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
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to…
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…