Making a Recruiting Investment: Is it worth the cost?

Recruiting and hiring an associate veterinarian is work. It takes time and effort, and if you do it yourself, it takes money away from your practice. So why not consider hiring a recruiting service to do the work for you?

 

Many practice owners I speak with are reluctant to take the plunge and shell out the money to hire a recruiting service. But think about this – if the average associate brings an additional $120,000 per year to your practice (an average profit of $10,000 per month), wouldn’t an initial investment of a few thousand dollars be worth it?

 

On average, the recruiting process for a veterinary associate takes about a year, and that is expected to increase as the national shortage of veterinarians continues to rise. If you are considering the cost of recruiting on your own, it’s easy to calculate the rates to place an ad, but have you considered the cost of taking time away from practicing medicine or leading your team? Each day you don’t practice is money lost. It’s difficult to recognize opportunity cost as it’s not something you write a check for or see on the Profit and Loss sheet.

 

The investment in hiring a recruiter is an expense you can see, and the opportunity far outweighs the cost. Not to mention, a recruiting service will greatly increase the opportunity to find the right fit for your practice much faster than conducting your own search. That means you’ll be earning revenue sooner from adding a new associate to your team.

 

Consider this:

• If you spend $5,900 a month for four months on a recruiting service to find a new doctor, you’ll be spending $23,600. But once you bring in a new associate, you’ll make that money back in three months and continue to earn from that moment forward.
• If you choose to hire on your own, you’re losing income each time you’re not practicing, and because you can’t search full time, it will likely take you longer. This means more lost revenue from your production and a delay in revenue that could be earned by an associate.
• If you do nothing at all, you’re missing out on a possible $120,000 in net profit each year for each associate you did not bring into the practice.

 

Now is the right time to learn how putting us to work for you will pay off for you in the long run.

 

Let’s talk about this further. I look forward to explaining how our service works and how our team has earned an 88% success rate in presenting quality candidates to our clients.