Roadblocks to Physician Recruitment and Retention
Part Two: Communication
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.
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.
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.
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
Want to Learn More? Read the Latest From MaxWorth
Roadblocks to Physician Recruitment and Retention Part Three: Financing Non-qualified deferred compensation (NQDC) plans can help hospitals and health systems recruit and retain physicians. Unfortunately, most healthcare organizations do not fully utilize this tool. In previous posts, we talked about how a lack of thoughtful design and communication can…
Roadblocks to Physician Recruitment and Retention Part One: Plan Design For most healthcare organizations, physician recruitment and retention has never been more important or more challenging. Many don’t realize that they already have an excellent tool at their disposal: their non-qualified deferred compensation (NQDC) plans. These plans can distinguish…
Retention plans counteract troubling trends A recent Becker’s Hospital Review article outlined 5 compensation trends in healthcare, including the fact that the annual turnover rate in emergency, ICU, and nursing departments has increased during the pandemic, rising from 18% to 30%. Turnover is expensive, particularly when it comes to…
The Anonymous Physician: How they will use the Physicians’ Advantage Plan The Anonymous Physician column provides physicians with a platform to discuss the challenges and joys of practicing medicine. From time to time, we pose a question to a doctor, or a group of doctors, and post their answers anonymously,…