The decision to hire an interim hospital leader can and should be evaluated from a financial point of view. It is not the only perspective, but an important one when determining how best to deploy your hospital’s limited resources.

THE FIRST FACTOR

The first factor to examine when considering the financial implications of the use of interim hospital executives and clinical directors is pricing. Interim pricing varies considerably, primarily due to differences in the management and support provided to the interims.

On the low end of the pricing spectrum are individual consultants, who perform interim hospital work on their own and generally charge rates that might approximate the internal salary of the position. For this price, a hospital might secure an acceptable interim HR Director, but there would be no company behind them to provide the hospital with support, insurance, immediate replacement if necessary, or access to related resources.

VARIATIONS

Pricing also varies when interim healthcare leaders are secured through firms. Some interim firms price their services low to secure more business. Other firms that deploy interim hospital leaders price their services higher to ensure that the best people are deployed and fully supported by very experienced healthcare executives with relevant hospital experience.

Variations in pricing are often indicative of the skills and experience of individual interim executives or directors and/or the depth of support given to them. Generally speaking, firms that pay their interims and internal support staff well attract and retain the best talent. Lower prices can indicate that a firm has recruited interim hospital leaders who are willing to work for less money, or that the firm is not providing a deep and experienced support staff.

IMPLICATIONS

Though this is not always the case, hospital leaders should carefully consider not only the price of interim healthcare leadership services, but also the implications of that price.

For more information about hiring interim hospital executives and clinical directors, contact Tracie Abbott at (513) 241-0142.