I was recently speaking with a prospect and he said: “We have a great practice concept and offices in Fairhope and Huntsville which are great locations…why can’t we find someone?”
We get this question a lot and I generally have the same answer: It’s not you. It’s the market…don’t beat yourself up. After 25 years of physician search, I don’t know that there has ever been a more difficult market to recruit physicians.
Here’s why:
- The demand for physicians has never been higher.
- As physicians age, they are retiring out of medicine and need to be replaced. A generally good stock market has kept retirement savings safe allowing the baby boomer generation of physicians to retire (or slow down and work part-time or do locums).
- Private equity is flowing into healthcare presently creating new models of delivery, especially in primary care. These organizations are looking for physicians who do procedures, make referrals and see patients. These start ups are actively recruiting physicians.
- The baby boomer generation, the largest population mass in the US, is roughly 80 years old to 60 years old. These patients access healthcare more than any other grouping.
- Covid has had lasting effect on the physician search market.
- Interest rates have increased to levels not seen in years. This makes selling a higher priced home more expensive as well as buying a home more expensive.
So, what do we do about it? As I also tell our clients, unfortunately this is the world that we live in and you can’t do anything about it. What you can impact is how you respond to this market. Having the correct approach to recruiting and getting it right has never been more important. Here are some things to consider as you are recruiting:
- Start with the mindset that I get one shot at it so when you identify an interested candidate, you have to get everything right. I spoke with a candidate today about an opportunity with a client which he expressed interest in. He quickly reminded me that “I have other offers that I am considering as well as this.” They won’t always offer this information to you, but trust that they have other options on the table.
- Have a plan after the interview to follow up with candidates to gain feedback and make an offer as appropriate. Respond when the memory of your opportunity is fresh in their mind rather than allow the candidate to continue interviewing.
- Focus on candidates that are within your region. In the last few years, candidates have reconsidered their professional goals and their current role may not fit as well as it did a few years ago. Those candidates may not wish to relocate but are interested in a new opportunity.
- If you have changed something in your opportunity (better compensation, better call, etc.) advertise that to local candidates. This may be a way to catch the interest of a local candidate.
- Think about resident and fellowship candidates who will complete their training in 2025 or 2026. With our aging physician workforce, those physicians may not meet your current need but they can address your future needs. If you have the ability to provide a stipend, you may be able to secure one of these candidates. You may find candidate who is planning to return to your region and you can get a jump on the competition.
- Lastly, remember that your physicians and providers are your competitors’ targets. With the new year, take the time to ensure your current team is happy and satisfied and work to address as needed.
- Too often, we get the call when three OBGYN s or GIs have left due to an issue rather than when the issue was first identified. Replacing one physician is far simpler and less expensive than replacing multiple physicians so address those concerns early on.
I hope this information is helpful to you and your team and we are always available to discuss by phone specific questions or issues that you may have. Good luck!
