As the economy improves and the housing market recovery gains force, employees are relocating at higher rates and driving up staff turnover nationwide, according to a recent Marketplace report.
Unfortunately, the physician workforce -- already suffering from a shortage - is not immune to the general market trend, as evidenced by the record high physician turnover rates reported in 2012.
As stock prices and home sales began to rise last year, physician turnover reached the highest rate since the first year data was collected in 2005, and exceeded pre-recession levels.
In 2013, this is likely to accelerate as rebounding real estate prices enable physicians to more easily sell their homes to relocate and retire. Now is the time to prepare your medical practice to overcome retention challenges and capitalize the opportunity to recruit newly mobile physicians.
Does your Practice Have Curb Appeal?
Differentiate your practice to grab the attention of physicians considering multiple opportunities in various communities. Show them a taste of what their life will be like if they relocate to your area, and put together a benefits and incentives package that will minimize the transition stress.
Today, most medical practices offer relocation assistance by covering expenses and fees accrued through moving companies, transportation and realtors. In fact, a 2013 survey of residents and fellows reported that almost two-thirds find this benefit to be important or very important when deciding on a practice opportunity.
Make sure your relocation package is competitive with other practices:
- Offer temporary rental housing and assistance with the local real estate market while the physician searches for a new home.
- Establish an income guarantee for the first 1 to 2 years while physicians establish their practice.
- Work closely with physicians to ramp up their practice as they become accustomed to the organization's environment, culture and Electronic Medical Record (EMR) system.
- Roll out the red carpet and give the candidate and spouse a community tour emphasizing the candidate's hobbies and areas of interest.
- Invite the physician and family to social events, and introduce them to the local medical community.
Lori Schutte, MBA, is president of Cejka Search, a physician, healthcare executive, advanced practice and allied health search firm providing services exclusively to the healthcare industry.