Is the ENT partnership model obsolete? Whether you are currently doing so, been thinking about it, or never thought about it at all, hiring an otolaryngologist for your practice offers some great benefits.
If you desire, you could step into a management role in your practice, or exit your practice and enjoy retirement.
Whatever your future plans may be, there are endless opportunities employing ENTs to help grow your business.
Hiring for any position can be tricky, especially when it comes to hiring a physician. There is a very strong demand for physicians in the country, particularly otolaryngologists, so the recruiting process is extremely competitive.
ENT grads have job offers coming from everywhere. It comes down to who has the best benefits and best location. Here is a list of the Best and Worse places to practice.
So, how can YOU stand out in your area, and offer a lucrative role to hire the best ENTs?
Offer a Competitive Salary
ENT salaries are on the move, and they are some of the highest in the country among physicians. ENT salaries are up 13% in the last year. According to this report, the average Otolaryngologist makes about $398,000 a year.
Be prepared to negotiate a fair salary for your ENT hire. “You get what you pay for,” might be something to keep in mind during this process. If this recruit has multiple, generous offers, it might be worth it to increase your offer to sway them to accept.
You might be wondering, ‘what if I can’t afford to offer them a higher salary than the competition?’ There is an easy way to solve this problem.
Offer Great Benefits
Benefits are often a huge part of choosing a career. Some ENTs will be looking for more vacation time, bonus opportunities, great retirement plans, etc.
Your practice will stand out to potential hires if you offer really great benefits. Offer your applicants an extra week of vacation time, a signing bonus, moving expenses, top of the line health insurance, profit sharing, etc. It may be the difference between accepting your offer or another!
Show the Value of Your Practice
Make sure you show your applicants the value of working for your practice over others. After all, you offer great patient care, a low stress environment and a more consistent schedule in comparison to hospitals. They should be excited to work for you!
Let your applicants spend some time in your practice and give them a thorough tour of the facility. Show them what their typical day would be like working for you and emphasize what makes your practice the best in town!
Give Your New Hire Autonomy
Giving your ENT more autonomy and control over decision-making will make them feel important in your practice. If your applicant sees there is a substantial amount of responsibility and control in their position, they may be more inclined to accept the position if they have hopes to be in charge one day.
According to this Harvard Business Review article, employees have to empower themselves. By giving them more responsibility within the practice, they are more likely to have better performance. Your ENT will become the added value your practice needs.
This is especially helpful if you are planning on retiring from your practice. You can hand over the reins of responsibility once your new ENT is ready, and generate a paycheck for life.
