Transition from residency to practice

Transition from residency to practice

Michael Griffin

Mayo Health System Administration

10/25/2001

RECRUITERS

Inhouse Recruiter ASPR - Association of Staff Physician Recruiters Employed by Healthcare Entity Concerned about retention

Agency Recruiter NAPR - National Association of Physician Recruiters Commission-based sales agents Fee of $15- 20,000 cost to the entity

PRACTICE SEARCH WEBSITES

MedScape (MedBulletin.com) Physicians on Line (MDDirect.com) ASPR (aspr.org) PracticeLink (practicelink.com) Physician Employment (physemp.com) Specialty:(ACP - acponline.org, AIM -

annals.org, AAFP - aafp.org) General (JAMA - jama.-assn.org, NEJM -

nejm.org)

Practice Search Timeline

ACP 25-30% of residents commit one year

ahead of graduation Indicates that 50-60% of new grads will

change practices within the first five years


14-12 Months Prior to Graduation

Decide on the type of practice options (academic, clinical, locums, solo) that fits your needs

List the quality of life attributes required and desired Ask others (prior graduates & current) what they are

doing and why Collect information on practice search techniques Determine income and benefit requirements Prepare your CV and cover letter


12-10 Months Prior to Graduation Choose practice locations based on criteria Select practice rotations at these sites if possible Send out your CV Use contacts to investigate opportunities Talk with references---prepare them for calls or

letters Collect Chamber of Commerce and community

information


10-6 Months Prior to Graduation Narrow interview choices to 5 or less Talk with the Administration & Physician Leader you will

work with at each location prior to the interview Continue to scan ads and internet sites Clear your schedule for interview time and prepare to

switch call with others if needed Identify a lawyer and financial advisor Consult your advisor & Program Chair regarding locations Do additional Research on the practice opportunity with

drug reps, nurses or other third party contacts


6-3 Months Prior to Graduation Final negotiations Prepare for relocation needs House hunting Licensure, Credentials and Hospital Privilege

preparation Prepare for office set up


3 Months to Arrival - Personal Relocation Banking, insurance, schools, churches, mail, phone,

utilities start up preparation Practice Start-Up - office, equipment, appointments,

medical society Paperwork, details Move in, meet people Practice marketing Orientation

The Site Visit Dress professionally - you never get a second chance to

make a first impression Call ahead and clarify what you would like to see, who you

would like to meet Bring extra copies of your CV Come prepared with a list of questions Bring your spouse, send them off on their own itinerary Bring children older than 12 years (they have an opinion) Ask for time to explore on your own Clarify which visit expenses will be covered Do not order large lavish meals on the employer’s account

The Site Visit (Cont’d)

Ask questions and investigate the competition.

It is not ethical to interview with the competition unless they split the bill

Coordinate visits when possible: lower cost, convenience.

Visit your two top choices a second time, if possible

Ask to meet with a banker and a mover on the second visit

Post Interview Process

Make a Pro & Con list, for each practice opportunity

Interview at least 2 places, try to limit to 5

Review contract with an attorney, expect to pay $150-300.

Review benefit package with a financial planner

Could save you thousands of dollars & help compare offers, $150-300

Post Interview Process (Cont’d)

Compensation & methodology - ask for it in writing

Contract: termination, amendments, assignability, bankruptcy, arbitration, benefits, non- compete clause, malpractice insurance

Clarify the next step and decision date required

Job Search Tips

DO NOT-

EXPRESS-

CLARIFY-

Discuss salary until it is clear you are wanted.

Enthusiasm and interest, but do not accept immediately.

Expectations, specifics of responsibilities, compensation, benefits.

Job Search Tips

INFORM-

FOLLOWUP-

COUNTER-OFFER-

DO NOT-

Other employers when you are about to accept the other position. Be prepared for enriched offers. Know your options before you decide.

With all other employers as soon as you make your final decision.

If you know the offer is low by informing the employer. Be confident of your facts and ask for understanding.

Continue to interview after you have accepted an offer. This is unethical.

COMPENSATION

MGMA(Medical Group Management)

Modern Healthcare

Medical Economics

Ask Colleagues, Faculty, Recruiters

Academy, Specialty Associations

PHYSICIAN COMPENSATION:*2001 MGMA REPORT BASED ON 2000 DATA

Family Practice w/OB

25%(New Grad)

Median 75%

Income $128,527 $153,965 $198,933

Gross Charges $313,128 $395,686 $486,306


Family Practice w/o OB

25%(New Grad)

Median 75%

Income $122,712 $145,121 $178,127

Gross Charges $297,870 $366,892 $451,354


General Internal Medicine

25%(New Grad)

Median 75%

Income $126,327 $149,009 $178,796

Gross Charges $297,237 $367,738 $468,824


Hospitalist

25%(New Grad)

Median 75%

Income $134,477 $151,013 $183,385

Gross Charges $263,463 $343,961 $479,000

Median Income by Geographic Region

Eastern Midwest Southern Western

IM $144,978 $141,569 $160,417 $152,242

FP w/OB $144,175 $156,471 $155,692 $179,178

FP w/o OB $134,172 $138,649 $163,019 $147,964

Hospitalist $141,273 $144,000 $170,550 $146,359

BENEFITS

Vary widely: Financial Advisor helpful Get it in writing: addendum to the contract Disability: portability, taxable, own

occupation, cancelable, renewable Pension:

defined benefit, defined contribution Matching for 401K,403B know the other risks, responsibilities

The Essential “Web” StudyHow Physicians Look for a Job

Independent survey

Commissioned by:

New England Journal of Medicine

Demographics of Respondents -- Specialty

133

95

4120

-13

37

87

137

187

237

287

1st Qtr

IMFPIM SubsCard

Methodology

Surveyed 1000 physicians Used AMA list on an nth name basis Received 287 responses (28%

response)

Demographics -- Continued

85% of respondents were ages 25-40 92% have been in their position for 4

years or less 28% said that they were looking for a

job now

What Sources for Job Leads Did You Use When You Last Looked for a Job?

66%

41% 40%33%

31%

0

10

20

30

40

50

60

70

ReferralPrint AdsRecruitersDirect MailWebsites

Which One Source Did You Find Most Useful?

55%

15% 14% 4%8%

0

10

20

30

40

50

60

Source

ReferralPrint AdsRecruitersDirect MailWebsites

Transition from residency to practice

Michael Griffin

Mayo Health System Administration

284-9114

[email protected]

Transition from residency to practice

Documents

Transcript of Transition from residency to practice