Physicians who have taken out loans for med school and lived frugally throughout residency may envision their first attending paycheck as the answer to their financial woes. But the number on the paycheck only goes so far - what’s more important is how well they spend, save and invest it. Your practice can help them in these regards by ensuring recruits and new hires know the financial perks you offer.
Foster a renting-friendly environment
Even if your new hire loved the site visit, sailed through the signing process and can’t wait to move to your city, buying a house right away may not be the best financial move. Be supportive of this.
"Sometimes I see [physicians] buy houses before they even start," says Brett Mollard, M.D., who practices
teleradiology from Tacoma, Washington, and has been leading personal finance lectures for nearby residents
and newly hired physicians for the past several years. "But I always tell people [that] … it’s just better to rent for the first year or two."
If you’re helping connect your new hire with real estate agents, recommend those who help renters as well as
buyers. Don’t view recruits eyeing rental properties as being any less serious about your roles.
Help new physicians tackle their debt
If you recruit for a nonprofit or government entity through which physicians can qualify for loan forgiveness or your practice offers another form of loan repayment, highlight this perk in all your recruitment efforts. And because loan forgiveness isn’t as simple as just qualifying, ensure physicians know how to take advantage of it.
Physicians must "[make] sure that [they] are enrolled in that program, that [they] have signed up for the appropriate plans, that [they] have met the requirements," says Lisha Taylor, M.D., MPH, a family medicine/sports medicine physician practicing in Atlanta.
In your conversations with your recruits and new hires, guide them to the correct loan forgiveness plans and ensure they have easy access to all the information about your practice that they may need.
Highlight your investment and insurance benefits
Help your new hires begin investing in their work retirement accounts right away by highlighting the tax-advantaged accounts that your practice offers - 401(k)s, 403(b)s, HSA s and beyond. Often, these are relegated to the bullet-point list of benefits at the bottom of a job listing, but these accounts can lead to huge long-term investment returns and merit more prominence in your listings. If your practice offers matching or non-matching contributions on these accounts, even better. Include this benefit in your job listings and your conversations with recruits.
While you’re highlighting benefits, don’t forget to mention disability, life and malpractice insurance, which
are crucial for long-term wealth protection. Thorough and competitive insurance policies may seem like a boring perk to focus on, but they have significant financial benefits.
Offer access to mentors
If you have physicians within your practice who are particularly interested in finance, consider asking them
to host a regular financial basics workshop for new hires. This will not only help foster relationships among your staff but can also help your new physicians get off to a strong financial start.
"There will be … financial mentors in pretty much every practice," says Mollard, who even formed a finance group with his fellow physicians at his last practice. Connect your new hires with mentors who’ve already tackled their debt and have experience with investing.
Work toward your hires’ long-term success
Your goal as a recruiter isn’t just to fill an open position - it’s to find the right long-term fit for your community. In the same way, your recruits’ goal isn’t just to find a job - it’s to find long-term career happiness and financial stability. By highlighting and even improving your practice’s financial perks, you work toward both long-term goals: retention for your practice and happiness and stability for your physicians.
Kate Brannen Smith