Partnership and ownership opportunities are one of the most effective initiatives for retaining today’s physician. According to the Cejka Search and AMGA 2006 Physician Retention Survey, 51% of respondents mentioned partnership opportunities as one of the most effective initiatives on an ongoing basis.
These partnership and equity ownership options have proven successful among groups with established opportunities in place. Of the 62% who already offer their physicians these opportunities, 79% of respondents said partnership opportunities was their most effective retention tool, followed by profit-sharing opportunities (60%).
Be aware of what your competitors are offering and how your group’s partnership and equity programs stand out. For example, most groups offer partnership after two years. Consider these questions as you evaluate your group’s program, and then highlight its positive aspects that would be most appealing for each candidate as you are recruiting.
If your group’s income is divided equally among the doctors, are all doctors eligible or just shareholders?
After how much time does your organization offer partnership and equity opportunities?
How does your partnership buy-in price compare to the salary you are offering, and the benefits a partner stands to gain?
Some other partnership trends to be aware of include:
65% of groups offer the opportunity to part-time physicians.
94% of physician owned groups offer the option.
Partnership opportunities are most common in smaller practice groups and it’s found in 69% of groups with between 51 and 150.
While a lack of partnership opportunity was never cited as a main reason for leaving a group, the opportunity has proven effective for recruiting and retaining successful physicians.
*Source: The Cejka Search and AMGA 2006 Physician Retention Survey was completed by 92 members of the American Medical Group Association, and collectively employ more than 16,833 physicians.