What is the True "Cost to Employ"
Most Radiation Oncology programs hire their own Physicist(s) to provide services to their patients. However, is hiring a physicist the most cost-effective way to staff the program? There are several factors that must be considered:
- Physicist Supply – Medical Physicists are in high demand and short supply. The supply and demand ratio is going to continue to get worse as the CAMPED requirements are fully implemented. This demand is driving salaries higher and increased turnover rates.
- Turnover – Many experts estimate that the cost of turnover ranges between 1.5 to 2 times the salary of the position. Turnover costs include: cost of lost knowledge or skills, coverage costs during the recruitment process, lost productivity from the temporary person or from sharing the workload among remaining employees, recruiting costs (advertising, recruiting fees, interview costs, etc.), training cost, opportunity lost (delay launching a new program or not able to treat a certain patient because of coverage or skill issues.
- Vacation Coverage / Turnover Coverage – The cost of locum tenens coverage for medical physics can run $150 to $190 an hour.
When considering the costs related these factors, Landauer Medical Physics can be a cost-effective and vital team member of any Oncology Program. Below is an example of an Oncology Program's true "Cost to Employ" a Medical Physicist. Click here to customize this model to calculate your department’s true cost to employ a medical physicist