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|Report shows hospital employed physicians receive better benefits and recruitment incentives|
St. Paul, MN, July 9, 2014 —The Association of Staff Physician Recruiters (ASPR) recently partnered with MDLinx on a physician compensation, benefits and recruitment incentives survey. A total of 314 US physicians representing 26 specialties employed by hospitals, universities, and physician owned practices participated in the survey. The 2014 Physician Compensation, Benefits and Recruitment Incentives Report summarizes the results of the survey and looks at differences across physician specialties and employment settings.
The report found that overall physicians employed by physician owned practices are most satisfied with their compensation packages compared to hospital employed and university employed physicians. However, the survey found that overall hospital employed physicians fared better than their university employed and private practice counterparts with respect to benefits and recruitment incentives offered.
Forty-four percent of respondents employed by physician owned practices reported receiving no funding for Continuing Medical Education (CME) compared to 17 percent of hospital employed and 16 percent of university employed physicians. They also were more likely to receive no time off for CME. Similar trends were seen with respect to paid time off, sick time and recruitment incentives. Hospitals offered more signing bonuses, relocation assistance, student loan assistance, and malpractice insurance than other employers, with physician owned practices receiving the least.
“With the current trend of hospitals employing more and more physicians, they need to offer attractive packages in order to be successful in their recruitment efforts,” said Shelley Tudor, FASPR, vice president of research on the ASPR board of directors and clinical recruiter with Humana, Inc. “This report reflects that trend and helps quantify the differences in benefits and recruitment incentives that are being offered.”
Another important trend identified was regarding physician schedules. Physicians reported they spend approximately 11 percent of their time on administrative duties such as medical record documentation, chart reviews, etc., but 65 percent reported having no time built into their schedules for these administrative duties. Physicians in university owned practices fare much better with protected hours for administrative work than those in hospital employed or physician owned practices.
“This is concerning as physician satisfaction is so important with respect to retention,” said Lauren Judd, surveys project lead for ASPR and manager, domestic physician recruitment, Cleveland Clinic Health System. “Providing an appropriate amount of administrative time to accomplish the required paperwork is key in reducing physician stress, improving satisfaction and reducing physician turnover rates.”
About ASPR: The Association of Staff Physician Recruiters (ASPR) is a professional organization exclusively for in-house physician recruitment professionals. ASPR is the leading authority on physician recruitment, retention and onboarding. The organization’s focus is to support and enhance the careers of in-house physician recruitment professionals through educational opportunities, industry research and networking opportunities. For more information, please visit www.aspr.org, or find us on LinkedIn, Facebook and Twitter.