How to Recruit Physicians in an Uncertain Economy
Recruiting physicians in an uncertain economy can be challenging for healthcare organizations, as economic downturns can lead to decreased job opportunities and increased competition for available positions. However, there are several strategies that healthcare organizations can employ to attract and retain top physician talent, even in uncertain economic times.
Offer competitive compensation and benefits packages
One of the most effective ways to attract and retain physicians is to offer competitive compensation and benefits packages and marketing those benefits well. Compensation remains the top factor influencing a physician's decision to accept a job offer. Location, schedule, and work-life balance remain next in order of priority.
In addition to competitive salaries, healthcare organizations should consider offering standard benefits such as loan repayment, retirement plans, and paid time off. Physicians also value a good work-life balance, so offering flexible schedules and time off can also be an effective recruiting strategy. Other unique perks could include paid childcare, car allowance for positions that require travel between facilities, or state licensing assistance.
Emphasize opportunities for professional growth and development
Physicians are lifelong learners, and career development opportunities play a major role in their job decisions. A survey by the Advisory Board found that 80% of physicians consider professional growth opportunities essential when evaluating job offers.
Healthcare organizations can attract candidates by offering:
- Continuing medical education (CME) allowances
- Leadership training & mentorship programs
- Participation in clinical research or trials
- Pathways for career advancement within the organization
Promoting long-term career growth makes your opportunity more appealing to top-tier physicians.
Cultivate a positive workplace culture
Physicians, like all employees, want to work in a positive and supportive environment. Healthcare organizations can foster a positive workplace culture by promoting teamwork, communication, and collaboration.
According to a survey by the American College of Physician Executives, a professional organization for physician leaders, 86% of physician leaders believe that a positive culture is important for attracting and retaining physicians.
Leverage technology to streamline recruitment and onboarding
Recruiting and onboarding physicians can be a time-consuming process, but technology can help streamline the process and improve the candidate experience. Healthcare organizations can use online job boards, applicant tracking systems, and video interviews to efficiently screen and interview candidates. PracticeMatch offers all of the above in a single, easy to use platform. Our virtual career fairs are an easy, cost-effective way to keep your candidate pipeline healthy.
According to a survey by the National Association of Physician Recruiters, a professional organization for physician recruiters, 90% of recruiters use some form of technology to recruit physicians.
Establish partnerships with medical schools and residency programs
Finally, healthcare organizations can establish partnerships with medical schools and residency programs to build relationships with physicians early in their careers. This can include offering mentorship programs, hosting networking events, and providing opportunities for clinical rotations or research.
According to a survey by the Association of American Medical Colleges, a professional organization for medical schools and teaching hospitals, 59% of medical schools and 85% of teaching hospitals have established partnerships with community-based organizations to promote physician recruitment.
Recruiting physicians in an uncertain economy can be challenging, but healthcare organizations can use a variety of strategies to attract and retain top talent. By offering competitive compensation and benefits packages, emphasizing opportunities for professional growth and development, cultivating a positive workplace culture, leveraging technology to streamline recruitment and onboarding, and establishing partnerships with medical schools and residency programs, healthcare organizations can build a strong and sustainable physician workforce.
*Originally posted on 2/17/2023. Last updated on 1/19/2025.
Nicole Stefanik is the Director of Client Services, and she is responsible for ensuring the entire client services team delivers exceptional quality service to all our clients. She began her career with PracticeMatch 7 years ago as a Client Trainer, then quickly was promoted to Client Account Manager. Over the past 6 years in that role, she has been instrumental in assisting not only her team, but various teams within the organization, with developing processes and initiatives, to enhance the client and internal experiences, respectively, before being promoted to run the department. She is a graduate of Temple University, and currently resides in the Philadelphia suburbs with her family.
References:
Advisory Board. What Physicians Want: How to Attract and Retain Top Talent. 2018.
American College of Physician Executives. Physician Leadership Survey. 2017.
National Association of Physician Recruiters. 2020 In-House Physician Recruitment Benchmarking Report. 2020.
Association of American Medical Colleges. Partnering with Community-Based Organizations. 2019.
