As liaisons between medical and executive staff, chief medical officers (CMOs) fill one of the most important roles at any healthcare facility. Far from simply managing patient care, the CMO is responsible for coordinating and resolving complex medical, legal, and staffing issues. Regardless of your facility’s size, this is a role that can only be filled by the best of the best. Is your facility doing everything it can to attract highly qualified candidates to this role?
Having placed hundreds of these professionals in facilities around the country, we’d like to share some of the insights we’ve gained during thousands of interviews. Here’s how you can entice the best CMO candidate to accept a position at your facility.
Hiring Chief Medical Officers – What Are the Keys?
The relatively small size of the FQHC market means that competition for the CMO position is tough. Regardless, having an abundance of candidates for every opening doesn’t change the fact that few are truly qualified for such a difficult role. When you find a candidate who truly meets your needs, you need to make sure your offer is strong in every area.
As one of the highest-level positions a physician can reach, chief medical officers expect their total compensation package to reflect the weight of their responsibility. Even first-time CMOs at small facilities expect to earn more than $220,000 per year, and many in larger FQHCS can expect to reach up to half a million! If you try to lowball a talented candidate, it will be difficult to regain their trust and respect. And, if you land them, they are a “flight risk” to the first recruiter who calls and dangles a big compensation package in front of them.
If you want to show a candidate you respect their worth, while also hedging your bets against their success, make part of their compensation package performance based. A good benchmark for a CMO is 10-30% of their base salary. An MBO (Management By Objective) is a very good vehicle to reward the professional on successfully hitting predetermined benchmarks.
Relocation allowances and other stipends are an excellent way of adding value to your job offer. Indeed, since many such allowances can be offered tax free, they may be the most valuable part of the complete compensation package. Beyond simple per-diems, for example, you might include paid visits to medical conferences, extra professional insurance, and better retirement packages.
The Signing Bonus
At all levels of the professional world, everyone is impressed by a cash offer enticement to bring their career to your organization. The signing bonus you offer to your chief medical officers, therefore, could make the difference between adding them to your team and settling for your second choice.
Connect With Top Talent
Connecting with talented executive candidates is the first step in your hiring process. During our 20 years of experience, UHC Solutions has helped hundreds of facilities meet their needs for medical officers and other leadership positions. To learn how we can help you conduct a successful search, contact a healthcare staffing consultant today.