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Recruiting for Retention

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

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Recruiting for Retention

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  1. Recruiting for Retention Financial Incentives and Other Tools for Success

  2. 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

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

  4. Incentivized Recruitment (for retention) The right package will contribute to retention • Bonusesmake 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

  5. 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)

  6. 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

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

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

  9. 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

  10. 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

  11. 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

  12. 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

  13. Successful Recruitment for Retention Think Outside the Box!!

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