Specialty physicians in areas like cardiology, orthopedic surgery, obstetrics/gynecology, dermatology, psychiatry, oncology and rheumatology are all looking to expand. However, they are not doing so with the traditional “hire a physician” growth model. Instead, physician practice groups are using search firms like Peter Stanos Associates and PSA Partners to locate, recruit and secure Nurse Practitioners (NPs) and to a lesser degree, physician’s assistants (PAs).
The reasons are simple and straightforward: there are not enough doctors available on the market and those than can be had are too expensive. It all comes down entirely to economic realities.
There is growing difficulties for doctors in expanding their practices (they can’t find doctors) and increasing the number of patients their private practice is able to see. In this video interview excerpt, Dr. Peter Stanos, the president and founder of Peter Stanos Associates, explains the business forces behind this dramatic healthcare hiring trend and how PSA Partners seek to take advantage of it.
Bottom line: a physician can look to recruit a doctor and give up $300,000 to $500,000 annually to them, or the practice group can hire a Nurse Practitioner, pay her 25% more than what she’s making and only be out $120,000 to $130,000 annually. While doctors never would have gotten behind this trend seven to eight years ago, today patients are accepting of seeing a well trained specialty Nurse Practitioner before seeing the physician.
As the practice has proliferated, patients have become receptive, given the economic realities. The “well trained” Nurse Practitioner is the key and why so many doctors need help with attracting the right talent. As you might imaging, simply having a license and a pulse will not do when you are trying a Nurse Practitioner to see your patients in regards to oncology treatments.
Recognition of this trend has had a tremendous impact on the healthcare search operations of Peter Stanos Associates and PSA Partners.
PSA Partners receive extensive training in starting their own search business, learning a medical specialty, the pro-rated search billing process and how to manage the team of recruiters and salespeople that PSA puts in place for them.
Watch more video interviews with Dr. Stanos.