observe exuberance around new technologies while collectively discerning use cases that are value creating vs. those that are conceptually attractive not delivering yields (CANDY for short).
I have experienced the most interactions with AI, specifically LLMs, in my email inbox. In the early stages, it was fairly easy to identify clunky marketing outreach generated with LLMs. Two primary selling points include the models constantly “learning” and enabling scaling up to reach a larger audience. Conceptually, the technology can deliver almost limitless personalized touch points, vastly exceeding the capabilities of a human creating and initiating each interaction. As these technologies continue to evolve and improve, it becomes increasingly difficult to distinguish AI prepared communication from human communication. Proponents will say that is the power of the technology.
Given that these technologies have virtually limitless scale, at what point does the communication medium like email become so full of noise that the channel becomes worthless? Ironically, one of the other use cases is the idea of a virtual assistant which can include screening and perhaps even responding to the deluge of incoming email. This sets up the scenario where messaging initiated by an AI technology is filtered and responded to by an AI technology. So, bots talking to bots? On the one hand, that sounds crazy. On the other hand, it would be unwise to underestimate the capabilities of these technologies.
Are you observing similar trends in your inbound communication? Are you experiencing the “noise” related to AI-generated content and volume? What strategies are you using to cut through the noise?
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PMRC Practice Match Annual Recruitment Conference |
| Sun., Sept. 15 - Tues., Sept. 17 |
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Southwest Physican Recruiters Association (SWRPA) Conference |
| Sun., Oct. 27 - Tues., Oct. 29 |
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