Q: What is the difference between contingent and retained firms?
Answer:
Contingency firms are paid when a physician agreement is executed between the Client and the Physician. In other words they are not compensated unless you accept the position. A reputable retained recruiting firm is paid throughout the duration of the campaign to work on behalf of the opportunity. As a rule, a retained recruiter is going to have more knowledge about the details of their opportunity vs. a contingent recruiter.
Contingency firms are paid when a physician agreement is executed between the Client and the Physician. In other words they are not compensated unless you accept the position. A reputable retained recruiting firm is paid throughout the duration of the campaign to work on behalf of the opportunity. As a rule, a retained recruiter is going to have more knowledge about the details of their opportunity vs. a contingent recruiter.
Q: How do I know if the recruiter I am speaking with is accurately representing the opportunity?
Answer:
There are some key questions you can ask a recruiter to ascertain the validity of the search they are presenting. A seasoned recruiter will get to know you well in terms of your current practice setting, your training, your procedures, volumes and why you are entertaining practice opportunities. There is truly know way to know if a recruiter is misrepresenting an opportunity but always remember, “if it sounds too good to be true, it probably is”. The biggest question you want to ask that recruiter is if they have personally visited the opportunity. The word “Personally” is the key word. In other words have they walked the streets of that community and sat down with the recruiting physician(s) and the recruitment team. If they answer is yes, then the following questions can help validate weather you are working with an honest recruiter. These are basic questions you want answered before visiting any community.
There are some key questions you can ask a recruiter to ascertain the validity of the search they are presenting. A seasoned recruiter will get to know you well in terms of your current practice setting, your training, your procedures, volumes and why you are entertaining practice opportunities. There is truly know way to know if a recruiter is misrepresenting an opportunity but always remember, “if it sounds too good to be true, it probably is”. The biggest question you want to ask that recruiter is if they have personally visited the opportunity. The word “Personally” is the key word. In other words have they walked the streets of that community and sat down with the recruiting physician(s) and the recruitment team. If they answer is yes, then the following questions can help validate weather you are working with an honest recruiter. These are basic questions you want answered before visiting any community.
- Why is this opportunity recruiting a physician?
- Has this opportunity conducted a need analysis to ensure a viable practice opportunity?
- Who was the last physician to leave this community and why?
- Who was the last physician in your specialty, recruited to this community?
- What type of relationship exists between the medical staff and the hospital(s)?
- What is the managed care penetration like and more importantly, how many capitated plans are in the area?
- How long has this opportunity been trying to recruit a physician and how long has it taken. If it is taking a long time you may want to delve into the reasons.
- What is the ratio of physicians with regard to male vs. female and Allopathic vs. Osteopathic trained physicians?
- Where did the physicians you will be working with receive their training?
10. Does the recruiter have a current copy of the physician agreement you would sign should there be a match after interviewing?
NOTE: Recruiting firms that have not visited the opportunity will probably not be able to answer most of these questions.
Q: How much time should I spend in the community during the interview?
Answer:
This is based on personal preference. You should be able to gather all the information you need as well as meet the key individuals in order to make a well informed decision within 2-3 days. Some opportunities want the candidate to make at least two visits. We don’t recommend that but it just depends on the comfort level of the two parties.
This is based on personal preference. You should be able to gather all the information you need as well as meet the key individuals in order to make a well informed decision within 2-3 days. Some opportunities want the candidate to make at least two visits. We don’t recommend that but it just depends on the comfort level of the two parties.
Q: Should my spouse make the visit with me?
Answer:
Absolutely. An interview that doesn’t include the spouse or significant other is certainly a trip that won’t accomplish the results you desire. Relocating to a new community is a large decision and probably won’t be made without some input from the other party. The Opportunity will almost always pay for the spouse or significant other to join you.
Absolutely. An interview that doesn’t include the spouse or significant other is certainly a trip that won’t accomplish the results you desire. Relocating to a new community is a large decision and probably won’t be made without some input from the other party. The Opportunity will almost always pay for the spouse or significant other to join you.
Answer:
- Net Income Guarantee-This is a popular arrangement presented to physicians if they are considering private practice. You are guaranteed a set amount of money for a period of one year and typically this is coupled with covering your overhead expenses with relation to your practice. The downside of this arrangement is that if you don’t generate enough net revenue to cover your compensation and overhead expenses, you are required by law to pay back the difference. This can be paid back with actual money or through a forgiveness period. The forgiveness period usually encompasses 3-4 years during which time the opportunity forgives a portion of the debt for every month you provide medical care in the community.
- Gross Collection Guarantee-This arrangement is similar to a Net Income Guarantee. The big difference is you have a set amount of money that is guaranteed and includes overhead expenses. This serves as an incentive to control your outgoing practice expenses.
- Employee-There are a litany of employee arrangements. You need to know what is the production bonus and how it is calculated. What is the term of the agreement and how can you be terminated? All employee contracts will have “with cause” language dictating how you can be determined. This typically includes items such as, conviction of a felony, loss of hospital privileges, loss of a DEA number, death, or other events that would prevent you from practicing medicine effectively. The “without cause” language is the part of the contract that you must study thoroughly, as the language can be vague.
NOTE: There are other types of contracts, but the above mentioned contracts are the most popular forms.
Answer:
This is your decision, but you should be aware that until a recruiter has a signed contract from a physician they will continue to source candidates. As we like to say, it is not a beauty contest where we start with a long list and go through a series of interviews. The opportunity will close the search when they have secured a candidate they believe will be a great fit in their community.
This is your decision, but you should be aware that until a recruiter has a signed contract from a physician they will continue to source candidates. As we like to say, it is not a beauty contest where we start with a long list and go through a series of interviews. The opportunity will close the search when they have secured a candidate they believe will be a great fit in their community.
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