Below you’ll find 8 expenses you may not have considered when it comes to recruiting and retaining a cardiologist or cardiologists for your program.
- Benefits costs: This is a wide-ranging category, covering far more than just health insurance. Things like Continuing Medical Education (CME) credits and relocation expenses can add up fast. In most cases, you can expect to spend about 20-30% above base salary, or an extra $80,000-$100,000 on benefits alone.
- Trainings: If you’re hiring a cardiologist that will need further training, you’ll probably have to cover travel expenses, food and lodging, and compensation for the physician’s time. With all of that, you’re looking at a few thousand dollars you may not have planned for.
- Recruiting fees: Depending on where you post your vacancy, how many people you have working on it, and how long it takes to fill, recruiting costs can reach up to 35% of a physician’s annual salary.
- Attorneys’ and accountants’ fees: It may be necessary to bring in the experts when negotiating a physician’s salary.
- Malpractice insurance: The cost of malpractice insurance varies by state, specialty, and individual physician, ranging anywhere from $5,000-$100,000+. It is important to keep this in mind as you screen candidates for your hospital.
- The interview process: The cost of an interview is much more than the time spent in the interview itself. There are also background checks and screenings, flights, lodging, and meals. Multiply those expenses by the number of candidates you intend to interview and the total cost can get high pretty fast.
- Office supplies & equipment: If the cardiologist you’re hiring will have an office, be prepared to equip it with all the basics: furniture, supplies, a computer, and a printer, along with anything else they may need. Don’t forget the cost of a pager and/or a cell phone for call coverage, especially if it’s an interventional cardiologist you’re looking for.
- Medical supplies: Some cardiologists have strict preferences when it comes to the tools they use each and every day. If you’re looking to hire a specific candidate, you may need to purchase new equipment to ensure that the physician is comfortable.
Beyond the expenses listed above, it is also important to keep the cost of not having a cardiologist in mind. Here you’ll find the top 3 “hidden” costs of not hiring a cardiologist.
- Lost referrals & gaps in care: If you’re looking to fill a vacancy, it is important to keep in mind that the longer you go without a cardiologist, the harder it will be to reestablish referral patterns for your program. It may be necessary to spend more on recruiting upfront to prevent a significant loss of program revenue over time.
- Interrupted workflow: A missing piece — in this case, person — can create a serious disruption in the workplace. Any task delegated to the cardiologist that left will have to be split between your remaining team members or left incomplete until the void is filled.
- Low employee morale: If the rest of your team becomes overworked while waiting for a new cardiologist to join them and pick up some of the workloads, attitudes can suffer which can lead to increased turnover.
Losing a physician can cost more than you think, especially if it’s one that brings in significant revenue, such as a cardiologist. If you’d like more information on how CardioSolution can help keep your program staffed and running smoothly, please fill out the form below or give us a call at 866-755-7519.