Healthcare systems and independent group practices across the country are realizing that recruiting top quality physicians is becoming increasingly challenging. Factors creating these challenges include a shortage of available candidates, more competition for that limited number of candidates, a change in the complexion of the candidate pool, differences between what employers expect and what physicians are seeking, and economic pressures.
The key to being successful in recruiting physicians is to take a strategic approach that involves continuously analyzing the market, identifying obstacles, developing strategies to overcome those obstacles and monitoring the effectiveness of those strategies.
Candidate Shortage
We are now in the midst of a greatly debated though generally agreed upon shortage of physicians to meet current and future needs. The methodologies used for calculating supply and demand vary, but organizations such as the American Association of Medical Colleges (AAMC) and the American Medical Association are taking the shortage prediction seriously. AAMC is considering expanding medical school capacity by 15%, and the American Medical Association favors increasing residency positions.
A growing body of evidence supports the viewpoint of Richard Cooper, MD, Director of the Medical College of Wisconsin Health Policy Institute, who predicts a shortage of 50,000 physicians by 2010 and 200,000 by 2020. Recent statistics provided by the National Study of Graduate Medical Education support Dr. Cooper's predictions and report that from '95 to '02 cardiology fellows declined by 27%, gastroenterology fellows declined by 19%, hematology/oncology fellows declined by 25%, and pulmonary fellows declined by 55%. Also, the American College of Cardiology reported the estimated need for cardiologists will increase by 66% by 2030, while the supply will only increase by 1% each year. Further, nearly two out of three practicing cardiologists are over the age 45.
Surveys of practicing physicians across the country have reveled widespread dissatisfaction. It is reported that as many as 30% of physicians over 50 plan to quit practicing in the next five years. While efforts are being made to increase the number of physicians for the future, practicing physicians over 50 are more likely to leave practice sooner than may be expected, depending on the economy and stock market. The American Medical Association reports that 38% of all physicians in the US are 50 years old or older.
Increased Competition for Candidates
As the need for physicians escalates, so must the efforts to recruit potential candidates. In a 2003 survey of final year residents, 43% of the residents surveyed had been contacted over 100 times about job opportunities, compared with 7% in a 2001 survey.
Today there are over 418 hospital-based physician recruiting departments with over 1,700 recruiters, and more than 750 physician recruitment firms in the US, all of which are competing for the same candidates.
I'll share more of Tammy's observations in another post (catch me to get her contact info if you'd like to contact her directly), but the overwhelming conclusion to be drawn from her statistics are that the physician shortage only emphasizes the need for recruiters and hiring authorities to be vigilent in their approach to hiring and to retention. It is crucial that those who are hiring recognize there simply aren't enough physicians to go around and that those that are available need to be considered based on their significant contribution to the communities they serve and the practices, and hospital systems they support.
More to come.
Happy Hiring and Interviewing Success,
Lynden
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