War for Physicians
Reading Time - 2 min
Why you should spend 2 minutes reading this:
In the coming years, finding physicians may become impossible unless you prepare
The "War for Talent" has been long talked about in several industries, as firms with the best talent, create a long-term advantage over their competitors.
The ongoing battle in these industries stems from the reality that not all employees are created equal.
The "War for Physicians" will be driven by two factors
1. Not all physicians are created equal
2. There aren't enough physicians
With a rapidly aging population, the demand for healthcare is expected to increase to all-time highs. Yet the number of residency spots for future physicians does not mirror this expected increase in demand.
Here are some expected impacts to your practice:
1. Top notch physicians will demand a higher salary
2. It will be harder to find physicians, you may not find them
In response to these slowly emerging trends you should develop:
1. Strong physician recruiting pipeline (more on that here)
2. Heavy operational reliance on physician extenders in the event you cannot replace a physician
The shortage of physicians will create additional challenges for practices and other providers but will help physicians stay in high demand. Depending on you who you are, this is good or bad for you.
If you'd like to understand more on how this could impact you, let us know below.
High-level actions you can take based on this article:
1. Develop a physician recruiting pipeline to attract top-notch physicians
2. Increase your reliance on physician extenders
3. Improve physician satisfaction within your group via management processes
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