A Few Notes on a 2013 Salary Survey Showing Rising Pay

The Clinical Advisor’s 2013 Nurse Practitioner/Physician Assistant Salary Survey was a good snapshot of the rising salaries of all Advanced Practitioners. And these salaries have continued to rise since the data were collected. It’s important to note, however, that these professionals continue to be valuable members of any health care team.

Since the survey, we’ve seen salaries for Family Practice PAs and NPs rise from $90,500 to closer to $100,000 today. That’s an increase of 8-10%. For Orthopedic PAs, meanwhile, the average figure has gone from $105,000 to $115,000 or more, depending on the region. That’s also close to a 10% increase.

Other surgical specialties will see similar increases. Advanced Practitioners who work in Urgent Care have realized the largest increase in salary due to high demand. Their salaries have increased over 12%.

Keep in mind, of course, that salaries are but one part of the overall compensation package designed for Advanced Practitioners. Other components include a schedule of benefits similar to, if not exactly like, that of a physician, as well as relocation expenses, malpractice insurance and CME expenses. Association dues, certification expenses, etc. are also included.

Even with these salary increases, the FP Advanced Practitioners are still paid at approximately 50% less than a Family Practice Physician and even less proportionately within the surgical fields. Advanced Practitioners are and will continue to be a valuable and cost effective asset to any health care team.

You can see the full survey results here. For help finding the right Advanced Practitioners and crafting the right compensation package, get in touch.

Otherwise, When Quality Counts, You Should Always Call Us

In considering your key criteria for selecting a Locum Tenens staffing partner, certain circumstances just aren’t a good fit with our services and our high standards.

1. You just want the lowest-price option. Concorde holds our candidates and ourselves to the highest standards. That’s why, although we’re competitively priced, we’ll never be your least expensive option.

2. You only want to work with the same physician every time. An expectation that a certain candidate is always open for the job is not a good match with high quality. Why? Because the best physicians aren’t so readily available. Clients who are committed to quality have learned that it takes more than one physician to deliver.

3. You absolutely need a physician tomorrow. If you do need someone immediately, the truth is that the larger companies are structured for the higher volume of candidates you may need to ensure availability. Keep in mind that physicians who are available at a moment’s notice are unlikely to be of the highest quality. And here’s an idea that can help you avoid these last-minute needs in the future. Call us first to set up a pool of high-quality physicians who are a better fit and more reliable over time, then call that big firm for your immediate opening.

On the other hand, here’s one instance in which the answer should always be Concorde:

Your primary concern is physician quality. Our concept of assembling a pool of carefully qualified physicians has consistently delivered higher-quality results. We’re medium size by design, without shareholders to answer to, so we have the flexibility to screen out the physicians who don’t meet our standards or your needs. The size of the pool will be as small as possible to cultivate relationships, but large enough to give you the coverage you need.

Perhaps you need to use a larger firm in the short-term to cover your immediate needs. In the meantime, we can start assembling a pool for you that will ultimately elevate your quality level, and you can later phase out the ad hoc approach.

So give us a call today to get started toward higher standards.

Coming soon to @ConcordeStaff on Twitter, we’ll be sharing a rare and valuable glimpse into the world of a next-generation recruit. Starting her last year of medical school, Dr. Sophia will offer insights about her experience to help you better understand the expectations and challenges of today’s new physicians.

We’re asking Dr. Sophia to address key issues such as:

• How has the Affordable Health Care Act affected her training?
• What challenges does she face when considering good patient care vs. the cost of care?
• What do physicians like her want most when making the transition into practice?

To keep track of Dr. Sophia’s updates, be sure to follow us on Twitter. If you have a specific question for her, let us know via email at info@concordestaffing.com or via Twitter (@ConcordeStaff).

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Hint: Think Beyond the Signing Bonus

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Are you concerned about losing a new physician in the first few years of hire? Wary of spending a lot to recruit a candidate physician – signing bonuses, relocation, search fees – only to see him or her leave? Here are a few ideas to keep good physicians on board.

Right now, most financial packages are weighted toward getting the physician signed. A typical signing bonus is $15K-$20K, depending on specialty, often with a loan repayment component, as well. What does that do for the candidate physician or you in the long run in terms of long-term stability?

Unlike a one-time signing bonus, retention incentives offer bonuses after specific periods. To be competitive, you’ll still need some kind of signing bonus. But if the goal is to keep the candidate physician, why not weight the compensation toward retention instead?

For example, if the physician you’re negotiating with wants a signing bonus of $10,000, try offering $10,000 up front or $5,000 now and $10,000 more after a year (or as much as you can offer down the road). Arrange the package to pay out more over time, but only if the physician is still there and has built a solid practice and billings.

Examples of Retention Packages

• A hospital in Colorado offers a signing bonus of $7,500 and a small bonus after year one and two, with $20,000 after year three, $10,000 after four and $10,000 after five.
• A national health system developed its own standards of practice and gives $1,000/month for meeting standards, providing an extra $12,000 per year.
• A nationwide clinic system offers $10,000 at signing with a $7,500 performance bonus yearly.

Whatever your compensation formula is, be sure you keep it easy to understand. And the longer you can take the retention bonus out, the better. After three years, we’ve seen the chances of a candidate staying long term go up significantly (because he or she will have built a practice and gotten comfortable in the community).

Making commitments that far into the future can be challenging in these unpredictable times of healthcare changes, but approaching physician recruitment with confidence will go a long way toward ensuring you have the talent you need to succeed.

The MGMA’s In Practice blog recently offered some helpful insights on developing winning physician compensation packages, based on the organization’s 2012 starting salary survey. Concorde expands on the list with these 10 considerations to give your candidates offers they can’t refuse.

With 29 years of experience in the industry, we have seen all kinds of variations in employment offers. Our current market observations suggest the following things to keep in mind:

1. Beyond the contract – Physicians are looking for incentive provisions and some idea of what their compensation will be like after the initial contract is over.
2. Job security – Primary care physicians and some Internal Medicine sub-specialists often prefer hospital employment vs. private practice.
3. Help with educational costs – Financial assistance – such as loan repayment or a stipend for the last year of training – is in high demand.
4. Outpatient positions – These positions are growing popular among primary care physicians.
5. Signing bonuses – $20,000-$50,000 is very common – best to offer with a time constraint (e.g., if you sign in 3 weeks).
6. Vacation – 4 weeks is standard for primary care physicians.
7. Family Medicine rising – Compensation for these specialists is approaching $200,000+.
8. Hospitalist schedules – Looking for a 7 days on, 7 days off schedule.
9. Reasonable non-competes – Don’t overreach; you’ll turn off good candidates.
10. Deadlines – The best way to sign your physician – give them a solid deadline, and stick to it!

Before you sign the right candidates, of course, you have to find them. So give us a call at 800-334-6407, or contact a Concorde consultant online, and let us help you find the most promising physicians for your organization and help you get them signed.

Read the MGMA’s compensation package tips.

Meet “Dr. Sophia.” She’ll soon be starting her Family Medicine Residency. And as a friend of Concorde, you’ll be able to follow along via Twitter. Be sure to join us for this rare and valuable glimpse into the world of a next-generation recruit.

Dr. Sophia has kindly agreed to share insights about her residency experience, bringing you a better understanding of the expectations and challenges of the “new physician.”

She’ll address key issues such as:

• How has the Affordable Health Care Act affected her training?
• What challenges does she face when considering good patient care vs. the cost of care?
• What do physicians like her want most in a position?

Stay tuned for Dr. Sophia’s first posts in the coming months. In the meantime, do you have a specific question of your own you’d like her to answer? Send us queries for Dr. Sophia via email at info@concordestaffing.com or via Twitter (@ConcordeStaff).