When we first start working with many of our clients, they assume we can only help them with their medical billing and revenue cycle management. Many don’t have any idea that we also offer healthcare executive search assistance, and that we could help them find an executive who can offer new leadership to take the practice to the next level.
We know that successful revenue cycle management starts with having the right executives with the right attitudes working on the right initiatives. When the fit is right, an executive can infuse the entire organization with the sort of leadership that breeds a culture of revenue cycle management responsibility.
Outsourcing Your Healthcare Executive Search Makes Sense—and Cents
Finding the right kind of executive can be a long, drawn-out process. A lot of times, it’s not a process healthcare executives have the luxury of going through.
Passing it off to a junior colleague or HR person, however, can create more problems than it solves — that person may not have the right network or experience, and they also will have to shift other things off their plates to deal with recruiting.
Outsourcing your healthcare executive search can have plenty of benefits, including:
- An outside perspective. This is true in pretty much anything in life: An outside perspective will always help you see things in a different way. A lot of times in a situation with stakes as high as finding the next member of your C-suite, an outsider can reconcile multiple (and more-often-than-not competing) priorities and preferences better than an in-house recruiter.
- Time savings. We already mentioned how much time is of the essence at your practice. Don’t dedicate personnel to conducting the search. Instead, only spend your valuable time talking to serious candidates who have already been vetted.1
- Specialists to lean on. Healthcare is all about specialization. You wouldn’t hire an orthopedic surgeon for your ophthalmic practice — so why would you hire anyone who didn’t have healthcare executive search experience to find your next executive? If a firm has training and experience conducting these searches, they’ll find you better candidates than someone who might not have recruited at this level before, even if they do have a track record in HR.
- Access to more individuals through a broader network. An organization that has been doing high-profile searches for a long time and that has high-profile staff to do the search is going to have people. And their people will have people. Bottom line, they’re just going to have a bigger pool of candidates to choose from than another recruiter, which means you’ll get better interviewees more suited to your practice. Furthermore, when the individuals conducting the search are high-profile, they know what to look for in a person.
Why Your Healthcare Executive Search Should Center on Your Revenue Cycle
So once you’ve agreed that outsourcing your healthcare executive search is the way to go, who should you get to run it?
It might be a good idea to ask your existing partners if they have expertise in this area, especially your revenue cycle management or credentialing partner. We know what it takes to find a leader who not only prioritizes revenue cycle management but what it takes to lead your organization and optimize your cycle.
The days are long gone when executives could find success with only a modicum of expertise in revenue cycle management and specialties in other areas. Revenue cycle management is no longer a niche specialty or something only some organizations need to pay attention to — it’s the lifeblood of modern healthcare operations.2
You’ll need a leader who can see trends before they happen and navigate your organization through the tide of changes to come. You’ll need someone who has bold ideas like adding or acquiring a physician practice or other new service line — but also someone with the know-how to evaluate key performance indicators and to not take unnecessary risks.
We always advise our clients to assess their potential executive search partner on a few points — even if it’s us! No matter how much you trust your partner, it’s always good to hear their answers and evaluate for yourself.
Make sure you find out about:
- Previous experience with this level of healthcare executive search. Experience recruiting LPNs or hiring an intern or two does not mean your partner is prepared to take on a search for your CEO, COO, CFO or to replace a lead physician. Just because an organization is willing to do something doesn’t mean they can.
- Case studies or social proof. Ask to speak to previous clients to find out how the process went. Of course, you won’t be able to get details from former clients, but you should be able to form a general consensus of positive or negative experiences based on their feedback.
- How does the firm handle the process from start to finish? Does it take care of recruiting, vetting, and interviews? Does it take care of everything all the way through handing your new executive the pen to sign his or her contract, or are there elements you’ll be expected to handle independently?
- What will the process cost you and how long will it take? Although it’s never easy to provide an exact number, your partner should be able to give you a range, or, at least, ballpark figures of how much a similar search cost a like practice, and how long it took to complete.3
Finding a new executive to be part of your leadership team is a daunting and crucial task. We know you feel like no one can find the exact right person except you, who knows your practice best, but outsourcing can have real benefits.
If you’re unable to conduct a search on your own, it’s worthwhile to ask your revenue cycle management partner if they do healthcare executive searches. Besides your leadership team, no one will know what it takes to successfully lead your organization to revenue cycle stability more than your management partner.
We have helped many of our clients secure talented leaders who bring new expertise to a practice to help it grow. The process also helps us learn our clients’ needs even more deeply. It’s a win-win for everyone, and we would absolutely recommend that providers look at their partners first when considering outsourcing their executive search.
Physician Revenue Navigators provides healthcare executive search support and revenue cycle management support to providers spanning the entire revenue cycle, including credentialing, billing support, staff education and workflow optimization. Contact us to learn more about how our executive search assistance can help you find your next leader.
- Lucien Roberts, “Is it Time to Outsource Your Practice Billing?” April 18, 2012, http://www.physicianspractice.com/pearls/it-time-outsource-your-practice-billing ↩
- Jennifer Koch, “Why HR Is Turning to Outsourcing,” Sept. 1, 1993, http://www.workforce.com/articles/why-hr-is-turning-to-outsourcing ↩
- Kyle Murphy, “What Skills Do Healthcare CIOs, Executives Need to Succeed?” March 20, 2013, https://ehrintelligence.com/news/what-skills-do-healthcare-cios-executive-need-to-succeed?__hstc=202384398.8da7d820ed6d4a4327be6afcea01a97b.1456460458655.1457948109324.1458723368572.8&__hssc=202384398.3.1458723368572&__hsfp=3733303208 ↩