Part 1 –
I have had the opportunity to work with FQHC clients over the years and have always enjoyed helping those clients. A common hurdle that they face, as do many academic and other practices, is competing financially when making an offer to a candidate. Sure, there are those candidates who are mission-minded or looking to give back (more on this later) or enjoy teaching, but more and more physicians are looking for the best salary that they can find.
So, how do you compete in this environment if your salary is not as attractive as other offers? Well, here are a few pointers that I have seen work over the years.
- Start with a good objective evaluation of your opportunity. Understand your strengths as well as the areas that you may lag vs. competitors in the marketplace. Sure, this will likely include compensation but may include other areas as well. Some categories to consider include:
- Benefit package – CME, PTO or vacation, malpractice insurance, retirement
- I have a client that offers a 6% retirement match which can equate to $18k per year which is tax deferred…do you have an offering like this?
- Salary – Is it guaranteed? For how long? Many salaries today are for 1-2 years and then wRVU compensation plan takes over.
- Additional compensation – Is a productivity bonus available? Quality bonus? Supervision bonus? When is this bonus available to a new hire? Many times these bonuses aren’t available for 2 or more years so the impact to candidates is diluted.
- Sign on/Commencement bonus? Retention bonus? Training stipend?
- If you are a private physician group, these types of bonuses are where local hospitals often contribute to a group’s recruiting efforts. If you haven’t had those discussions with your local hospital, you should consider.
- Educational loan repayment – Do you offer this? Are you eligible for NHSC program? Have you registered? Many practices that are eligible for NHSC loan program have not applied.
- Community- What does your community offer? Get input from people on your team who are not originally from the area. Why did they move here? What do they like about living here?
- Region – Understand your overall region (roughly a 1-to-2-hour radius). Your community may be a small rural location, but access to
- Patient/procedure volume expected – This impacts quality of life.
- Call and coverage – Physicians look at call and coverage in terms of frequency as well as severity. How does your position compare?
- Support – RN? NP/PA?
- Benefit package – CME, PTO or vacation, malpractice insurance, retirement