As we dive into what Healthcare Executive Firms are and factors to consider, you may be wondering, what are healthcare executive search firms, and are they really different? These firms specialize in helping healthcare organizations find and hire top-level executives like CEOs, CFOs, and other c-suite executives. They can have an impact because healthcare organizations need leaders who can navigate complex regulations, manage finances, and improve patient outcomes.
The pandemic proved just how important healthcare executive search firms are for healthcare organizations. Between 2020 and 2021 healthcare organizations dealt with an increasing demand for strong leaders who were equipped to guide them through the unforeseen challenges that arose. Healthcare executive search firms have stepped up to the challenge, helping organizations find leaders who can adapt to these new realities like fulfilling roles to implement telehealth services and navigate changing regulations.
Here Are a Few Factors to Consider When Choosing a Healthcare Executive Search Firm
When choosing a healthcare executive search firm, there are several factors to consider. Let’s take a look at some of them.
Healthcare is a complex industry with many different specialties, from oncology to pediatrics to geriatrics, so it’s good to consider the search firm’s expertise. You’ll want to choose a firm that has experience working in your specific area of healthcare because this can help the firm understand the unique challenges and opportunities facing your organization.
Look at the firm’s network since a healthcare executive search firm will have a broad network of candidates, including those who are not actively looking for a job. Why is this important? Some of the best candidates may not be actively job searching, but they might be open to a new opportunity if it’s the right fit.
Ask about the firm’s process. A good healthcare executive search firm will have a thorough process for identifying, vetting, and presenting candidates and typically includes a deep understanding of your organization’s culture and values, as well as a rigorous screening process that includes background checks, reference checks, and skills assessments. A good healthcare executive search firm will communicate with you regularly throughout the search process and be responsive to your questions and concerns, keeping you updated on the progress of the search. Look for a firm that is easy to communicate with and that you feel comfortable working with.
Inquire the firm’s track record and look for a firm that has a proven track record of success in healthcare executive search with past testimonials or recorded reputation. This means they have placed candidates who have gone on to make significant contributions to their organizations. You can also ask for references or case studies to learn more about the firm’s past successes.
Research the firm’s values. Healthcare is a values-driven industry, and you’ll want to work with a firm that shares your organization’s values. Look for a firm that prioritizes patient care, diversity and inclusion, and ethical business practices.
Do the firm’s fees align with your company budget? Healthcare executive search firms typically charge a percentage of the executive’s first-year salary. Since fees can vary widely between firms, ask what you’re getting for your money so you get a better understanding of the financial fit. Look for a firm that is transparent about its fees and can explain how they are calculated.
When choosing the right healthcare executive search firm, it’s good to consider the factors above since deciding one is critical to the success of your organization. By taking the time to choose the right firm, you can find a leader who will help your organization thrive in the ever-changing healthcare landscape.
Newland Associates have been working with organizations in their search and talent management needs for over 30 years.