By Craig Fowler, Senior Vice President Recruiting, Pinnacle Health Group
Yes, location matters when physicians are evaluating new opportunities. But it likely shouldn’t be the most important criteria of your job search. In fact, we’d suggest you don’t even consider it as part of the top three. This is particularly true for physicians who are just entering the field of medicine. Often with tens of thousands of dollars in student loan debt and less life experience, there’s plenty of time left in your career to work and live in your dream city.
So if location isn’t the first criteria to judge, then what should physicians evaluate?
- Organizational culture
- Professional goals
- Long-term financial benefits
Most physicians have a very high level of altruism in their blood, but a well-respected physician recruiter would actually prefer you to be a bit more self-serving during the recruitment process. Why? Because replacing a physician every few years is costly, time-consuming and frustrating.
Up to 20 percent of new physicians have a change of heart and resign each year.
While physician turnover remains around 7 percent—and up to 20 percent for physicians in their first three years of practice—losing a single physician is a significant financial burden. To be more specific, research shows that a primary care physician generates an average of $1.4 million in revenue per year. Upon that doctor’s resignation, the organization is facing a potential loss of $116,666 per month. And, because it can take six months or more to recruit a replacement, the cumulative loss in revenue can quite easily exceed $700,000. It’s easy to understand why it’s in everyone’s best interest that physicians only accept positions that carry long-term potential.
Know yourself and your core values so you choose a culture that fits.
A leading reason for a physician resignation is poor culture fit. Organizational culture is driven by leadership and it doesn’t change overnight. That means there’s probably very little reason to feign shock when you experience a culture clash. Knowing yourself well, which includes being able to voice your core values, motivations and goals can save you the frustration of starting a new job search, taking phone interviews and flying to site visits.
What should you look for during the recruitment process to ascertain culture fit?
- How well does the C-suite and the physician staff communicate and resolve differences?
- Is the organization physician-led?
- Do you agree with the organization’s mission statement?
- What is the current rate of physician and nursing turnover?
- How are decisions made that affect how care is provided to patients?
- Can you speak with current physicians privately before accepting a position?
Declare your professional goals.
Certainly no physician intends to settle for a less than a satisfying career in medicine, especially after the rigors of obtaining your medical degree and license. Yet, many accept positions that “feel comfortable”. What does that mean? One example is it’s common for physicians to be recruited by the same hospital where they completed residency, which might actually be an excellent path. But it might not provide you access to opportunities that will move you closer to your ultimate goals.
When you’re evaluating a potential opportunity, you’ll likely receive a position description. Why not develop your own ideal job description that you can measure the organization against? By being clear on what you’d like to achieve and knowing the kind of organization you’d like to work for, you can be more intentional in your job search.
Some points to start with include:
- What kind of training will you need?
- Do you prefer an academic center versus a clinical setting?
- Does it matter if the organization is for profit or nonprofit?
- Do you see yourself interested in physician leadership?
Take a long-term approach to financial security.
Your medical degree came with a hefty price tag so a strong dose of sacrifice early in your career can pay dividends. When evaluating potential opportunities, look at more than just the salary and sign-on bonus. In fact, we urge new physicians to consider starting their careers at a rural hospital, because it’s quite common to see loan forgiveness as part of the compensation package.
In addition to the financial benefit, many actually find that the more remote location suits them perfectly. The benefits include: lower cost of living, better work and life balance, and a greater focus on providing care and developing relationships with patients. There’s no doubt that personal motivations play a big role in determining who is destined for a rural lifestyle. But for those who are willing to pursue it, rural healthcare is an excellent route.
Working and living in a location that feels like home is important for you and your family’s health and happiness. But as often is the case, being too laser focused on just one element of a job search can mean missing out on a well-balanced career that is a perfect fit for you. If you’re currently looking for a new permanent or Locum Tenens opportunity, visit phg.com to learn about positions we’re recruiting for now.
Pinnacle Health Group offers permanent physician search, Locum Tenens and advanced practice providers. Our sister company, PhysicianCareer.com, is an industry-leading physician job board. Call 800-492-7771 or visit phg.com to learn more.