Recruiting for Retention Financial Incentives and Other Tools for Success

Retention  39% of US physicians practice in the same state where they went to medical school.  48% practice in the state where they completed residency or fellowship.  Highest retention rate is Alaska  Lowest retention rate is New Hampshire 2011 State Workforce Data Book Assn. of American Medical Colleges Center for Workforce Studies

Retention  It’s all about building relationships  Recruitment phase  Onboarding Phase  Integration Phase  Support & Training Phase

Incentivized Recruitment (for retention) The right package will contribute to retention  Bonuses make a difference!!  Structure the bonus for retention: tie it to a term commitment  sign-on bonus as promissory note  retention bonus at end of identified term

Incentivized Recruitment (for retention)  Loan Forgiveness: Become familiar with federal, state and local programs. Most are tied to a term commitment  NHSC: know your HPSAs and MUPSAs  State programs: Often for rural health or underserved areas  Local programs  (local medical societies or county economic development)

Incentivized Recruitment (for retention)  Develop your own Loan Forgiveness program tied to retention  Structure over term and pay in increments of service already provided (see handout)  If no loans, consider retention bonus

Incentivized Recruitment (for retention)  Training stipends  Residents  Fellows  Medical students  Structure as loan with interest  Build in opt-out for both sides

Incentivized Recruitment (for retention)  Physician Referral Program  Incentivize your current providers…they are a great source.  Consider payment at end of pre- determined term

Growing Your Farm Team  The local connection…a huge contribution to R&R!  Start at high school level  Offer summer internships (typically unpaid at this level)  High School Healthcare programs of study  High School Career Fairs  Arrange for shadowing opportunities  Find children and friends of other physicians

Growing Your Farm Team  Pre-med and Medical Students  Referral program  Media Watch  Mentoring program  (medical societies & medical staff)  Paid summer internships  Networking social events  CNA training programs

Growing Your Farm Team  Graduate Clinical Education  Medical student rotations (electives)  Advanced Practitioner clinical affiliations  Graduate Medical Education  New residency programs  Federal funding for three years

Get Involved!!  Find ways to get involved at state and local level with policy makers  Workforce development  Rural health networks  Regional Healthcare associations  Network with other in-house recruiters  Regional chapters  ASPR

Successful Recruitment for Retention Think Outside the Box!!