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

Maxworth TV: An Interview with Dan Mulholland and Henry Casale

MaxWorth TV: An Interview with Dan Mulholland and Henry Casale of Horty Springer By: Kyle Worthy While attending the Hospital-Physician Contracts: Survival Strategies seminar in Las Vegas, we had the opportunity to talk with attorneys Dan Mulholland and Henry Casale of Horty, Springer & Mattern to discuss the changes they…

MaxWorth TV: An Interview with Dr. Paul Reiman

MaxWorth TV: An Interview with Dr. Paul Reiman of LLUMC-Murrieta By: Kyle Worthy, Senior Consultant Dr. Paul Reiman is the call committee chairman at Loma Linda University Medical Center – Murrieta in Murrieta, CA. During our last visit, we sat down with Dr. Reiman to discuss his experiences with MaxWorth’s Call…

MaxWorth TV: An Interview with With Dr. Tom Sonderman

MaxWorth TV: Interview with Dr. Tom Sonderman By: Kyle Worthy, Senior Consultant Columbus Regional Hospital is a 225-bed facility providing emergency and surgical services in Columbus, IN. Columbus Regional is nationally recognized for quality patient care, winning the American Hospital Association’s Quest for Quality Prize, the highest quality honor awarded by…

Collaborating For A Brighter Future

Collaborating For A Brighter Future By: Steve Worthy, Managing Partner Atul Gawande is an authority on the complex issues facing today’s physicians. Dr. Gawande is a MacArthur Fellow, a general and endocrine surgeon at the Brigham and Women’s Hospital in Boston, a staff writer for The New Yorker, and an…