How poor compensation practices weaken your ability to recruit and retain physicians in a staffing shortage

Tuesday, May 7, 2019 General News
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Do your existing recruitment and compensation practices position you for successful provider retention in a future of severe physician shortages? Don't be so sure.

MT LAUREL, N.J., May 7, 2019 /PRNewswire/ -- A physician shortage is looming over the U.S. healthcare industry, with

serious implications for organizations that fail to effectively recruit and retain physicians. How well hospitals and medical groups recruit will dictate how well they retain providers; and how well they do both will determine how well they handle the shortage. With over a decade in consulting and technology development in healthcare, Hallmark Healthcare Solutions LLC has seen the impact that resource shortages can have on an organizations.

To what extent is the seriousness of the shortage likely to reach? The Association of American Medical Colleges (AAMC) projects a shortfall of up to 104,900 physicians by 2030. "There is going to be a significant workforce shortage under all of the likely projections," says Janis Orlowski, MD, AAMC's Chief Health Care Officer. "We see that, quite frankly, only getting worse as the population ages."1

Because several different factors are converging to drive this shortage, it will be difficult to forestall. While the U.S. population is already expected to experience sustained rapid growth (estimated 12% by 2030), the increase in the number of older Americans (population of people aged 75 and older) is predicted to skyrocket exponentially by up to 73% in the same time span.[ii] Combined with a flood of near-future physician retirements – more than one-third of all active physicians will be 65 or older in the next 10 years – ergo the industry faces the perfect storm for a staffing crisis.

Yet the issues making physician recruitment and retention more difficult aren't just tomorrow's problems; existing pressures are directly complicating them today. Hospitals and medical groups are already being forced to respond to demands from prospective hires, and some of these can feed into a vicious cycle.

http://heisenbergii.com/downloads/compensation-practices-and-physician-recruitment-retention-in-staffing-shortage.pdf

For more information visit www.heisenbergii.com.

About Hallmark

Hallmark Healthcare Solutions is a global healthcare solution and information technology firm with offices located in New Jersey, New York, Michigan, and India. Hallmark offers a unique approach inclusive of both strategy and technology to achieve the desired outcome. The technology component positions organizations to use real-time data for improved decision making with regard to leveraging human capital. Over the years, Hallmark has helped organizations optimize and save millions in labor expenses, improve their efficiency and achieve fiscal responsibility through best-in-class software and strategic workforce solutions.www.hallmarkhealthcareit.com

1 https://news.aamc.org/medical-education/article/new-aamc-research-reaffirms-looming-physician-shor/

Media Contact - Alicia BoggsHallmark Healthcare Solutions, Inc.alicia.boggs@hallmarkhealthcareit.com(614) 284-1486

Cision View original content:http://www.prnewswire.com/news-releases/how-poor-compensation-practices-weaken-your-ability-to-recruit-and-retain-physicians-in-a-staffing-shortage-300842151.html

SOURCE Hallmark Healthcare



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