Hello, my name is Peter Stanos and, as you might imagine, I am the owner of Peter Stanos Associates.
I want to first thank you for your interest in working with our firm as a Partner. I will honor your interest by providing you with a candid view of my background, our search firm’s operations and the Partner opportunity.
I am a board certified physician. For twelve years I ran a vibrant private physician practice in Columbus, Ohio. I specialized in Physical Medicine and Rehabilitation, or as we say, “phys med & rehab.” I still live in Columbus. However, a number of years ago I closed my practice and started recruiting physicians and nurse practitioners for hospitals and healthcare employers as a “headhunter.”
I know what you might be thinking, why shutter a physician practice to start a recruiting business?
I did not have carpal tunnels…
I did not have malpractice issues…
In fact, the last two years of my practice were as profitable as any that I had in my twelve years of practicing medicine.
At first, I just started exploring different businesses I could start or buy out of curiosity. Looking back I was probably in the early stages of “burn out” without realizing it.
I looked at franchises like sandwich shops and oil change businesses. As a physician I also explored consulting, clinical research and educator opportunities.
However, when I hit executive search within healthcare everything kind of clicked.
I had decided that I wanted a professional services oriented business, so sandwich shops were out. I also recognized that being an employer for twelve years, I may not be the best candidate to be an employee. There was something distasteful (still is) about having someone else dictate my responsibilities and activities.
What was it about executive search within healthcare and medicine?
For one, I didn’t want to abandon medicine. I just didn’t want to see 30 patients a day anymore.
Second, and perhaps more importantly, I was attracted to the business side of healthcare. The strategic decision making that takes place at an executive level is interesting to me and I wanted to be in those types of conversations.
Finally, the decision was purely economical. I knew the emphasis that healthcare executives place on recruiting top-notch physicians and revenue cycle initiators. I knew there was a vast amount of money paid to physician recruiters and felt my medical credentials would give me an inside track toward getting contracts and filling positions.
I was right.
Although I started in physician recruitment we have branched into numerous other areas. This has typically occurred, on request, from clients. We have been growing our firm along the way with independent Partners that we train.
It occurred to me that my physician status opened doors for me that weren’t available to the typical recruiter. Peter Stanos Associates is designed to let our Partners leverage those credentials too.
I have done very well with the business and it has grown incredibly. First of all, I make more than I did practicing medicine. This was true though in the first year of operations.
Although I oversee a larger more diverse organization now as chief executive, my initial recruiting activity (which is comparable to what a Partner does) took half the time of managing my physician practice.
I can also tell you that the life of a physician, executive or clinician recruiter has much less stress than a doctor. Just like when I first started out, most of our Partners work from home offices. Which makes for a much nicer, and safer, commute.
“Why Peter Stanos Associates trains Partners”
Healthcare and medicine, along with the technology and science associated with them, are dynamic industries experiencing monumental change today.
In my tenure of running a search business, I have developed a unique system for customizing client recruiting projects and the fees associated with them. It allows us to get all the job orders (client contracts) we want and typically at an optimal fee.
We basically structure the fee around the search assignment. If it is an easy assignment we don’t charge as much. If it is going to take a lot of resources we charge more, or even require a retainer.
Unless you are close to the recruiting and search industry, you may not realize how much of a game changer this is. Most “recruiters” will operate on a flat 25-30% fee. Their thinking is that the easy projects where they don’t do much will basically compensate their firm for the tough ones.
We saw an advantage to customizing our fees around what actually needs to be done, what the employer already has in the way of resources and working with their managers and HR department to get the right candidate.
Usually, recruiters are at odds with HR and we saw an opportunity to take a different tact. This way executives and directors know that they are making use of existing resources and are paying for what they need. In the era of “Pay for Performance” in healthcare this is well received.
Quite frankly, we seem to be able to generate countless contracts for search business. As a PSA Partner, you’ll know how to use our Prorated Search Billing to get contracts yourself, but even if you do nothing but fill the positions we generate, this can be a lucrative business for you.
The system works so well because healthcare clients don’t want to pay 25-30% on all recruiting searches. Fact is, they shouldn’t have to, not on all of them, because there isn’t always that much work to do once you have a mature search practice and database. Prorated Search Billing lets the client get just what they need, instead of paying inflated fees.
Partners benefit from being part of a physician owned organization.
My own experience with recruiters (as a physician) had a huge impact on how our firm works with prospective candidates. Most recruiters are not knowledgeable enough about the industry they work and frankly aren’t professional enough either.
As you might imagine, it was a “door-opener” for me to be a physician. Our Partners benefit from that credibility, as the fact that they are partnered with Peter Stanos Associates opens up doors for them.
We “up” the professional level of services by using executive search tactics in healthcare recruitment. Executive search is typically reserved for high-end executives and physician searches where there is a segmentation of client development, candidate marketing and management. In addition, services are rendered at a very professional and sophisticated level. The level of assessment and analysis of a candidate is higher with executive search than what you get from the average recruiter. We like to think the same is true with the level of service our Partners deliver.
We have a detailed plan to continue to take market share in the healthcare recruitment marketplace. Our vision is to have Partners across the nation working key specialties, in dedicated geographies.
Benefits of being a Partner
To do this, we have taken a play out of the “franchise” handbook. We charge those who want to participate as a Partner for their business, the training, software, leads, salespeople and support.
However, Peter Stanos Associates is not a franchise. Instead of charging a franchise royalty, our Partners keep 100% of the revenue on their own search assignments. They only pay PSA something when they accept one of our operations support personnel or close a joint venture placement with another Partner.
Peter Stanos Associates is also a collaborative network for executing “joint venture” placements. We have had zero difficulty in obtaining contracts for search services. Where we are challenged, is in finding enough quality candidates. A new Partner can come in and work an existing Partner’s positions or candidates for a 50/50 split, less a 6% commission to Peter Stanos Associates.
New Partners are also trained in securing initial retainers before starting a search. They are positioned to use the medical credibility of Peter Stanos Associates to do so.
The same is true if you let us help you build a sales team. Partners can initiate operations with a group of five to ten client development and candidate recruiters they supervise. These individuals work on commission from their own homes. The Partner keeps at least 50% of their recruiting fees, so each good salesperson can make them $50,000 to $100,000 annually.
What’s the key? What sets us apart from anyone else in the healthcare search and recruitment space?
- First-hand medical knowledge
- Recruiting experience and prowess
- Professional executive search model
- Team development with 50% override
- Outsourced lead generation
- Collaborative joint venture focus
- Credibility toward retained searches
Our training for Partners in the medical specialties we work is unparalleled. It is intensive and needs to be if our Partners are going to work with physicians, therapists and executives every day. The transfer of medical and healthcare knowledge we provide Partners is matched only by the instruction and support we furnish in executive search and recruitment tactics.
The expectation for every Peter Stanos Associates Partner is to be far more than a “recruiter” though. We want to help Partners build and manage their own “Division” within our organization. To that end, we help them establish a presence in the specialty area they choose with:
- A team of sales and recruitment personnel
- An extensive marketing launch
- A custom candidate and client database
- Established search contracts to work
PSA Partners receive a vast amount of training, software, development and support toward building their healthcare and medical search operation:
- Training in their healthcare specialty by a physician or comparable expert
- Training in executive search process and use of “Prorated Search Billing”
- Separate business development and candidate recruiting personnel
- Initial supply of leads for their team and a starter database of contacts
- Unlimited postings at national healthcare and medical job board
- Ability to keep 100% of individual commissions
- Override of 50% for what Partner’s team generates
- Sales training for securing retainers for services
- Extensive marketing support:
- Internet advertising
- Blog set up and assistance
- Content publishing
- Social media
- Ability to perform joint venture placements with other Partners
- Display of all PSA openings listed at Partner’s website
- The impact and clout of being part of a physician owned search firm
- The ability to get training in multiple specialties
As a business strategy, we recommend that each Partner specialize, at least initially, in one specific section of the country and in one particular healthcare, medical or scientific specialty. We have assembled best of breed training resources and spared no expense when it comes to instruction and support.
Every Partner is trained thoroughly and receives live support in running their healthcare and medical search operation. Training by medical professionals in whatever specialty you choose and instruction from recruiting experts is included, along with software for operating your business, a website and all the necessary marketing pieces.
As a Partner we want to help you build your own team of business development and candidate recruiters. We recruit, qualify and train these individuals for you and share in the revenue they generate. This way, our motivations to help you drive revenue are in line with your own.
Every PSA Partner begins operations with ten support personnel and can solicit their own as well. Peter Stanos Associates trains them and as a Partner you can keep 50-60% of what your client development and candidate recruiting personnel generate as far as revenue. Because we typically see search and recruitment fees of $15,000 to $30,000 there is plenty to go around. The cost to become a Partner is $18,900.
If you have interest in exploring affiliation with Peter Stanos Associates as a Partner, request our “Partner Services Briefing” and we’ll keep you updated on PSA News and Events too.
You may also want to just give us a call at 614-300-1103 and we’ll answer any questions you may have.