Physician Recruitment can be arduous and painstakingly long process. Even after a physician finds their dream job, roughly 50-60% of all Physicians change jobs within the first five years of starting their first job. Although different specialties have their own retention rates, typically the hospitalist profession sees the highest turnover in the shortest period of time.
Things to Consider Before Signing on the Dotted Line
- Ask the right questions before signing an employment agreement (tail coverage, health insurance, non-compete, hours, patient volume, clinical support, etc)
- Have an employment attorney review the physician employment agreement
- DO NOT be enticed by the dollar amount. Also take into consideration your quality of life, location and long term goals.
- Everything probably looks and sounds like gold compared to the life of a resident. Have an off the record conversation with physicians who perhaps work at the employer, or used to work for the employer. Does the employer typically tend to over promise and under deliver, or vice versa?
Things to Consider After Signing on the Dotted Line
- Rent your first home instead of buying. Residential real estate is not what it used to be. Buying a home is an expense, not an investment. Renting also helps to avoid the transaction costs and fees associated with buying.
- Know your non-compete. If unfortunately a time comes when you need to change jobs, know your non-compete clause in your employment agreement. Additionally, renting may make you more liquid if you need to move quickly and take a new job; especially if it’s far away.
- Speak with a financial advisor. Map out a long term plan to pay off student loans, and perhaps start with a conservative but rewarding investment, such as in dividend aristocrats stocks; which are companies that have paid out more than a 5% yield for over 25 consecutive yields.