In today’s competitive job market, it’s crucial for practices to create employment packages that not only attract talented candidates but also keep them motivated during uncertain times. For a private practice, that often means you’ll be forced to decide if you can afford to offer a base salary when it becomes clear there are highly desirable candidates who simply aren’t interested in hourly compensation.
In this podcast, I explore some strategies for finding a good balance between minimizing the risks associated with sky-high overhead costs and being able to entice clinicians who prefer stability in their compensation package. We will explore ideas for creating a compensation structure that will allow you to hire the right people, make sure they’ll be willing to contribute fully as a part of your team, and manage the financial risks so you can ensure long-term success for your organization.
This “highlight” is from a Q&A call with my Mastermind Gold group—a highly interactive, supportive group where people who have tons of questions and concerns about how to start, grow, or transition to a cash-based private practice get the answers, resources, and confidence they need to build the practice of their dreams. We have a group coaching call every week, and we occasionally use excerpts of those calls for this podcast.
More specifically, we discuss these topics related to the decision on hourly vs. base salary for clinicians:
- Ideas for creating an employment package that’s attractive for candidates who want the stability of a guaranteed number of hours or base salary—and keeping them happy and motivated even if business slows.
- Tips for creating new and recurring revenue to protect your business during periods of economic instability.
- Why hiring a candidate who is willing to “settle” for a less-than-ideal situation usually won’t work in the long term.
- Options for handling employee benefits so you can attract the best candidates in a competitive market.
- How to create a cohesive team culture that includes practice-building contributions from hourly employees.
Resources mentioned in this episode:
WANT STEP-BY-STEP GUIDANCE TO START, GROW, OR TRANSITION YOUR OWN CASH-BASED PRACTICE?
>> Click Here to learn how to start, grow, or transition your own Cash-Based Practice <<
HERE ARE SOME OTHER EPISODES ON HOW TO ASSEMBLE A GREAT TEAM:
Healthcare Recruitment | Employee Compensation in your Cash Practice
This video shares some guidance on what to offer as well as how to avoid a huge-but-common compensation mistake I often see cash-based practice owners making.
Compensation strategies that grow a winning cash-based practice team
This podcast is focused on how to structure a position and compensation package so you can attract the right sort of candidate.
3 Healthcare Recruitment Strategies to Land A-Level Talent for Your Practice
Learn some simple healthcare recruitment strategies that attract top-talent applicants, even when it’s extremely difficult to find new staff.
MORE RESOURCES TO HELP YOU HIRE LIKE A PRO:
How to Attract Top Talent, Manage Like a CEO, and Fill New Clinicians’ Schedules with Patients As Quickly As Possible
In this 1-hour Masterclass, you’ll learn exactly how to grow your practice with ease via headache-free employees and skillful management. You’ll discover how to attract and interview stellar employees, onboard them in a way that they are immediately adding value to your business, and understand the secrets to superstar management and mentorship. Check it out here.
AUTOMATED TOP TALENT ATTRACTION AND HIRING SYSTEM
Building the right team is absolutely make or break for a sustainable cash-based practice, which is why I created this powerful course: A step-by-step guide on how to use free Gmail filters and Google Forms to AUTOMATICALLY weed out bad candidates, only show you the resumés of A-players, and complete half of the interview process without taking a minute of your precious time. Check it out here.
Both compensation models have their advantages and considerations that should be taken into account. Hourly compensation provides a more direct correlation between time worked and pay received. It can be particularly beneficial for clinicians who work irregular hours or have fluctuating caseloads. Hourly pay may also incentivize productivity and efficiency, as clinicians are motivated to see more patients within their scheduled hours.
Physiotherapist in Surrey