- OBJECTIVES
- Establish needs and goals for the practice
- Develop a new physician business plan
- Establish recruitment process
- How to create a retentive and motivating environment
- Discuss the impacts of an improper selection
- WHAT ARE YOUR GOALS?
What does the practice need?
What are the positives about the practice?
What does the practice have to offer a physician?
What qualities are you looking for in a physician?
What are the responsibilities, schedules, and locations?
Do you have enough patients, staff, and space?
What skills sets would add value to the practice?
- CAREER TIPS: FINDING THE RIGHT OPPORTUNITIES
What are your short term career and personal goals?
What are your long term career and personal goals?
MATCH THESE WITH THE BEST PRACTICE OPTION
FOR YOU AND YOUR FAMILY
- IMPORTANT DECISION
Hiring a physician is a long term investment for a practice and just like any other capital expenditure needs to be looked at it as such.
Revenue MINUS cost will be your profit.
Cost is base salary about +25% for insurance and taxes, additional 5-6% for supplies.
- Capital Requirements: Review the Financials
- ONBOARDING
- SALARY & BONUS
- MALAPRACTICE
- BENEFITS
- SPACE IN OFFICE
- STAFF
- SUPPLIES
- BENEFITS AND ADVANTAGES
- IMPROVE QUALITY OF CARE
- EXPANDING LOCATIONS
- ADDING SERVICES
- INCREASED REVENUE
- REDUCED WORKLOAD
- ADD EQUIPMENT
- PROFITS VERSUS LOSSES
Calculate the following:
Charges per provider
Charges per patient visit
Overall costs per provider
Staff costs per provider
Medical and office supply cost
- RETURN ON INVESTMENT
- STARTING THE SEARCH
- NEXT STEPS
- INETNIAL STEPS
- REVIEW CV
- CHECK CREDENTIALS
- PHONE CALL (SCREEN)
- DETERMINES A MEETING
- TIPS
Responses: types and time
IMPORTANT TO ASK:
- How did they find out of the opening?
- Why this location?
- Where their family is from?
- What are their interests?
- Recruiting Visit
First impressions are everything; they last
Establish a lead individual: (yourself or practice manager)
Lead is responsible for the interactions with everyone throughout the day
Establish a visit agenda for everyone involved & time to meet everyone in the practice
You already recruited them, its time to showcase your practice
- The Interview
Conduct structured and formal interview
All questions should be addressed:
Physician contracts, call, record keeping, policies, procedures and expectations
Who should attend?
Partners other physicians, administration, spouse
Conduct a post visit interview: to re-address any further questions
……….off to contract negotiations
- CONTRACTS: MUST HAVES
- SUCCESSFUL ONBOARDING
- Accountability, Structure, and Support
- Discuss policies, job description & responsibilities
- Provide coaching & counseling
- Provide feedback & success measurements
- Obtain recruit feedback from leadership and peers: initially monthly then quarterly
- Monitor patient satisfaction surveys, online reviews
- Measure productivity
- Handle problems and discipline as appropriate.
- Be Consistent
- Motivation
- This area is why most fail:
- Recognition
- Respect
- Involvement
- Opportunity
- Support
- Consistency
- Advancement
- Education
- Personal & Professional Growth
- COSTS OF AN IMPROPER SELECTION
Recruiting costs
Interview costs
Credentialing
Attorney fees
Signing bonus
Moving costs
Loss of patients
TOTAL up to $250,000
- RIGHT MATCH=HAPPY PRACTICES
- Developing a new provider business plan
- It is a long term investment and should be treated as such:
- Do a financial analysis, know your Must Have’s and Can’t Stand
- Establish recruitment process
- Recruitment should be structured, analytical and comprehensive
- Mentor new hires
- Creating a retentive environment: reassess their needs both physician and family
- Improper selection has a large cost
Taking in all these factors can avoid costly consequences in the future.
Build the right culture with compatible people=productive, profitable practice.
