Physicians, APPs See Significant Surge in Recruiting Incentives in 2023
A recent report by AMN Healthcare showed us that agencies and facilities have seen a surge in new recruiting incentives to attract physicians and advanced practice providers (APPs).
The “2023 Review of Physician and Advanced Practitioner Recruiting Incentives” study revealed just how competitive the employment landscape has become since the introduction of nontraditional healthcare institutions. Healthcare organizations are now introducing new incentives to help them go toe to toe in recruitment with nontraditional disruptors like retail chains, urgent care centers, and telemedicine platforms.
Here are some notable trends from AMN’s report:
Doctors Are Receiving Higher Signing Bonuses: Signing bonuses for physicians jumped from $31,000 in 2022 to over $37,000 in 2023, and orthopedic surgeons had the highest average starting salary for physicians at $633,000.
Nurse Practitioners (NPs) Lead All Providers in Search Engagements: NPs topped the list of requested providers again. The demand for NPs is driven by the growth of the previously mentioned more convenient healthcare services like retail clinics and telemedicine, where NPs play a more pivotal role. NPs also had a 9% increase year-over-year in starting salary offerings.
A Shift in Dynamics: Patient preference shapes employment patterns, and there have been more searches for APPs in the past year than primary care physicians (PCPs). This transformation is due to the rise of those healthcare market disruptors. Also, interest in PCPs lowered, but despite this, family physicians were still the second most-requested search engagement.
Specialist Demand Increases Year Over Year: Specialists are still in high demand because of population growth, aging demographics, and providers aging. Locum tenens work is also more prevalent among specialists. Obstetricians and gynecologists (OB/GYNs) ranked fourth on the list of AMN Healthcare’s most requested search engagements, with starting salaries for OB/GYNs up 10.5% year-over-year — psychiatrists fell to sixth on this year’s list.
The need for providers has encouraged the healthcare market to pivot and embrace variety in recruitment beyond traditional salaries, such as education allowances or loan forgiveness, to entice providers to come to work for them. As the industry continues evolving, we’ll see more of how the nontraditional “market disruptors” reshape the recruitment market.
Gain a more comprehensive understanding of the implications of this report in the full article from Health Leaders.