Roadblocks to Physician Recruitment and Retention: Communication

Roadblocks to Physician Recruitment and Retention

Part Two: Communication

AdobeStock_219029158 [Converted]

A recent Jackson Physician Search survey found that the pandemic has caused an increase in the number of doctors considering early retirement. This trend is expected to exacerbate the physician shortage that’s already placing a strain on the industry.

 

In light of this, physician recruitment and retention is top of mind for most healthcare organizations. Many already have a powerful tool at their disposal: their non-qualified deferred compensation (NQDC) plan. But few are utilizing these plans to their fullest potential. 

 

Design, communication, and financing are the three most common roadblocks when it comes to establishing an effective NQDC plan. In part one of this series, we discussed plan design and the importance of opting for available physician-centric features. Today, we’ll talk about communication. 

 

Awareness

 

According to the same Jackson Physician Search Survey, 70% of healthcare administrators say they have a retention program in place at their organization. Surprisingly, only 17% of physicians say the same. This means that hospitals have plans that have not been effectively communicated to physicians.

 

No matter how well it’s designed, a NQDC plan cannot give an organization a competitive advantage unless doctors are aware of it and understand the benefits of participation. 

 

NQDC Presentation 1

How MaxWorth can help  

 

During open enrollment, we make sure physicians are aware of their organization’s NQDC plan and the benefits of participation. 

 

After enrollment, we remain in touch with participants throughout the year, helping them stay on track for retirement and making sure they’re able to reach their financial goals at every stage of their careers. 

 

Ongoing education increases the value of any plan because it makes participants feel supported on their financial journeys. When physicians feel supported, they appreciate their administrations’ retention efforts. 

 

If you’d like to learn how we can help your organization better communicate the benefits of its NQDC plan, schedule a call with one of our plan consultants

 

Up next

 

Next time, we’ll take a look at how funding plays a role in the creation of an effective NQDC plan. 

 

SIGN UP FOR OUR NEWSLETTER

If you would like to receive industry updates and articles like the one you see here, complete the form below
Something went wrong. Please check your entries and try again.

Want to Learn More? Read the Latest From MaxWorth

Benefits for an aging physician population

Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…

The future of call pay

The Future of Call Pay Healthcare is always changing, and the pandemic accelerated change in many ways. Healthcare leaders and physicians might be wondering how recent changes will impact call pay. Let’s take a look at the origin of conflict over call pay, factors that are perpetuating it, and why…

MaxWorth’s longest running call pay program is better than ever

MaxWorth’s longest running call pay program is better than ever More than fifteen years ago, Winchester Medical Center became MaxWorth’s first healthcare client when we helped them solve a call pay conflict that was threatening their ability to staff their emergency department. Today, the hospital’s call pay program is just…

MaxWorth Insights: The Call Pay Solution Anniversary

MaxWorth Insights: The Call Pay Solution Anniversary A conversation with Steve Worthy, Max Hockenberry and Dr. Tom Oliver MaxWorth Consulting Group, LLC · The Call Pay Solution Anniversary Celebrating the anniversary of our longest-running call pay program   On this episode of MaxWorth Insights, we’re celebrating the anniversary of our first call…