Physician Recruiter

inSights

What feelings do you think physicians have when looking at their student loan balances? Is it peace, joy and tranquility? If you’re thinking, "Ugh, I wish!" you’re not alone. Over 75% of physicians graduate with student loans, and their feelings often center around stress and panic, especially when faced with the reality of monthly payments. When these payments are stacked alongside other life expenses, it’s easy to see why physicians may prioritize quick fixes like student loan forgiveness when making career decisions. As a recruiter, you play a critical role in helping phys....

 

Starting July 1, 2023, more physicians practicing in California and Texas will become eligible for Public Service Loan Forgiveness (PSLF) due to a change in the definition of employment. For physician recruiters, the news presents a hiring incentive. What is it? Public Service Loan Forgiveness is a free federal program that can save physicians thousands of dollars on student loans. Who benefits? Physicians contracted by for-profit groups who practice full time at nonprofit hospitals and clinics will become eligible for PSLF. Where does it apply? The new definition of employment applies only in....

 

Recruiters, did you know there’s loan forgiveness for physicians who have been paying on their loans for a long time? It’s not Public Service Loan Forgiveness. It’s a free, simple federal program most physicians have never heard of: the IDR Account Adjustment and Forgiveness. Most physicians that graduated medical school in the 1990s used federal student loans to pay for their medical education with interest rates of 1 - 2%. Because of the low rates, the smart financial move was to pay them off on a fixed 30-year term. That means many physicians in that group are still paying....

 

If you’ve found recruiting "slightly off balance," consider an alternative to student loan contributions: student loan analysis and management help. With this, physicians can save, on average, between $40,000 and $400,000 on student debt - more than many health system contributions. In fact, one Eastern US health system recruiting department increased recruitment by 32 percent in just one year by offering loan analysis. How Tough was Recruitment in 2021? According to the 2022 AAPPR Annual Report, only 44% of family medicine positions were filled in 2021, averaging 124 days for each vac....

 

I recently polled a large group of in-house physician recruiters to learn more about how often student loans are discussed and how student loan benefits are leveraged in the recruiting process. I asked the following three questions: 1. Do you discuss outstanding student loans with your recruits? Roughly two-thirds of respondents said yes. 2.Does your hospital offer any form of student loan benefits to providers? Just over half, 52%, said yes. 3.Is your hospital a qualified employer for the Public Service Loan Forgiveness (psLf) program? More than 80% responded yes, and no one was unsure o....