Can you, or your facility, afford to retain a physician search firm to expedite your physician recruiting efforts? That depends… do you need to hire physicians? If so, then the answer is yes, you can afford to retain a search firm. If you are not sure how that could be, consider this:
Depending on the medical specialty, physicians generate anywhere from about $700,000 to over $2.8 million in annual revenue for their hospitals where they provide care and refer patients.[1]
If you need to add just one doctor, (which is a conservative scenario, as most hospitals are recruiting multiple physicians), each day that passes without that doctor practicing in your draw area costs you anywhere from $2,000 per day for an ophthalmologist or nephrologist, to about $4,500 per day for a primary care physician. If you are lacking an orthopedic surgeon or neurosurgeon, your facility loses about $5,800-7,700 per day without that physician on staff.
With our total search and placement fees averaging at about $23,000 – $30,000 per physician, our physician recruiting service pays for itself within a matter of a few days of the physician’s start date.
Therefore, perhaps the question to ask is: can you afford not to retain a physician search firm?
More:
[1] Wall Street Journal, Health Blog, “Putting a dollar figure on a doctor’s worth to a hospital.”