Accountable care, accountable revenue
By Shawn Kessler, Senior Strategist, ab+c Creative Intelligence, Bloomsburg, PA
As the healthcare business model changes to one of performance-based medical reimbursements, organizations are more focused than ever on the balance sheet. To ensure their survival, many are buying competitors, merging with other organizations or seeking alliances with rivals. In this new operating environment, income is everything!
This business mindset should be our new mindset. We have to demonstrate how we benefit our organizations, not just as successful recruiters, but also as revenue generators – especially now as the physician shortage worsens.
Did you know that?
- The national average for net organizational revenue generated by one physician in one year is $1,404,980.
- The average time-to-fill for a vacant position is 222 days.
- The average hospital or healthcare system recruiter conducts 23 physician searches each year.
What if you could calculate the precise amount of additional income your organization would have if you shortened your time-to-fill rate? ab+c has an app for that! It’s free and easy to use, and you can access it at missingphysician.com. The application will show you how much revenue you’ll gain by reducing your time-to-fill rate by just five percent (11 days) or more. You’ll see a complete breakdown by the numbers - and the online calculator does the math for you.
Here’s an example: A five percent reduction in your fill time adds about $42,342 in annual revenue for one physician. Multiply that times 23 physician searches per year and you’re looking at about $973,863. Suddenly, you’ve got meaningful numbers to share with your decision makers, as well as goals to work toward. Plus, you are defining your value to the organization in dollars and cents.
Visit missingphysician.com, punch in your organization’s numbers, adjust the variables and recalculate as many times as you’d like. See the numbers for yourself and then invite your chief financial officer and/or other financial decision-makers to run your organization’s numbers together.
Until now, our time and expense in recruitment was considered part of the cost of doing business. We have to recast ourselves as valued business assets capable of generating millions of dollars in added revenue for our organizations. The Accountable Care Act, while making quality healthcare more affordable for millions of Americans, will also make hospitals scrutinize their bottom lines, looking for ways to be more efficient and profitable. With our formula, you can prove your worth through faster, more successful recruitment.
At ab+c Creative Intelligence, we’re experts in helping our clients recruit and retain the most highly skilled and compassionate physicians. We’d love an opportunity to show what we’ve done – and what we can do for you. To learn more, contact Chris Connolley at 800-848-1552 or firstname.lastname@example.org.
2013 Survey of Physician Inpatient/Outpatient Revenue, Merritt Hawkins
2012 In-House Physician Recruitment Benchmarking Survey, Association of Staff Physician Recruiters