- The cost to recruit a single physician may approach $250,000 with direct and optional costs to sign your top choice. The actual cost will depend on specialty, geographic location, competition, and recruitment incentives offered by your organization. The Direct/Customary Costs listed below will form the base for your recruitment budget. The Recruitment Incentives are optional.
♦ Search firm fee or cost for in-house staff
$18,000 – $35,000
♦ Sourcing/marketing costs
$6,000 – $12,000
♦ Site visit/interview expenses for 3 candidates
$ 9,000 – $15,000
♦ Relocation expense
$ 5,000 – $15,000+
Recruitment Incentives (Optional)
♦ Residency/Fellowship stipend
$12,000 – $36,000+
♦ Sign-on bonus
$20,000 – $100,000+
♦ Education loan repayment assistance
$25,000 – $100,000+
♦ Housing assistance
$50,000 – $100,000+
♦ Retention bonus (per year)
$10,000 – $50,000
- Recruitment incentives allow you to customize an offer that will fit the specific needs of your top choice candidate(s). For example, a Resident or Fellow may be seeking education loan repayment; an experienced physician moving to a new community may seek a generous sign-on bonus or housing assistance.
- To retain difficult-to-recruit specialties such as Internal Medicine or Family Medicine, you may wish to consider providing a retention bonus.
- Considering that the cost of physician turnover/physician vacancies can range from $1.8 million for an Internist to $2.8 million for an Orthopedic Surgeon, a well-thought-out medical manpower plan, a thorough understanding of costs and time involved with recruitment, evaluation of compensation and recruitment incentives, a defined position description, and preparing well in advance prior to entering the recruitment process will provide a significant competitive advantage.
- Allowing 6-12+ months to fill each physician vacancy, preparing offers to meet the specific needs of each candidate, and implementing a strong onboarding and retention process will ensure your organization meets community need.
Healthcare Recruitment Link (H-R-L) is not a traditional “big box” healthcare recruitment firm. We are a women-owned boutique firm with experienced founders who think beyond the boundaries of a box to provide customized and cost-effective search solutions based on your organization’s needs and budget.