In the coming years, the young medical professionals will be filling the positions that are currently occupied by physicians in the generations known as “Baby Boomers” and “Matures.”
According to the American Medical Association:
Roughly 33% of practicing physicians are 27 to 41 years old, representing the “GenX” segment. Within this generation of physicians, 58% are male and 42% are female.
Millennials, born after 1980, are just now emerging from medical school. Although small in numbers at this point, 54% are women. This is the first segment in the history of modern medicine in which women will represent the majority of physicians.
These young physicians bring with them new values, needs and expectations. A number of key strategies can help you be more effective in recruiting and retaining this “new generation” of physicians.
Align physician recruitment strategies with retention initiatives. Hire the “right” physician who fits well within your culture and then immediately focus on retention initiatives. This includes fostering relationships among peers, the larger practice and the community.
Establish clear expectations. younger physicians expect an accelerated partnership track, one that includes a reasonable buy-in and early sharing or equity participation in ancillary revenue sources. They want to see the specifics of “how much” and “when” spelled out clearly in their employment contract.N
Be ready to address details the realities of the practice during the interview process. This includes productivity goals, the compensation model, call coverage, clinical hours, and patient volumes.
Young physicians generally have strong time management skills and use technology to increase efficiency. They understand the value of team work and thrive in an environment where they receive frequent feedback and mentoring.
Don’t hesitate to structure the opportunity to leverage these strengths for the benefit of all.