The AMN Healthcare report paints a clear picture: physician burnout is driving turnover, and healthcare organizations are struggling to attract and retain top talent. Coker’s 2024 APP Strategy & Oversight survey confirm recruitment barriers hold true for APPs as well.
While increasing salaries and sign-on bonuses might seem like the obvious solution, we suggest a more strategic approach.
Throwing money at the problem isn’t enough. Providers are looking for more than just a paycheck. They want to join a culture that values them, supports their success, and fosters a sense of community.
Go beyond bonuses and create a truly compelling offer through:
- A Focus on Culture: Your compensation strategy should cultivate a positive and supportive culture. This means implementing programs that promote work-life balance, encourage collaboration, and value individual contributions. Your compensation plan should have team components where measures and weighted incentives are at the individual level AND organizational levels (e.g., specialty, group, department, team, region, system).
- Guaranteed Success: Help physicians thrive from day one by offering strong onboarding programs, smart automated guaranteed income models and administrative support.
- Embracing Transparency: Be upfront about your compensation philosophy and how it aligns with your organizational values. This builds trust and demonstrates your commitment to physician well-being.
- Leverage Technology: The right model may have more complex logic, but that does not mean it should be more complicated to implement and maintain. Utilize software systems that automate compensation calculations and provide valuable insights into physician performance. This allows you to focus on building relationships and creating a positive work environment. Do not let your tech capabilities constrain your innovation.
In today’s competitive market, attracting and retaining top physician talent requires a holistic approach that goes beyond financial incentives.
By focusing on culture, guaranteeing success, team-based incentives and embracing transparency, healthcare organizations can create a compelling offer that resonates with physicians and strengthens their workforce.
