By Nolan Smith, Director of Business Development, Fidelis Partners
The bloodline of every hospital is its primary care physician staff. Patient wait times, physician catchment area and ancillary support staff all benefit when a primary care physician is added to the staff.
It is said that the best time to go to the grocery store is when you are full. The same is true when recruiting physicians. The best time to add a new staff member is when the need isn’t critical. You have the luxury of finding the best long term fit instead of just filling a vacancy or “stopping the bleeding.” Additionally, it is far more attractive for incoming physicians to work alongside an existing team as they build their practice.
Many times, hospitals wait too long to begin their search for a new physician and end up losing one in the meantime. Someone on staff retires earlier than planned, gets worn-out due to being overworked, or leaves unexpectedly. As our baby boomer physician generation enters the last few years of practice, we must make the most of every opportunity.
Time is money. The average Family Practice net revenue per week is $19,826.92 and for Internal Medicine it is $33,173.08.
*Source: Lifton, James.“Gauging the Financial Impact of Physicians on Hospitals” (April 2012) Healthcare Financial Management Association, hfm magazine.