Posted on May 31, 2013
(St. Louis / May 30, 2013) – By recognizing the shift from a volume-based to value-based health care economy, Cejka Search identifies measurable recruitment outcomes for critical physician recruitment success factors in the accountable care era. Key metrics form the basis for a 15:1 client return on investment (ROI) through stronger candidate engagement and sustainable recruitment process improvements.
Solutions must deliver measurable value. In the process of recruiting highly qualified clinicians who are a good fit for our clients, every engagement offers economic upside from a combination of time savings, revenue opportunity, cost efficiency and retention.
Advanced recruitment technology, effective candidate engagement, skilled screening and recruitment-team readiness translate into:
Cutting time-to-fill by nearly half translates to average revenue gains of $462,000 per filled vacancy.
Reducing the interview-to-hire ratio to 3:1 saves an average of $18,048 per vacancy.
Better Fit for Retention:
Ensuring best fit reduces turnover by 21.4 percent during the vulnerable first three years in practice, which translates to a savings of $274,286, based on an estimated $1.3 million in annual replacement cost per physician.
Branding Best Practices:
Applying a transparent client branding methodology through multi-channel marketing generates an average of 24 percent more qualified candidates per search.
Best-in-Class Fill Rates:
Filling 77 percent of searches empowers clients to efficiently hire physicians and advanced practice clinicians fitting their new value-based delivery models.
Technology-enabled recruitment solutions drive a15:1 ROI by defining and addressing the causes of hidden recruitment costs: inefficient sourcing, excessive interview costs, turnover and lost revenue due to prolonged vacancies of physicians, nurse practitioners and physician assistants.
Just as accountable care models focus on achieving better care outcomes at a lower total cost, accountable recruitment must result in economic upside through hiring the best providers at the lowest total cost on a sustainable basis.
Another similarity between accountable care and accountable recruitment: Lack of data is a barrier to accountability and performance improvement. For example, Cejka Search published research reporting that just one in five medical groups quantifies the cost of turnover.
External benchmarks are available, but are largely irrelevant without internal metrics and a plan to increase recruitment efficiency and effectiveness. Each organization has a unique set of challenges they ask us to help solve. We define their recruitment objectives and design a solution that maximizes their resources, fills gaps where needed and delivers measurable results.
About Cejka Search
Cejka Search is a nationally recognized physician, health care executive, advanced practice and allied health search firm providing services exclusively to the health care industry for more than 30 years. Cejka Search recruits top health care talent for organizations nationwide through our team of experienced professionals, award-winning recruitment technology and commitment to service excellence. Cejka Search is a Cross Country Healthcare, Inc. (Nasdaq: CCRN) company, a leading provider of health care staffing services in the United States. For more information, visit http://www.cejkasearch.com.
Industry benchmarks are based on data from: “2012 In-House Physician Recruiter Benchmarking Report,” Association of Physician Staff Recruiters; and “2012 Physician Retention Survey,” American Medical Group Association and Cejka Search.